Step 3: A Negotiated, Accepted Offer
Great news! The seller has accepted your offer! It is important to note that even if the sellers have verbally accepted your offer, it is NOT a binding contract until all parties have signed the purchase agreement.
Formally executing the contract may take a day or two. Once we have this binding document, we are ready to move into the next stage. Learn more about the preliminary steps taken immediately after your contract is executed.
Within one business day of your offer being accepted and executed, you will need to wire your earnest money deposit to the title company. These funds secure your intention to purchase the property. The title company will provide wire instructions and once the wire transfer is completed, email us a receipt to confirm the funds have been received. Get more details about the earnest money deposit by clicking here.
Now that you are officially in contract, it is vital to curtail any extra spending. Your mortgage is in the underwriting process and any extraneous purchases could jeopardize your ability to secure your loan. Let’s talk more about the loan process and why it is important to spend money only on the basics.
It is also important to put the closing date on your calendar. This is the anticipated date of when the property will officially be yours. A day or so prior, you will sign all the required documents at the title company, wire the remaining balance of your down payment, and do one last walk through of the house. Once closing is official, the title company will notify us and we will arrange to get you the keys to your new home so you can move in! Learn more details about what happens during closing.
We also suggest that you block out time on your schedule to attend the home inspections. This allows you to talk to the inspectors and get more in-depth information on any potential issues they discover. They can better explain in person (as well as show you) areas of concern, if any. Click here for advice on attending your home inspection.
Attending the inspections provides valuable information, but you should also take the time to read the inspection reports thoroughly. Dawn will also read each inspection report and offer her insights on what items she feels need to be resolved, if any. There will be items called out for repair: there always are. But there is a difference between minor and cosmetic issues, and more significant repairs that deal with structural or safety concerns. Let’s discuss in more detail what to look for when reading an inspection report.
Now, let’s move onto the next phase of the Buying process and talk about the appraisal, contingency removal process and getting ready to move into your new home!