Low commission Realtors ® with a custom marketing plan

Frequently Asked Questions

About SoldNest

What is SoldNest?

SoldNest is a full service real estate brokerage. Our agents are local neighborhood experts who prioritize customer satisfaction above all else. We believe that all too often, the real estate industry lacks transparency when it comes to the relationship between agent and client.

We want to change that. Our goal is to provide a better service for home sellers and buyers at a lower cost.

If you’re selling your property, we will apply our marketing expertise to come up with a plan that will generate the most buyers for your home. We operate at just a total commission of 3-4% (substantially less than traditional agents), so by selling with us, you’ll end up saving thousands of dollars.

If you’re looking to buy, your SoldNest agent will find you your dream home to fit your budget – and we’ll credit you 1% of the sales price.

Regardless of whether you’re selling or buying, your SoldNest agent will be your guide every step of the way.

How is SoldNest different from other brokerages such as Coldwell Banker, Keller Williams, and Intero?

We believe that the traditional brick and mortar real estate brokerage model is outdated. It doesn’t always make the best possible use of the technological resources available today. And more often than not, it’s hard to justify the commission rates that many real estate agents charge.

Other brokerages pay their agents solely on commission, and not as employees. Because of this, their business model is quantity of sales over quality of service provided to clients. Whether part time, full time, experience or no experience, hiring real estate agents often becomes little more than a numbers game. The end goal is to hire as many agents as possible to sell the most homes as quickly as they can.

At SoldNest, our number one priority is customer satisfaction. SoldNest agents are carefully vetted, and once hired, paid a salary with benefits. They receive bonuses for every successful transaction and happy customer they work with. We believe this pay structure alleviates the much dreaded “used car salesman” tactics all too common in the industry, and decreases the chance of an agent risking their integrity for a large commission check.

Websites such as Zillow and Realtor.com have been a tremendous help to real estate agents by saving them time and money. But we believe sellers and buyers should receive some of this benefit too.

When any agent sells a home, these websites do a lot of the marketing for them. Before these sites existed, an agent’s task of advertising property they were selling took more time and more marketing dollars than it does today. But commission structures for most real estate agents have remained the same – despite their job being substantially easier than it used to be.

We believe that sellers today should not have to pay the same commission percentages that they once did in years gone by.

And the same rule applies for buyers.

The majority of buyers are searching for properties on their own. Before sites like Zillow existed, a buyer’s agent would have to spend a lot of time looking for and showing properties to their clients.

Nowadays, their job is easier as most buyers do much of the searching and viewing of properties themselves. Because of this, at SoldNest, we give you back 1% of our commission paid to us by the seller.

Whether you are buying or selling with a SoldNest agent, you will receive superior service at a lower cost.

Which areas do you service?
Currently, we are serving the Silicon Valley area. We’ll be expanding soon into other locations and will continue to update our website with details.
Which type of properties do you help clients sell and buy?
Our services cover single family homes, 2-4 unit properties, and condos and townhouses.
Is SoldNest a full service brokerage?

Yes.

Usually when you see a business charge less compared to others in their industry, it may seem too good to be true. You may wonder what’s not included, or how that particular business is able to do more for less.

But at SoldNest, the answer is simple.

Other brokerages haven’t reduced their commission structure because their business model won’t allow them to. A SoldNest agent completes more transactions compared to the average agent at another brokerage. If other brokerages lowered their commissions, not only would they take a drastic cut in revenue, their agents would see a drop in income as well.

When you partner with a SoldNest agent, you get all the services that a traditional agent offers, but with better marketing, lower commissions, and without any high-pressure sales tactics.

Compared to other brokerages, our efficient business model allows us to provide better service while saving you thousands.

How are SoldNest agents paid?
Unlike other real estate agents who are on contract and paid purely on commission, SoldNest agents are employees. They receive a salary plus bonuses for every successful transaction and happy customer.

Sellers

How do commissions work when selling your home?

When you sell your home, you will typically pay one total commission to the brokerage your agent works for.

Of this commission, a portion goes to your agent’s brokerage and the rest to the buyer’s agent’s brokerage. This is negotiable and is outlined by your agent in the listing agreement you sign with them.

Many agents charge a total of 6% commission. Despite what some agents might tell you, the amount is negotiable. You can choose to pay your agent however much you want, and you can choose to pay the buyer’s agent however much you want as well.

The commission dollar amount is taken from your net proceeds at closing, and distributed from the escrow company to the brokerages that the agents are employed by.

How do the lower commissions benefit me with SoldNest?

We feel the standard 6% commission rate has been too high for too long.

We only charge a 4% commission if the buyer is represented by another brokerage, and just 3% if the buyer is represented by a SoldNest buyer's agent.

Our listing commission is always 1.5%. You can choose to pay the buyer’s agent however much you like. In order to encourage buyer agents to show a home to their clients, most sellers choose to pay 2.5%.

If the buyer is represented by a SoldNest buyer’s agent, you will only pay a 1.5% commission, which equates to a total commission of 3%.

What does this mean in terms of dollar value? On the sale of a $1,500,000 home, our commission structure will save you between $30,000 and $45,000.

How does your commission structure benefit me if the buyer is represented by another SoldNest agent?

If the buyer is represented by a SoldNest buyer’s agent, you’ll save even more as you’ll only pay a total of 3% commission (1.5% to your agent and 1.5% to the buyer’s agent). On a property with a $1,500,000 sales price, you would end up saving $45,000.

How is SoldNest’s home valuation different from other agents and online home estimates?

SoldNest is unique, because our process includes both algorithms and humans. Unlike other online estimates, we factor in important property characteristics such as condition, location on street, upgraded amenities, layout, and more.

When determining the value of your home, our model includes numerous data points, such as the best comps, neighborhood market trends, and recent sales. We pull this data directly from the MLS (the database that brokerages use) and update it daily. After that, a local expert will carefully evaluate those numbers and assess the detailed property information you submitted to us.

How is SoldNest’s marketing approach for my home different than other agents?

Most of the traditional marketing tactics that are used to sell a home are the same with any agent you work with. And when an agent uploads a listing to the MLS, it’s automatically syndicated to other websites like Zillow, Realtor.com and Redfin. These are the websites that many buyers look first – so the audience is there. The difference – and where SoldNest’s expertise lies – is the rest of the marketing strategy that your agent chooses to implement to sell your home.

Our marketing is targeted towards who what kind of person the buyer for that particular client’s home might be. Professional photography and 3D or custom video are the basis of advertising strategies we roll out on Facebook, Instagram, Google, YouTube, and glossy color brochures to leave a lasting impression on buyers when they visit your home.

Other agents will distribute “Just Listed” postcards to neighbors, or advertise in local newspapers and magazines. But this doesn’t do much when it comes to selling your home. It’s done to benefit the agent, so that they can make themselves known in the neighborhood to get the next listing that comes up.

Unlike what other agents do, our marketing is specifically focused on getting the listing in front of the people who are most likely to be interested in purchasing the property.

We know that regardless of the industry, advertising works best when it’s tailored specifically to its intended audience. We drive demand for your home by promoting it to the right demographic of potential buyers.

Our marketing approach has one goal: to maximize the exposure for your home, and in so doing, increase buyer demand.

What should I look out for when speaking to agents about selling my home?

There are a few things you’ll want to look out for when speaking to agents about selling your home:

  1. “Advertising your home in a newspaper/magazine, or sending out postcards to your neighbors is great exposure for your home”

    This couldn’t be further from the truth. This is a tactic that is used to promote the agent within the neighborhood in order to better their chances of securing the next listing. These agents advertise to where homeowners would see their ad, not where buyers would see it. Your agent should be advertising your home where buyers are most likely to be paying attention – and almost all buyers find their home online.

  2. “Real estate commissions are non negotiable”

    Yes, they are. When you sell your home, you pay your agent’s commission and the buyer’s agents commission - and you can choose to pay however much you want. Whether or not your agent will agree to it is a different story – but there is always room for negotiation.

  3. “I have a buyer for your house”

    This is one of the oldest tricks in the book. In fact, it’s actually encouraged by some of the more well known brokerages.

    You’ll usually hear this when an agent knocks on your door, or during their initial meeting with you. They know that the biggest fear homeowners have when selling is that there won’t be any buyers who will want to buy their home - so, they’ll tell you they already have a potential buyer.

    The majority of the time this is false. They tell you this so that you’ll sign the listing agreement with them.

    If there was a buyer for your home, the majority of the time it is not in your best interest to sell it to them without putting it on the market and maximizing the exposure for your property.

    Your home is worth what someone is willing to pay for it. You won’t know its true value until you incorporate the right marketing approach, and let the market dictate what it’s worth.

  4. “Your house is worth more than it is”

    Similar to telling you they have a buyer, many agents will exaggerate on a price they will tell you that they can sell your home for. This is done to get you excited about the possibility of selling for a higher price than what you thought your home was worth.

    Usually when this happens, the home will stay on the market for a long period of time. After this happens, the agent will have a conversation with you to discuss a price reduction.

    Any agent discussing your home value with you should be able to justify it with specific data. This includes recent sales, property characteristics, and price per square foot.

    If your home truly is worth more – then there has to be data to back up that claim.

  5. “The brokerage name is important to the sale”

    The name of the brokerage that sells your home will have no impact on the sale of your home. Buyers do not care what the company name is.

    They care about the property they are thinking about buying, including aspects such as square feet, bedrooms, bathrooms, layout, condition, and if they have kids, proximity to good schools.

  6. “Open houses sell homes”

    Open houses do not sell homes. They are a great opportunity to allow buyers to view your home, but they do not sell your home. What they do do is allow your agent to try and pick up more clients - specifically buyers who visit the open house without an agent. Most agents will not tell you this, but this is why agents like to hold open houses.

    However, we always recommend at least having an open house on the first weekend after you have listed your property - this is when interest is usually the highest.

Do I have to sign a 6 month contract with my SoldNest agent like I would with other agents?

No. Similar to commissions, this is also negotiable. We will agree to any length of time which you are comfortable with.

Can I cancel the listing agreement with my SoldNest agent at anytime?

Yes.

If you want to cancel for any reason, we’ll cancel the agreement, no questions asked.

How long does it take to put my home on the market after I agree to work with my agent?

Every situation is different. Depending on whether you’re going to have any work done on the property or not, this can range from a week to a couple of months.

We need at least a week to schedule our photographer, videographer, and to get our marketing plan for your home top notch. The average time is about 4-6 weeks.

Can my SoldNest agent make any recommendations on what should be done to my home before putting it on the market?

Absolutely.

This is a huge benefit of working with us that we’re pleased to offer our clients. Your agent will be able to make suggestions on what you should and shouldn’t do to maximize your returns when selling. All of it is optional, but you’ll have an expert who will be able to outline a plan for you.

Does my home need to be staged?

No, staging is optional.

Depending on the home and the type of furniture and layout you have, staging may or may not benefit you. Your SoldNest agent will be able to help you decide how or if to go forward with staging.

Do I need to order inspections before my home goes on the market?

Ordering inspections are optional, but many sellers decide to have them completed before putting their house on the market.

Having inspections done can bring you one of the biggest return on investments when selling your home.

Why? Because when you do them first, the buyer has more information upfront. The more information the buyer has upfront, the more comfortable they’ll feel in making their best offer.

When inspections aren’t done, some buyers will ask why not, and will almost always want to do their own inspections after the offer is accepted.

If the seller provides inspections upfront, sometimes the buyer will choose not to do any of their own inspections. This reduces the likelihood of having the buyer ask you to fix anything or negotiate the price after the offer is accepted. The most common inspections are home, termite, roof, and pool inspections.

Do I need to fix and repair anything?

No, you are not required to fix or repair anything. However, you are more likely to receive a better offer from a prospective buyer if there is less to fix or repair in your home.

Can my SoldNest agent recommend anyone to help with repairs?

Yes. We have a list of vendors we work with and would be happy to make recommendations.

Will my SoldNest agent provide me with and walk me through the disclosures that I’m required to provide to the buyer?

Yes.

Your agent will provide you with the mandatory disclosures and reports that you are required to provide to the buyer. They’ll walk you through them and answer any questions you have.

What is title and escrow?

In a nutshell, title and escrow can be summarized as protection for the buyer and seller when closing the sale of a home.

A title company’s role in a real estate transaction is to verify that the title to a property is legitimate. Title insurance is issued once it is confirmed that there are no issues. Title insurance makes sure that the lender and/or owner is protected against potential lawsuits or claims stem from disputes surrounding the title.

Escrow refers to the third party that holds the funds that are exchanged from buyer to seller while final details are being sorted out. Often, title and escrow needs are both handled by the same company. When the sale is closing, a title company agent will go through all the required documentation with both parties and will collect and subsequently distribute the monies. They also make sure that the new titles and deeds for the new owners of the property are filed correctly.

How do I open escrow for my sale?

You can choose any escrow company you would like to work with, or you can have us open escrow for you.

Most sellers have us open escrow, but it is completely up to you.

Will open houses help sell my home?

No, open houses don’t sell your home per se. What they will do is provide a time for buyers to come and view your home so that they don’t need to schedule an appointment.

Your agent will coordinate the open houses around your schedule. At a minimum, we suggest having open houses on the first weekend the home is on the market - this is usually when interest levels are at the highest.

How will showings work?

Everything is done around your schedule.

Your agent can place a lockbox on the property and instruct agents to call or text to schedule an appointment. They can also designate certain times that the home will be available for viewing. The easier the home is to view, the higher the chance of selling it in the shortest amount of time.

Your agent will coordinate this with you and work around your schedule.

Does a lockbox need to be placed on my property?

No, but most sellers decide to have one. This allows buyer’s agents easy access to show their clients your property, and this is done by appointments only.

The lockbox is electronic and in order to open it, you need access from the local MLS. Your agent will be able to know who opened it and when.

How long will it take to sell my house?

This can vary depending on market conditions, list price, condition, and location. Every home is different, but when you sell with a SoldNest agent, we make it our number one priority to maximize the exposure of your home, and to sell it in the shortest amount of time possible.

How does the offer process work?

When your agent receives an offer, the first thing they’ll do is thoroughly go through the contract and details. Then they’ll vet the buyer. They’ll do this by speaking to the buyer’s agent. If financing is involved, they will speak to the buyer’s loan officer too. After they do this, they’ll discuss everything with you.

When you receive an offer, you can respond in one of three ways: Accept the offer, decline the offer, or send a counter offer. Your agent will be able to thoroughly explain the pros and cons of each scenario.

Is there anything important in the offer contract besides the price?

Yes

There are a few things that you’ll want to look at in the buyer’s offer. Some of these include:

  • How much of an escrow deposit the buyer will be making, and when
  • What contingencies the buyer included in their offer (and for how long do they last)
  • Whether they are getting financing and if so, how much they are putting down
  • When the closing date is

Your agent will be able to discuss all of these details with you.

What are contingencies?

LoreContingencies are a clause in the contract that state certain conditions that must be met by either the buyer or the seller before the transaction can move forward.

The most common contingencies include a loan, appraisal, and inspection contingency.

The sale of the buyer’s home is also another contingency.

If the buyer includes a 10 day inspection contingency in their offer, this means they have 10 days to have any inspections done on the property. In this scenario, they must release their inspection contingency within the 10 days. If they don’t, the seller can have the option to cancel the contract. When the buyer releases all of their contingencies, their initial escrow deposit (usually 3% of the offer price) can be at risk should they want to back out of the transaction.

What happens after an offer is accepted?

After you accept an offer, the first thing your agent will make sure of is that the buyer makes their initial escrow deposit.

If the buyer is receiving financing, their lender will start the loan process. This includes ordering the appraisal and submitting all of the initial paperwork to the underwriter.

If the buyer is having any inspections done on the property, their agent will coordinate times with your agent. At this stage, and depending on your situation, you’ll be planning your next move.

If the buyer is getting financing, the time from offer acceptance to closing is usually between 25-30 days.

Will the buyer need to see the house after their offer is accepted?

Most buyers like to see the house at least once after their offer is accepted. If this is the case, your agent will coordinate what time works best for you. You do not need to be at the property. The buyer’s agent and your agent will be present.

Do I need to sign any more paperwork after the offer is accepted?

Yes, there are usually a few disclosures that will need to be signed after the offer is accepted. Your agent will discuss these with you and plan accordingly.

Do I need to move out as soon as the sale is final?

This depends on what is stated in the contract. Requesting a rent back from the buyer is not uncommon. This means you will occupy the home as a tenant after the sale is completed and the buyer will become the landlord.

Your agent will discuss this with you before putting your home on the market. If a rent back period is needed, your agent will make all buyers and agents aware.

How does my mortgage get paid off?

The escrow officer will request a payoff amount from your lender. When the sale is final and when the escrow officer disburses the funds from the sale, they will send your lender the remaining balance due as of that day.

You don’t need to do anything - the escrow officer will do all of this for you.

How are my proceeds sent to me?

The proceeds are wired to the account you give the escrow officer/notary when signing the final documents.

When you sign, you’ll need to bring a valid driver’s license and the account number and routing number of the account you would like your proceeds sent to.

When do I take the utilities out of my name?

We usually suggest calling the utility companies a week or two before closing. When you call, you can give them the exact date that you want the services taken out of your name.

If I’m selling and buying another home, can SoldNest help me?

Yes, we work with both sellers and buyers. When you buy with us, we credit you up to 1% of the sales price.

Will my agent be working with other clients at the same time they are with me?

They may be.

At the most, SoldNest agents only work with four active clients at a time. We have this policy in place to ensure that our agents’ capacities are not overstretched, in order to provide our clients with the best possible service.

Can I contact my agent anytime?

Yes.

Selling a home can be overwhelming and stressful, and your agent will try and reduce some of that stress. Communication is critical during the home selling process, and we make it a priority to be there for you.

SoldNest agents make themselves available to their clients at all times. Should you have any questions or need to get in touch with them, you can call, text, or email whenever you like.

How can I speak to my local SoldNest agent to see if they are the right fit for me?

You can visit SoldNest.com. Enter your address and answer a few questions about your home, and your neighborhood agent will give put together a market analysis for you. This consists of an accurate home value and the latest market trends in your neighborhood. From here, they’ll be able to answer any questions you might have and discuss the details of partnering with them to sell your home.

Alternatively, you can call us at 800-571-1769 to schedule a free, no hassle consultation.

Buyers

Does it cost anything to have an agent represent me?

No.

Buyers’ agents are paid by the seller. Having an agent represent you on your home purchase doesn’t cost you anything.

How does the 1% credit work?

When you buy a home with a SoldNest agent, we credit you up to 1% of the sales price by giving you a portion of the commission that we receive from the seller (provided that the home is not listed by a SoldNest agent).

LoThis credit goes towards your closing costs and can also include items such as the first month’s interest, property taxes, homeowners insurance, and HOA fees.rem

What if the home is listed by a SoldNest agent?

If the home is listed by a SoldNest agent, we do not credit you anything, but your offer looks better to the seller.

Why?

Because when the buyer is represented by a SoldNest agent, the seller will pay lower commissions to the buyer’s agent. This means greater savings for the seller.

Why does SoldNest credit me 1% of the sales price?

We believe that because technology has made our job a little easier, homebuyers should see some of the benefit too.

Most buyers search for homes themselves on sites such as Zillow and Redfin. This takes up much less of an agent’s time, versus the days when agents used to have to manually send their clients listings from the MLS. Because of this advance in technology, we feel that the consumer should see some of the benefit too - not just the agent.

What will my agent do for me?

Your SoldNest agent is with you from start to finish.

We know that the home buying process can be overwhelming - and we’re here to help. Your agent will walk you through the offer process, preview homes with you, give you a break down analysis for each property you might be interested in, and much more.

What are the requirements to work with SoldNest?

Because of the amount of time your agent will spend with you, we do have a few requirements you must meet in order for us to help you.

  1. You must have a pre-approval letter

    Your pre-approval letter must be within the last 90 days and cannot be a pre-qualification letter. If you don’t have one but are ready to get pre-approved, we can point you in the right direction.

  2. You must already be searching on sites like Zillow and Redfin

    By searching on these sites, you’re making our job a little easier. Because of this, we credit you back 1%.

  3. Your price range must be $800,000 or higher

    Due to our location and the nature of our business, we solely work with buyers with price ranges of $800,000 or higher.

What’s the difference between my SoldNest agent and another agent?

We can’t speak to the work ethic and knowledge of the home buying process with other agents, but when you partner with your SoldNest agent, you’re getting someone who is experienced, knowledgeable, and who will be with you the whole way without using any high-pressure sales tactics.

Do I need to be pre-approved?

Yes. Getting pre-approved is one of the first things you’ll want to do. This will detail your new monthly obligations which will help you set your budget.

When you submit an offer, you’ll need to submit your pre-approval letter at the same time. This shows the seller and the seller’s agent that you are serious, pre-approved, and ready to go if your offer is accepted.

What is title and escrow?

In a nutshell, title and escrow can be summarized as protection for the buyer and seller when closing the sale of a home.

A title company’s role in a real estate transaction is to verify that the title to a property is legitimate. Title insurance is issued once it is confirmed that there are no issues. Title insurance makes sure that the lender and/or owner is protected against potential lawsuits or claims stem from disputes surrounding the title.

Escrow refers to the third party that holds the funds that are exchanged from buyer to seller while final details are being sorted out. Often, title and escrow needs are both handled by the same company. When the sale is closing, a title company agent will go through all the required documentation with both parties and will collect and subsequently distribute the monies. They also make sure that the new titles and deeds for the new owners of the property are filed correctly.

How much are property taxes?

Property taxes vary by state, county, and city. In California, the property taxes are roughly 1.25% of the sales price. This can vary a little depending on which city you live in.

Your property tax payments are made to the county you live in. They can be paid every six months, or they can be included in your mortgage payment.

What is an impound account?

An impound account refers to having your property tax and insurance payments included in your mortgage payment. Instead of you making the payment to your county every six months, most lenders will give you the option of having it included in your payment. They’ll make the payment every six months on your behalf.

However, should you choose the option of having your lender make the payments for you, they will require reserves up front. The amount needed can vary from 2-9 months worth of property taxes and insurance. The lenders keep this amount in case you default on the loan. Once the loan is paid off (either by a sale or refinance), they’ll refund you this amount.

How much are closing costs?

Closing costs can vary and are made up of non-recurring and recurring costs.

Non-recurring closing costs are one-time fees such as title insurance, escrow fees, lender fees, etc. Recurring closing costs are costs that will recur again after your loan closes. These include your mortgage interest, homeowners insurance, property taxes, and HOA fees.

When you get pre-approved, your loan officer will be able to go over these with you. Once your offer is accepted, they’ll be able to give you a more definite number.

The majority of the time, you won’t be paying for any of this. Our 1% credit usually covers most, if not all of your closing costs.

Can my agent set up a showing for a home I’m interested in?

Yes.

When you’re interested in a property that you see, let your agent know - they can coordinate a time to preview the property with you.

What happens after I preview a home I like?

After seeing a property that you like, the first thing you’ll want to do is let your agent know. When you do, they start doing their homework. This includes requesting the seller’s disclosures, inspections, and reports, as well as an analysis on recent sales and recent trends in the neighborhood. Your SoldNest agent will give you their opinion as to what they think the home will sell at.

How do I make an offer on a property?

When you’re ready to write an offer, your agent will provide you with the offer contract and will walk you through it. You and your agent will discuss the price and terms you would like to offer. Your agent can meet in person to discuss and sign, or can send it to you via DocuSign.

What do I need to consider when making an offer?

There are several things you’ll need to consider when making an offer. Some of these include price, which contingencies you want to include in the offer, and how long until closing. Your agent will discuss all of these with you.

What needs to be included with my offer?

Along with the signed offer contract, we usually suggest submitting your pre-approval letter, proof of funds for your down payment (like a recent bank statement showing at a minimum enough for the down payment), and acknowledgment of the seller’s disclosures. A letter to the seller can also help. The only thing that is mandatory is the offer contract, but the more you have, the better your offer can look.

What are contingencies?

Contingencies are a clause in the contract that state there must be certain conditions met by either the buyer or the seller before the transaction can move forward.

The most common contingencies include a loan, appraisal, and inspection contingency from the buyer (the sale of the buyer’s home is also another contingency). These are put in place by the buyer and have a timeframe as to when on when they need to be completed.

For example, if the buyer includes a 10 day inspection contingency in their offer, this means they have 10 days to have any inspections done on the property. In this scenario, they must release their inspection contingency within the 10 days. If they don’t, the seller then has the option to cancel the contract. When the buyer releases all of their contingencies, their initial escrow deposit (usually 3% of the offer price) can be at risk should they want to back out of the transaction.

Do I need to order inspections?

Ordering inspections are optional. If the seller provides inspections upfront, some buyers will just reference and use those. Some buyers will order their own inspections.

We always suggest ordering your own inspections, but they are not mandatory.

Which inspections are most common?

The most common inspections include a home, termite, roof, and pool inspection.

What is an escrow deposit?

An escrow deposit is the “good faith” deposit a buyer will make to the seller. The dollar amount is included in the offer contract, but is usually 3% of the offer price. This amount is deposited by the buyer within 24-72 hours after the offer is accepted. This amount is deposited with the escrow company by cashier’s check or wire.

Should the buyer have contingencies in their offer still in tact and want to back out, the escrow deposit can be refunded. If the buyer has released their contingencies and wants to cancel the transaction, the escrow deposit can be at risk.

How long does it take to know if my offer was accepted or not?

Usually between 24 and 72 hours.

When you submit an offer, you can include an expiration date and time. The standard is 72 hours from when the offer was submitted, but this can be changed.

In fact, depending on the situation, we suggest this time frame be adjusted. Your agent will discuss this strategy with you.

What happens after my offer is submitted?

After your offer is submitted, it’s a waiting game. This is a very anxious time for most buyers, and understandably, you’ll want to know the outcome right away. Your SoldNest agent will reach out to you as soon as they have a response from the seller’s agent.

What options does the seller have when I submit my offer?

The seller has 3 different options. They can accept your offer, decline your offer, or send you a counter offer. Your agent will explain all of these to you.

What happens after my offer is accepted?

After your offer is accepted, the first thing you’ll need to do is make your escrow deposit.

If you’re obtaining financing, your lender will start the loan process. This includes ordering the appraisal and submitting all of the initial paperwork to the underwriter. If you’re having any inspections done on the property, your agent will coordinate times for these to take place.

If you are getting financing, the time from offer acceptance to closing is usually between 25-30 days.

Can I see the home after my offer is accepted?

Yes, you can request to preview the home after your offer is accepted. Just let your agent know when you would like this to be scheduled and they’ll coordinate with the seller’s agent.

When should I give my notice and/or prepare to move?

We usually recommend not giving your notice and preparing to move until after your contingencies are released.

When should I call the utility companies to put service in my name?

Usually a few days before the closing date.

Do I need to sign any more paperwork after the offer is accepted?

Yes.

There are a few disclosures that need to be signed after your offer is accepted. Your agent will explain these to you and walk you through them.

How do I send the remaining funds for my down payment?

You’ll send the remaining funds either by cashier’s check or by wire transfer to the escrow company.

The exact number is usually provided to you the day before you sign the final documents at the escrow company or with the notary.

What is a final walk through?

A final walk through is when the buyer takes one last look through the home they are purchasing before it officially becomes theirs.

This is not a contingency of the sale, but is there to make sure the home is in the same condition as when the buyer first previewed it.

Can I move in as soon as the sale is final?

This depends on what is in your contract. Sometimes there is an agreement in place for a rent back to the seller. This is where the seller will stay in the home after the sale is completed (usually 30 days). As soon as the seller moves out of the property, you are free to move in.

Will my agent be working with other buyer clients at the same time?

Because of the amount of time it takes to provide the service you need in order to get the results you want, SoldNest agents only work with four clients at a time. This ensures that none of our agents are overstretched and that they are able to deliver the best possible service to our clients.

How can I schedule a consultation with a SoldNest agent?

To schedule an informative and hassle-free consultation with a local SoldNest agent, you can go here.

Alternatively, you can call us at 800-571-1769 to schedule a free, no hassle consultation.