YOUR OFFER IS ACCEPTED
AFTER THE OFFER
Congratulations! After negotiation and maybe a few tears, your offer was finally accepted on your perfect home. Now is when the things start moving very quickly. Typically you will be closing in 60 days and there are many things to do. This section will focus on what you are to expect to keep the process moving. Of course no deal is the same and things will come up that are unexpected that might cause delays but you have a team of professionals on your side so just roll with the punches. The best advice we can offer is to be reachable and quick in your response to request.
SEND
EARNEST MONEY DEPOSIT
When you presented the offer you included an Earnest Money Deposit that would be payable upon acceptance of the offer. Now that you have agreed on a price it is time to send the deposit. In most cases the sellers agent broker will hold the deposit in an escrow account until closing. The second deposit will be due at signing of the Purchase and Sale agreement and will be held by the sellers attorney until close. Both of these deposits will be subtracted from your mortgage downpayment required by your lender.
HIRE AN
CLOSING ATTORNEY
Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special issues of practice, and problems not present in other transactions. A real estate lawyer is trained to deal with these problems and has the most experience to deal with them. Learn what they do for you by
ORDER A
HOME INSPECTION
In your offer there is a contingency that allows you time to conduct a professional inspection. A licensed inspector will uncover any large cost problems as well as provide typical home owner maintenance tips for when you own the home. Learn more about the inspection process by
PURCHASE AND
SALE
A Purchase and Sale (P&S) agreement is the document received after mutual acceptance on an offer, which states the final sale price and all terms of the purchase. The specific items in this contract vary by state, but will almost always include the following information. Learn what they are by
APPLY FOR
MORTGAGE
Your loan commitment is due 3-4 weeks from Purchase and Sale. Your loan officer will now start verifying information you provided for the earlier Pre-Qualification. You will be asked to support income and expenses. It is very important you do not make any life changes including opening new accounts. Always check with your loan office before changing your financial status in any way.
HOME OWNERS
INSURANCE
A home insurance binder is used to prove that you have insurance coverage on your home and is most commonly used when signing for a new property in order to prove to the lender that the property is insured
