What Happens After a Seller Accepts My Offer?

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Client and agent shaking handsAfter looking around for some time, you finally found the perfect home for you and your family. You then put down your offer and fortunately, the seller accepts it. What now? Do you wait to close on your mortgage and move in, or do you need to do something else?

In general, this is what happens once a seller accepts your offer.

Secure Your Mortgage

If you’re already preapproved, then you need to follow your lender’s instructions on how to go about closing. Otherwise, you need to shop around for a mortgage deal that you could comfortably afford; keeping in mind that your expenses would also include your new home’s upkeep.

These include all the costs that come with it to make certain that you pay your monthly mortgage payments on time, every time. You can ask mortgage lenders in Tempe such as VIP Mortgage.

Schedule Professional Home Inspections

This typically takes place about 10 days following the seller’s acceptance of your offer. Aside from the standard home inspection, consider asbestos/radon and pest inspections as well.

While it’s your responsibility to shoulder the costs of these inspections, if inspectors discover issues, you could negotiate with the seller to have the problems fixed or reduce the home’s purchase price to offset your costs.

Schedule a Home Appraisal

Your lender would appoint an appraiser for your home and will give you a detailed report about the home’s value. If the appraiser deems that the home’s value is less than your offer on it, you could put down a larger down payment or try negotiating with the owner to offset the appraised home value.

Consult a Real Estate Lawyer

Depending on state law, you might need a lawyer for closing. Otherwise, you could use a title agency. However, having a real estate lawyer look over the paperwork of your transaction would ensure that everything’s legal before you sign at closing.

Take Out Homeowners Insurance Policy

Lenders require that borrowers have homeowners’ insurance coverage before giving their mortgage. Preferably, you must start making payments on the insurance before closing.

The Final Inspection

This is your last chance to look around the home and ensure that everything is in the exact same condition you know it to be and that there are loose ends.

Once everything’s in order, you can now close the transaction – settle balances, sign everything that needs signing, get the deed and keys from the seller, and you’re ready to move in.