One short week ago I wrote about the sweet words, "You're in contract...the sellers accepted your offer." Today I'll share the rest of the story, picking up from where we left off.
8 days ago (a Wednesday evening) - my buyers' offer was accepted; they had a 2-day property inspection contingency.
7 days ago (last Thursday) - buyers brought their 3% deposit check to the title company handling escrow.
6 days ago (last Friday) - property inspection was satisfactory, the newly discovered issue was acceptable; contingency was removed. Escrow officer worked on preparing documents.
3 days ago (Monday) - buyers signed all closing documents and wire transferred the balance of their funds due.
2 days ago (Tuesday) - sellers signed off; funds were received; all was in order.
Today (Thursday) - the sale will record at the County courthouse. My buyers will own their home.
Although they'll have a key, they won't be moving in soon. They gave the sellers a free rent-back until the end of June to accommodate the sellers' needs. They'll be using this period of time to decide what existing furniture will be right for this home, whittling down possessions, donating unneeded items, selling other things, arranging for temporary housing for the month or two they'll be between houses.
Since these clients had already sold their current home, we used their cash-buyer status to our advantage, and although their offer wasn't the highest in price, the terms and our thorough preparation made the difference.
Such is one tale of what it's like buying property today in the Silicon Valley.