After weeks of searching for that dream home, your real estate agent may be delivering the happy news that your offer has been accepted. But before you can sign off on your mortgage paperwork and start packing up for your move, there is still a lot to get done.
What You Should Expect After Your Offer Has Been Accepted
The first step after an offer has been accepted is depositing your earnest money. This is typically 1% to 2% of the purchase price and it shows that you are serious about buying this house.
Once you have deposited your earnest money, you can start working with other professionals to complete the rest of the process. These professionals include inspectors, attorneys, appraisers, insurance companies, and title companies.
One of the most important steps you should take after your offer is accepted is arranging for a home inspection. A thorough home inspection can reveal a number of issues with the property that you might not have noticed otherwise. Learn more https://www.webuyhousesforcashdallas.com/sell-my-house-fast-corinth-tx/
This can include faulty wiring, drainage problems, and foundation flaws. You can negotiate to have these things repaired by the seller before you agree to buy the house.
Your home inspector can also identify some issues that you might not have picked up on, such as roof or basement leaks or radon. These problems can cost you thousands of dollars to fix, and you might decide not to buy the house if you are concerned about them.
Having a professional inspect the property will give you and your real estate agent a clear picture of what you are getting yourself into. Your realtor can then use this information to help negotiate the sale with the seller.
Once the home inspection is complete, you and your realtor can go over the findings to determine if any repairs need to be made before closing. These repairs might be minor or major, depending on what was discovered during the inspection.
Next, your lender will review the results of your mortgage application to ensure that you qualify for a loan. They will verify your income and debts, as well as any other financial data you have provided them. Once the lender is satisfied that you are a good candidate for the mortgage, they will then proceed with your application and prepare the necessary paperwork to close.
The process of applying for a mortgage and underwriting it can take weeks to months, but this is a necessary part of the home-buying process. It is recommended that you start the process early, so you can be in your new home as quickly as possible.
Another hurdle that needs to be cleared before you can close is a home appraisal.
This is ordered by your lender to protect themselves as well as you.
It is vital that you hire an experienced real estate attorney to make sure that your deal gets completed as smoothly and quickly as possible. The right lawyer will keep you informed of what to expect and guide you through the legal process of buying a home.