If you just received that long-awaited call from your agent that your offer has been accepted– congratulations! The house buying process is long and stressful one, but if you’ve come this far to moving into your dream home, you can definitely celebrate. But, don’t fully make it official just yet! There’s a lot in store once your offer is approved, so buckle down for the final stretch and check out these seven important things to expect next.
If you’re unfamiliar with the term ‘earnest money,’ consider it the deposit that proves to the seller that you’re locked in. Depending on your contract with your real estate agent, this can either come before submitting an offer or after it’s been approved. Earnest money is usually 1-3% of the home purchase price.
It’s time to schedule your home inspections! This step is very crucial to make sure your future home is in good condition and has no major issues. Be sure you’re present with your home inspector and take your own notes when going through each room. Test everything, get pictures, and look beyond those cosmetic fixes done by the seller.
Get an appraisal– an estimate of the home’s value. Once the inspection process has been completed, you need to verify that the home’s value is worth the loan amount you asking for. Be sure to confirm the appraisal date and communicate any inspection objections with your lender.
Here comes the paperwork. Pay attention to this step in the home-buying process because the list of documents your lender will need is essential including W2’s, income, and other finance-related information. To close on time, be sure your lender documents are sent as soon as possible!
You are almost there to closing! At this time, your lender will be asking for your proof or homeowners insurance. Your insurance company will prepare the document your lender will need to confirm your coverage.
Part of buying a home is getting your name on the property. Work closely with your attorney while reviewing and ask for any advice concerning it. This part is fairly straightforward and doesn’t require much work on your end.
Now it’s time to schedule that final walkthrough, confirm your closing date, and turn on the utilities! At this point, all your repairs should be completed and your home is move-in ready! Now is the time to officially celebrate the start of a new chapter of your home!