What Happens After an Offer is Accepted on a Home?
Posted On: Jan 25, 2017
Your real estate agent calls and tells you the good news: your offer price was accepted on the home you’d like to buy! Exciting, right?
You may want to consider holding off on the bubbles and a celebratory dinner for the moment. There are a whole lot of hurdles, potential road blocks, etc. to get through before you actually make it to the closing table.
It’s time to get an inspection.
Even if the seller has already provided an inspection report, you should always have your own inspection completed. A licensed home inspector is a must if you want a qualified and reliable assessment. Attend the inspection, and then go over the inspection report in detail with the inspector; be sure you are familiar with all of the pre-existing issues.
You’ll need to apply for a loan.
Unless you have a large sum of cash stashed away, you will need to apply for a mortgage loan to finance your new home. Do your research, and find a bank or finance institution with a competitive interest rate. Be open and honest about your financial situation. This is also the time to start making sure you have the necessary funds ready for closing and your down payment. The bank will instigate a home appraisal so that it can be assured that the mortgage amount doesn’t exceed the actual market value of the home.
Track down homeowners insurance.
Usually, new owners are expected to pay for homeowners insurance upfront before closing. If you currently own a home, your current policy holder is typically a good start. If you are not satisfied with your current coverage, consider obtaining a few quotes from different providers. Many insurance companies will offer discounts for bundling with another plan, like auto or life insurance.
Schedule that final walkthrough.
The final walkthrough is your last opportunity to ensure that your new home is up to the exact agreed-upon purchasing standards. Be sure that no damages were caused when the occupants moved out, and be sure that nothing was removed from the house that was in the original contract, like appliances. The final walkthrough is typically scheduled for 48 hours before closing.