All Posts Tagged: purchase
My offer was accepted! Now what?

Getting an offer accepted is one of the most exciting moments of the home-buying process, especially right now when demand is strong and inventory is low in many markets. But before moving into your new home, there are many important steps that need to take place.
Let’s take a look at typical elements of the post-offer approval process so that you can get an idea of things that happen before you close on a home.
A home inspection tells you if the home has any issues. Although inspections are not always required, most people get one. The inspection report will list any found problems, their severity, and the estimated cost to fix them.
The appraisal gives you a detailed report on the value of your home. If the home is appraised for less than the purchase price, you will either need to make a larger down payment or negotiate with the seller to lower the price.
4. Review title. Make sure to review the title commitment once you receive it from the title company. It is a best practice to consult with an escrow officer or real estate attorney who can explain the title report to you. 5. Find homeowners insurance. Choose your homeowners insurance and provide the required information to your settlement agent and lender, after your loan is approved. Tip: Reach out to your insurance agent to see if you qualify for a multi-policy discount by bundling your home and car insurance together. 6. Conduct final walk-through. You will be allowed to do a final walk-through of your home 48 hours prior to closing. This gives you the opportunity to ensure that all items listed in your contract are fulfilled. It also lets you check the condition of the home. It is imperative to note every issue during the walk-through. Any issue you may encounter after closing will be your responsibility. 7. Closing! The day has finally arrived. You will sign the mortgage documents, receive your keys, and begin your contractual obligation to pay back your mortgage loan. Make sure to bring your ID and certified funds (if applicable).As you can see, there are quite a few things that need to be done after your offer is accepted, so make sure to stay on top of it all to ensure things don’t fall through the cracks. I hope you found this information helpful. If you have any questions, reach out to your local mortgage banker. Congratulations on your new home!
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