My Offer Got Accepted - Now What?
Once your offer is accepted, there are a few things to take care of right away:
Step 1 - You will need to acknowledge or “bottom-line” the purchase agreement.
This signature simply acknowledges the seller's agreement to your offer and any minor changes the Seller may have made to the contract.
Once you bottom line the purchase agreement, you are officially what we call “under contract.” This means you are now in a legally binding contract with the Seller to purchase your new home.
Step 2 - Deposit your earnest money.
Ideally within 24 hours. The money will be deposited with either the buyer's broker or the title company. Your agent will let you know where to send the funds. You can make payments via personal check, cashiers check, or wire transfer.
It's important that the earnest money come out of an account in the name of the person on the contract.
Here is an example of why that’s important. Let’s say I am purchasing the home in my name, and my wife writes the earnest money check out of an account that has only her name on it. This can cause extra paperwork and required documentation from the lender.
To keep things streamlined and avoid any hiccups, make sure the funds are coming out of an account with your name on it. If you have any questions about this, check with your lender!
Step 3 - Order your home inspection.
Your inspection period is usually 5 to 10 days and begins once you have bottom-lined the purchase agreement.
If you don't know any home inspectors, we have a list of inspectors that have served our clients well in the past. Please do your own research and choose the licensed home inspector you are most comfortable with.
At the same time you are signing, sending money and ordering your home inspection, your agent will contact the lender and title company to provide them with a copy of the contract on your behalf.
Once the lender has a copy of the contrat, they will reach out to you and confirm your intent to move forward with the purchase and get you over loan documents to review and sign.
They will also request any additional paperwork at this time. You’ll want to stay on top of the loan process, so please address any requests from the lender as soon as possible.
The title company will also reach out for basic information for their files. However, there isn’t much to do with them at this time other than provide and confirm some personal information.
Here’s what NOT to do:
During your home purchase do not open any new credit lines, make large purchases, quit or change jobs.
If you are considering any financial moves or changes…CALL YOUR LENDER! You don’t want to do anything that will affect your loan and ability to purchase the home.
Taking care of these steps right away will get things moving and set you up for a successful and smooth transaction!