Congratulations! Your home search has come to an end because you found the perfect home for your family. Not only did you find the perfect home, but the seller accepted your offer. It may have taken a little negotiating, but you are officially under contract and on your way to becoming a homeowner. So now that the seller has accepted your offer what are the next steps? Below is a detailed checklist of steps you need to take from now until the day of closing.
If you’re obtaining a mortgage odds are you’ve already been pre-approved by a lender. However, if you’re not sure if you want to use that lender and plan on shopping around now is the time to select a lender. It can take weeks to be approved for a mortgage and time is of the essence, so you need to make this decision asap. Never be afraid to ask questions when deciding between mortgage brokers either.
Once you select a lender you’ll want to provide them with a copy of your executed contract along with any additional documentation they request. DO NOT procrastinate on providing your lender with documents. Having a completed file is essential to getting your loan processed and approved otherwise you could blow up your financing.
99.9% of sellers will not accept an offer without an escrow deposit. So if you didn’t submit an escrow check with your offer you’ll most likely need to. Some buyers will put down a small initial deposit and a larger deposit at a later date. It’s important to know when your escrow deposits are due and who’s holding escrow. Sometimes the brokerage might be holding escrow while other times the closing company will. Not only do you need to find out when and where the escrow goes, but what form will be accepted. Will the company holding escrow accept a personal check or does it have to be certified funds? Is wiring an option?
Now that your mortgage approval is underway and you’ve taken care of the escrow deposits the next step is to schedule the home inspection. Not all buyers think a home inspection is necessary, but it absolutely is. Even if the seller will not be making repairs per the contract it’s important for buyers to know what they’re getting into.
Little problems can easily become big problems if they’re not addressed. And these big problems can be extremely costly. A home inspection will list items in disrepair, items that need to be repaired along with items that will need to be addressed in the near future. Don’t be afraid to ask the inspector questions before or after the inspection.
If the property you’re purchasing belongs to a homeowners association or condo association there might be an approval process. This process might require a completed application, a formal interview and/or for you to attend an orientation. The HOA approval process can easily take 30 days, so you’ll want to get your application submitted right away.
If you are working with a top Realtor in your area they will provide you a detailed checklist. This checklist should contain all of your contractual due dates and any additional pertinent information. Items like a copy of the HOA application or an address for the escrow company. They will also be able to provide you recommendations for lenders, home inspectors and other service providers. By having a home buying checklist it will make the process a lot less stressful. The same goes for after closing too! There are must do’s that you should do immediately after closing on your new home.
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Additional Real Estate Advice from Top Professionals
- Whether you’re buying or selling a home you will have a checklist. This checklist should include contractual due dates along with other things you need to do that aren’t part of the contract, like changing your mailing address. By having a physical checklist it will make your life a lot easier.
- One of the most important items on a buyers checklist and contractual due dates is the inspection. There are several home inspection tips that will make the process a lot easier when buying a home. From what questions to ask a home inspector to who you should hire. By having a home inspection checklist will keep you on track.
- There are red flags a home buyer should avoid when purchasing a home. Items such as mold can be a red flag, but should it be a dealbreaker? A top Realtor and home inspector will be able to educate you about these flags.
About the Author
Top Wellington Realtor, Michelle Gibson, wrote: “The Home Seller Accepted Your Offer, Now What?.”
Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.
Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres and more.