Home Buying process: Offer Accepted - Now What ? » Diane McConaghy Team

Home Buying process: Offer Accepted – Now What ?

CONGRATULATIONS. Your offer has been formally accepted by the current home owner. We are so excited for you !  In today’s video, we will provide you with a general overview of what comes next in the process.   

Earnest Money Deposit The first thing that you will have to do after your office is accepted is submit your earnest money deposit or hand money to your agent.  Their brokerage will hold the hand money in an escrow account until closing.  But don’t worry because this amount will be deducted from the amount that you owe at closing.
Due Diligence Next comes your due diligence period.  In real estate, due diligence refers to a buyer’s investigation of the various aspects of a property, either before making an offer or (more often) within a specific timeframe after the contract has been signed.  If any defects in or around the property are discovered, the contract contains language that specifies what the buyer and seller will do to remedy the problems so that the transaction can continue toward closing. In some cases, you may be able to cancel the purchase and have your hand money deposit returned in full.
While the Seller’s Disclosure may have addressed some of your questions, here are some of the basic due diligence home buying tasks you may want to explore. Home inspections, Pest Inspection, Radon Inspection.  You may want to check to see if you can install a pool or perhaps even a fence.  Most of the time tho these last two items would be items that you would check into prior to placing an offer.  If you are moving into a townhouse, you will want to review the Home Owner Association regulations to determine if you can leave a car in your driveway overnight, or perhaps on the street.  Ultimately, it’s your responsibility as the buyer to make sure that all of your questions are asked early in the process.

Morgage If you’re getting a mortgage, you’ll need to apply for the mortgage within a specified time period and you’ll also be getting an appraisal.
You’ll want to obtain Home Owner’s Insurance effective for the day of closing.

Settlement Company Your agent should suggest a settlement company.  They will work behind the scenes for you to make sure that there are no outstanding debts, or liens on the property you are purchasing.  They will draft the Deed and get all of the appropriate paperwork ready for closing.

Control Spending We tell all of our buyers to control their spending during this time and don’t make any large purchases like furniture, appliances, cars, or vacations.  Do not apply for credit cards.  All of these big ticket items will have an impact on your credit and can complicate your ability to ultimately obtain a mortgage.
Our team will guide you through the process every step of the way.   This was simply a high level overview of what you can expect after your offer has been accepted.  Our team will guide you through the process every step of the way. 

Contact us today if you’d like more information about the home buying process.  The Diane McConaghy Team at RE/MAX Select Realty is all about Moving Right Along and serving you with excellence.

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