Old home…new home…what is going on?
First, a little bit about escrow. As home sellers, we obviously need to wait for someone to approach us with an offer to buy our house. This has happened on multiple occasions. The basic points in an offer are the offer price (what is the buyer willing to spend), the numbers of days to inspect the house (this is called the home inspection contingency), other contigencies (maybe for financing), and the day escrow will close (this is when money and keys change hands).
Our first potential buyers jumped ship before they removed their home inspection contingency…therefore, escrow never completed and the deal was cancelled. A week later we accepted an offer from another set of buyers. At this point, the house is off the market and put into a ‘Sale Pending’ state. The buyers had 8 days to perform their home inspections and get their financing in order. At this point, the house is in escrow and we have entered a contract with the buyers. Fortunately, this time around, the buyers were happy and removed all contigencies. So now, we are just waiting for July 10th (maybe July 7th) for the transfer of money and keys.
Why this little explanation? I’m just tired of explaining the process to everyone, so I figured you can read about it.
But your title talks about a new home, what’s that about? We have been looking for a while and we have put an offer on a home in West Seattle. You can read about it here. This house has a ton going for it including a good size family room (in addition to a living room), a nice yard, and everything has been updated in some fashion. We have only put in an offer. So we won’t know for a day or so if they accept.