So, What Happens Next when Your Offer has been Accepted?
Investing a time calls for a lot of efforts throughout the process without committing any error or losing your mind in any way. It can be exhausting to manage to get your preapproval done, seeking the right house, building a feasible offer and implementing a sales contract. Once you have the contract handy, you may feel that you are done, but this is just the tip of an iceberg. So, what actually happens after when your offer has been accepted? This article enlightens you about the same.
- Earnest money
This denotes that you are serious about buying the home. This cash deposit is done at the beginning that protects the seller’s interest when they take their abode off the market. Many real estate professional agents will collect this earnest money from you before the offer submission. Ensure that the money is being delivered on time and appropriately. This information is recorded in your sales contract.
- Property inspections
Once the contract is ready, you need to inspect the home. You can hire a home inspector for the same. You need to have a look at the pest, radon, sewer lines, septic, HVAC, method and mold when conducting the inspection. Ensure to resolve any kind of inspection issue beforehand.
- Title commitment
This is managed by Title company that facilitates the transaction. They tend to issue a Title Commitment that conducts the review of the property’s title history and divulges the liens against that need to be addressed before closing. Review the title commitment and ask your lawyer for advice, if needed.
Once the inspection is done, inform your lender. Then order a home appraisal to verify the home value if it is worth the mortgage you are asking for. Ensure that your lender orders your appraisal the soonest.
- Insurances and warranties
Your lender will ask you to have an insurance policy for home owners before you close the deal. Browse the companies available and choose the policy that suits you well. Once chosen, inform your lender, real estate professional agent and Title Company. You can also choose a home warranty provider to stay on a safer side.
Close the deal
Your sales contract will bear a closing date. Ensure that your real agent professional agent has informed the title company well in advance to have your time slot open. Title companies are super busy in summertime, so decide accordingly.