Your Offer has been Accepted. Now What?
You've made an offer on the home you love and it was accepted! Now what? This moves fast and you want to be sure to stay on top of everything. Here is what to expect:
Your earnest money is now due. Typically you have 3 days to get this to the title company (Your Lender will provide the name of the title company). Be sure to double check the sales contract for the deadline.
The property inspection. You want to be sure that the home you are purchasing is in good shape, and having a professional inspect the home protects you against surprises later. You can choose to be present when the inspection takes place, but rest assured you will get a very detailed report on all majors....ie. roof, boiler, furnace, appliances etc. Again, pay attention to the inspection deadline and the inspection resolution deadlines listed on the sales contract.
Lender Documentation. Be sure the lender has all of the documentation needed. Your real estate agent should be keeping on top of this, but be sure to be in constant communication with your lender to be sure everything is there!
Be sure to review the title commitment once you receive this from the title company. If you have any questions, your real estate agent should be able to find these answers for you.
The appraisal. The appraisal should be ordered as soon as the inspection has been completed. Your lender hires the appraiser. Stay on top of the dates in the sales contract...your lender and real estate agent will be paying close attention to this as well. But always stay "in the know" when it comes to dates and deadlines.
Insurance. Choose your carrier for home owners insurance and give all of this information to your lender.
From there you will turn on your utilities, solidify your closing date, do a final walk through on the property and then you will come to the closing table! Congratulations!