What to Expect During the Escrow Period

By now, you’ve heard me say this at least a 1,000 times. Don’t worry! We will walk you through every step of the process.  This page is intended to give you an idea of what to expect. You should have already received an email about setting up your home inspection and wiring earnest money.  If you have not received that email, please call or text me right away at (404) 439-9984.

Congratulations! We are under contract. So, what’s next?

Home Inspection

After the Seller has accepted your offer, you should immediately schedule a home inspection. We recommend our Buyers attend the home inspection. Some inspectors prefer you schedule a “walk through” with them towards the end of the inspection. Inspection results will likely be sent to to you and me within 48 hours following the inspection. If the inspection uncovers issues with the home, we notify Seller in writing of the results, along with your intention to move forward, request a credit in lieu of repairs, or ask Seller to repair or replace items that are not up to reasonable standards.

Earnest Money Wiring Instructions

The next step in the buying process is to secure the earnest money deposit. For your protection, time is of the essence. Please refer to your Purchase and Sales Agreement for earnest money the due date. It is typically due 2-5 days after the contract goes binding. Failure to provide earnest money by the due date is a violation of your contract and can result in the home being placed back on the market by the seller. Remember, this money will be applied back to you at closing. There are several ways to submit your earnest money and will all depend on what’s agreed upon in the purchase contract. In some cases, you may have to wire or send in a check to the attorney assigned to hold earnest money. In situations where Atlanta Communities is the holder of earnest money, you may deliver a personal or business check (no counter checks) to any Atlanta Communities office location.

Please note on the check the Address of the Subject Property and “Agent: Chris Hassler, Woodstock office.”

For your convenience, you may also safely and securely submit your earnest money via a no cost wire transfer here. If you’re having troubles, you can also navigate to atlcommunities.net/deposit. Submission of earnest money on this site is through a secure portal.

Buyer’s Lender and Closing Attorney

My team and I will take care of communicating the accepted offer and all future amendments to your lender and the closing attorneys.  They will reach out to you directly. You are not responsible for finding an attorney or an appraiser, this is all done for you. In most cases, I choose a closing attorney I’ve worked with in the past and based on proximity to the home you are purchasing. However, in some cases, the Seller asks (or demands) a specific closing attorney.

Appraisal

Your lender will contact you to order an appraisal. An appraiser will visit home to take pictures, measure square footage and appraise the condition of home. From there, appraisal results could take from 1-2 weeks.

​If appraisal comes back at value of purchase agreement, and repairs aren’t needed, nothing further is required of Seller. If appraisal comes in lower than sales price, we are back to negotiating table to figure out reasonable price that works for all parties involved.

Clear to Close

After we have an appraisal approval, there might be some waiting for the “clear to close.” A clear to close means that all conditions have been met and you have been completely approved and ready to close on sale of home. In many cases, we will not get the clear to close until 24-96 hours before closing. Sometimes we get it earlier and that’s fantastic, but don’t be alarmed or think something is wrong if we don’t get it until a day or two before closing date.

Utilities

​Don’t worry about utilities right away. You will receive several emails from me over the next few weeks regarding Utilities. First, we ask the Seller to provide a list of all utility providers currently in the home. Next, I will enroll you for a free Updater account, a free service provided by Atlanta Communities to help you easily transfer your utilities. Finally, about a week before closing, I will send you a final “Change of Address” checklist via email. 

Closing Day

​First, we do a final walkthrough of your new home just before closing to make sure everything is in order. Once we arrive at the attorneys office for closing, all parties involved in the transaction will need a valid, state-issued ID. Please bring a blank check for any last minute balance changes.