My Offer Was Accepted! Now What?
Great news! You found your dream home, you turned in an offer, and it’s been accepted! Now what?
There are three things you’re going to do immediately:
- Turn in your earnest money deposit check. This is also called a “good faith” deposit, and is usually about $1,000 to $2,000. It’ll be held in escrow until closing, and then applied towards your down payment.
- Contact your loan officer to turn in a loan application, a copy of the accepted offer, and about $600 to cover the appraisal on the house. From now until closing, they’ll be contacting you frequently to request information like employment documents, background information, previous tax returns, etc. It’s critical to get them any paperwork they need ASAP so your closing won’t be delayed.
- Schedule your inspections. You have about 10-14 days to get a home inspection, termite inspection, and any other optional inspections like radon. It’s your choice who to use and which optional inspections to complete, but you’ll pay for all of them ($600-1000 total).
After your inspections are completed, you’ll have the opportunity to negotiate with the seller for necessary repairs that the seller will complete before you close on the house. If something comes up in inspections that’s a dealbreaker, you can also back out of the contract now without losing your earnest money deposit.
With repairs in order, your loan officer schedules an appraisal on the property. Hopefully, the appraisal comes back at or above purchase price, and you’re on track to go to closing!
About a week before closing, the lender will determine the exact closing date, which you and the seller will approve. Make sure to contact the utility companies now to get the utilities switched into your name effective on closing date. On the day before closing, you and your real estate agent will do a walkthrough of the property to make sure it’s clean, in good shape, and all the repairs have been completed.
Finally, on closing day, bring your driver’s license to the closing office and get ready to sign a mountain of paperwork. Congratulations! You are now the owner of your very own home!
This is the last post in our First-time Homebuyers series. Check out our other entries to learn more about what to expect from your first home-buying journey! If you still have questions or want more information, reach out to us directly and we'll be happy to help you out!
Previously in First-Time Homebuyers 101:
- Is it the right time for me to buy my first house?
- What to expect when meeting with your loan officer
- How to Find Your Dream Home
- Let's Make an Offer!