Congratulations Offer Accepted! You’re Only A Few Steps Away To Your New Home!
More than likely, you’ve been on an emotional roller-coaster of a ride trying to find a home to call your own. Because buying a home can feel like a headrush when you know the time is, right now!
Once you get to the OFFER ACCEPTED phase – and yours probably wasn’t the only offer, you’re off and running!
The First Things To Do Toward Your Real Estate Purchase Is…
1. Secure A Mortgage Lender. Preapprovals are great, but you don’t have to use them. Shopping around to several lenders is your best option toward finding the best interest rate available.
2. Schedule A Home Inspection. Use professional home companies to check the home before committing to its purchase, which takes 7-10 days. Make sure your purchase offer is conditional and/or contingent on various inspection tests. By doing so, the seller must correct any work or repairs before completion of the final real estate purchase. Breach of contract occurs if the seller is not willing to make repairs.
Checklist For Home Inspection Includes, But Are Not Limited To:
• Structural problems
• Faulty wiring
• Plumbing problems
• HVAC system
• Lead paint
• Broken windows or doors, etc.
3. Get An Appraisal. This is a universal requirement that your mortgage lender needs to check for the current market value. They want to make sure the home is worth the amount you want to borrow.
4. Purchase Home Owners Insurance. Start shopping around early because your lender will need proof before your loan is secured.
5. Final Walk-Through. Recommended 1-2 days before closing, you’ll have the opportunity to visit the house before the deadline. You want to ensure that the seller has carried out all agreed repairs and that the house is in the same condition as when you agreed to purchase it. Buyers should include this as a condition in their contract and ensure that they do not refuse it.
See Forbes for additional information on these topics.
Putting Your Real Estate Purchase Offer Where Your Mouth Is
Once the home has been withdrawn from the open real estate market and an escrow account has been closed, the buyer must deposit money in good faith into an escrow account.
As the buyer, you have three days to agree to, and put up, an earnest money deposit to the seller. This is your pledge that you are committed, able, and willing to buy the home.
The Home Stretch
The final date will be determined by you and the seller after the contract of sale and final documents have been signed, closing costs paid, and ownership of the property changes into your hands!
Hit A New Home Run With Your Real Estate Purchase!
Whether buying or selling, www.letmeearnit.com is among the professionals helping people avoid mishits, so you can buy or sell your home with confidence!