The Seller Accepted Your Offer. What Now?
Nothing is more exhilarating — and perhaps stressful — than finally approving your offer on a property.
You’re undoubtedly wondering, “What happens next?” And with good cause. Unless you’re an experienced homebuyer, you’re in uncharted terrain.
This is when you begin working as a buyer.
You will send earnest money and a deposit demonstrating your intent to purchase the house.
However, you still need to totally commit to purchasing the home.
You must still ensure that the bank will lend on it. Therefore, you will send the purchase agreement to your lender, who will arrange a formal evaluation.
Additionally, you will likely provide new documentation, as the initial documents you gave to the lender for pre-approval may be obsolete.
In addition, you will arrange a house inspection to ensure that there are no major flaws that cannot be seen with the naked eye.
You’ll clear “contingencies”
The contingencies are the terms under which you agree to purchase the property.
When the seller accepts your offer, you will begin clearing them.
Common circumstances include the following:
The home appraises at or above the purchase price.
Your lender either approves the home’s condition or repairs are performed to make it acceptable for credit.
The house examination shows no significant flaws.
The title firm can verify that the seller owns and is authorized to sell the property.
The majority of eventualities will be resolved. Others necessitate discussion between the buyer and seller, such as which issues from the inspection the seller will repair before closing.
The Game of Patience
After completing your duties, you must then wait. Your loan will be processed through the lender’s system within 30 to 45 days; however, certain lenders may be faster.
Long waits, followed by frenzies of activity, are common. You are “in line” alongside hundreds of other purchasers at the lender, title, and escrow businesses. There is much waiting, followed by a mad dash to submit paperwork when it is your time.
All of this is common, and you can only do so much to be proactive as a buyer.
Nevertheless, maintain continuous communication with your real estate agent and lender. They will be aware of the procedure’s next steps and whether you can do anything to expedite matters.
How Can I Obtain Approval to Submit an Offer on a Home?
The first step in getting a house offer accepted is to submit an offer.
To accomplish this, you will require pre-approval. This document demonstrates that you are serious about purchasing a home.
Obtain a pre-approval – often within a few hours — by connecting with our pre-approved lenders, among the finest in the business.
