What happens after you place an offer on a home?
The buyer can accept, reject, or counteroffer your deal. Make sure a real estate agent and an attorney evaluate all terms in the offer and counteroffers.
Congratulations, your offer has been accepted! What’s next?
Sign the Purchase and Sale Agreement.
This is the contract that contains all the details of the real estate purchase. The home is then withdrawn from the open real estate market and enters escrow when the buyer deposits good faith money into an escrow account. These funds will eventually be applied to the home’s purchase price unless certain contractual contingencies fail to be satisfied (for example mortgage approval, property appraisal, property inspection, title).
If you haven’t already been pre-qualified, contact a MORTGAGE Specialist to apply for a mortgage.
Your mortgage specialist will begin the financial process and order an appraisal for your new home. Be prepared to ask questions, and be completely open with them about your finances. Your lender will require your house be appraised by a professional, which will give you a detailed report on the value of the home.
Order a home inspection.
A home inspection tells you if the home has any issues. Go over the inspection report in detail with the inspector to make sure you’re familiar with any problems, their severity, and the estimated cost to fix them. If the inspector finds problems, you may be able to get the seller to pay for necessary repairs or lower the price to adjust for the cost.
Contact your insurance provider to arrange coverage for your new home.
Sometimes you are required to pay one year's insurance premium up front. Your insurance broker can let you know how much this will be, and will provide a binder for you to bring to the closing.
If you are renting, inform your landlord you are purchasing a home.
Most landlords require at least 30 days’ notice that you are moving or you may forfeit any deposits you have on your apartment.
Arrange for a mover.
This should be done 30 to 45 days ahead of the closing date.
Arrange for a final walk through of your new home.
Your real estate agent will arrange a final inspection of the home you are about to purchase.
Arrange to have the utilities for your new home transferred to your name.
And don't forget to have your current utility services disconnected. This includes gas, electric, telephone, cable television, and internet service.
Close on your new home.
The closing date, mutually decided between buyer and seller in the purchase contract, is when all final documents are signed, closing costs are paid and ownership of the home legally changed. Now, all you have to do is enjoy!