We have a deal!
If you haven't already, this is where you thank your lucky stars that you have a great Realtor working for you. The next 6-8 weeks can be a whirlwind. You'll be packing and the last thing you want to worry about is where is your buyer in the inspection process or whether the lender has ordered the appraisal. This is where your Realtor goes to work making sure that the transaction goes off without a hitch, or at least with only manageable bumps and bruises. The very first thing will be that the buyer or buyers agent will deliver the earnest money to the title company. Earnest Money is your buyer's commitment to you that barring something unseen, they intend to complete the purchase of the property. The buyer gets their earnest money back as long as their reason to terminate is based on a viable contingency in the contract. If they simply flake out and change their mind, the earnest money will go to you, the seller. Its just a little incentive for everyone to stay in the game. Your Realtor will make sure that the earnest money is delivered, they will schedule the inspection with the buyer's agent and they will maintain communication to ensure that all deadlines are being met and all contingencies are being addressed in a timely fashion. A great Realtor will communicate with you from the beginning as to the process and the progress right up until you schedule a day to close!