What to Expect After Your Offer is Accepted
The seller just accepted your offer, time to celebrate. Not so fast! Here’s what to expect after you go under contract on a home.
Make sure your Realtor has informed your lender, title and any attorneys involved that you are now under contract.
Send your Earnest and Option Money to the title company within 3 days of going under contract.
Send your lender any required documents. Your lender will require items like W2’s and other identifiable tax-related information as they will need to verify your income. The list of items needs to be delivered to your lender as soon as possible or you will risk not being able to close on time.
Confirm your closing date. In Texas, buyers need to sign closing documents in-person. Be sure to avoid any scheduling/travel conflicts.
Schedule your home inspection. During your option period, you will be able to schedule an inspection of the property. Consider roofing, electrical, pest control and other specialists to inspect the property as well, should your inspector highlight specific issues within these areas of the property.
Lender appraisal. Having your home appraised is part of what ensures the money the bank is lending to you is enough, so that they can recoup most of it, should you stop paying your mortgage. A home appraisal is the bank’s way of figuring out if the amount of money they are lending to you is more or less than the value of your home, and that you are not over-paying for the property. If the home appraises for less than the offer amount, your bank will only lend you the appraised value. You have options when the home doesn't appraise and a chance to negotiate a better price. If you chose to waive the appraisal, it is up to you to make up the financial difference at closing.
Request repairs. Once you have the reports back from all of the inspectors you have the opportunity to negotiate repairs with the seller. The seller will either make the necessary repairs (at a reasonable number of repairs), or provide the buyer with a financial concession at closing, so the buyer can make the repairs with their own contractors.
Select your home insurance. Lenders require buyers to have homeowners insurance. Shop around to price compare and to find an insurance agent you like, and that your insurance plan covers everything that you want it to for your property.
Turn on the utilities. You will want to turn on the electricity, gas, water, cable, internet, trash/recycling, etc. a few days before you move in. The seller’s utility companies are located in the seller’s disclosure. Check with your realtor, in case you need the list.
Closing. Closing day is when you will need to pay all final closing costs stated in the contract with the seller. It’s important to also bring your ID. Prepare to be at closing for approximately an hour - there are a lot of documents to sign!
Moving day! Moving can be exhausting. Mitigate the stress by scheduling your movers in advance - they book quickly!
Enjoy your new home - that was a lot of work!
Want to learn more? Click HERE to request my free Buyer’s Guide.