Your offer has been accepted! Congratulations!
At this point, you’ve presented an offer, negotiated any details, and you and the seller have agreed to move forward! Congratulations! This is where the big steps begin. The process up until this point was heavily focused on making sure your financing was in order. Now we have to make sure the house you’re wanting to make your home is all it seems to be.
- Once your offer is accepted, I will send out all the details to anyone involved in the transaction. This means emailing the contract to your lender, the title company, and the brokerages for both agents. Your first step will be to deliver earnest money to the title and escrow company within two days of mutual acceptance.
- Next, you will want to get your inspection scheduled as quickly as possible. Depending on what your inspection contingency said, this timeline may be tight. If the property is connected to sewer, try to schedule your sewer inspection for the same time. Once the report comes back, we will discuss how to proceed.
- The title company will be conducting a title search and preparing a preliminary commitment for title insurance at this time. We usually receive it within about a week of having your offer accepted. You’ll have a certain number of days to review this report and discuss any concerns you have.
- After your inspection contingency has been met, your lender will order the appraisal.
- This period is usually the part that feels long and kind of like nothing is actually happening. However, this is when all the “behind the scenes” stuff is happening. The seller is probably completing inspection requests, title is requesting HOA documents or other information regarding payoffs and potential title issues, and your lender is working to address any complication with appraisal and get your file through underwriting. The lender will likely request additional documentation if underwriting needs clarification on any part of your loan application.
- Once final underwriting approval is back, title and escrow will work with the lender to prepare documents, scheduling signing appointments for both you and the seller, and ensure that every little piece of the puzzle is completed and ready for closing.
- It’s closing day and the file is released to record, the transfer of title is completed, and recording numbers are received and funds are dispersed. Once we get the word that this step is done, you are officially closed and are now a homeowner!
