Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started now)
What should I do next after my offer was accepted?
Once your offer is accepted, the first step is to sign a purchase agreement.
This legally binding document outlines the terms of the sale and its acceptance makes the offer "under contract."
Earnest money is typically required after acceptance.
This deposit, usually ranging from 1% to 3% of the purchase price, demonstrates your commitment and secures the deal until closing.
A home appraisal will be ordered by your lender to determine the value of the property.
This process involves an unbiased third-party appraiser who assesses the property based on recent sales of comparable homes, ensuring you’re not overpaying.
Home inspections are crucial and must be completed shortly after your offer is accepted.
Most inspections occur within 7-10 days and can reveal significant issues that could affect your decision to proceed.
Contingencies outline specific conditions under which you can back out of the sale without penalties.
Common contingencies include financing, appraisal, and inspection clauses.
It's essential to maintain open communication with your lender about your finances during this process.
They will require detailed documentation to finalize your loan, such as tax returns, pay stubs, and bank statements.
Closing costs can range from 2% to 5% of the home’s purchase price and may include fees for the loan, title search, and insurance.
Understanding these costs is important for financial planning.
The closing process can take around 30-45 days after acceptance, which includes time for the appraisal, inspections, and finalizing your mortgage.
Feel free to negotiate repairs with the seller based on the inspection results.
You can ask for repairs, a reduction in the price, or a credit to cover costs at closing.
Title insurance is recommended to protect you against any legal issues that might arise regarding the ownership of the property.
This is typically assessed during the closing process.
The closing day requires a significant amount of documentation.
You will need to provide identification and sign multiple legal documents to transfer ownership.
After closing, you’ll receive the keys and can begin moving into your new home.
Ensure all final utility arrangements are made prior to moving in.
Some buyers opt for a final walkthrough before closing to ensure the property’s condition aligns with the agreed terms.
This is your chance to confirm any repairs have been made.
It's possible for the seller to back out of the contract before closing, but they face legal risks unless specified contingencies in the contract allow for this.
Homeowners insurance becomes necessary before closing on the property, as lenders typically require proof of coverage as part of the loan agreement.
Keeping thorough documentation of all communications during this period can help streamline the closing process and provide clarity in case of disputes.
Time-sensitive tasks after offer acceptance include scheduling inspections and getting the appraisal done quickly to avoid delays.
Contingency periods can sometimes be negotiated, affecting how long you have to secure financing or complete inspections.
The Fair Housing Act protects against discrimination based on race, color, national origin, religion, sex, familial status, and disability during housing transactions.
If financing falls through due to changes in your financial situation after your offer is accepted, you could lose your earnest money unless you’ve protected yourself with relevant contingencies.
Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started now)