Congratulations! You've reached an exciting milestone in your homebuying journey: your offer has been accepted. But what comes next? Here's a brief guide to help you navigate the next steps toward owning your new home.
Step 1: Deposit Earnest Money/Hand Money
With your offer accepted, the first task is to deposit earnest money. This is a good-faith deposit that shows your commitment to purchasing the home and is typically due within 5 days of an executed agreement. Don’t worry; your broker will ensure it is handled safely and securely.
Step 2: Schedule the Home Inspection
Next, it’s crucial to schedule a home inspection to ensure the property meets your standards. Time is of the essence, so act quickly to address any potential issues with the seller.
Step 3: Secure Financing with Your Lender
Contact your lender and begin the mortgage application process. They’ll guide you through securing financing, just as your real estate agent supports you through the homebuying process.
Step 4: Negotiate Repairs
If the inspection reveals necessary repairs, it’s time to negotiate with the seller. Collaborate with your agent to decide the best approach, whether requesting repairs or credits at closing.
Step 5: Complete Title Search and Appraisal
The title company will conduct a title search to confirm the property is free of liens, ensuring a clear title. Meanwhile, your lender will order an appraisal to verify the home’s value aligns with the loan amount.
Step 6: Finalize Details and Prepare for Closing
As the process accelerates, you’ll review the final closing documents and conduct a final walkthrough of the property. This ensures everything is in order before you close the deal.
Step 7: Closing Day and Celebration
Closing day is the final step, where you’ll sign the necessary paperwork and receive the keys to your new home. It’s time to celebrate this significant achievement and the exciting new chapter ahead!
Buying a home can feel overwhelming, but with each step, you’re closer to making your dream a reality. Congratulations again, and welcome to your new home! If you have any questions or need assistance along the way, remember your real estate agent is there to help. Enjoy this exciting journey!
~Melissa Beck
