Posted on: 1 December 2019
There are many steps that are involved in buying a home, which may cause you to feel overwhelmed with what you need to do. Here is a checklist of some of the essential things that should happen after your offer is accepted.
Deliver The Earnest Money
One of the first things you'll need to do after having an offer accepted is to give the seller your earnest money. This is a small amount of money that you pay towards the home at first to demonstrate that you are serious about buying the home. The amount of earnest money that you pay will depend on what the seller requests, but know that it is negotiable. If they seller is asking for too much money, you can always ask if you can give less. There are plenty of ways to get back the earnest money throughout the home-buying process, so it will not be lost under normal conditions.
Find A Home Inspector
Next, you'll need to find a home inspector to give you a detailed look at the home. This is typically done within a few days of the offer being accepted and will be a way that you can back out of the home if the report comes back unacceptable. For example, the home inspector may discover major foundation damage that you were unable to find on your own, or electrical and plumbing problems that are too expensive for you to repair. If you get back an unfavorable report, you can back out of the sale and get your earnest money back.
Negotiate With The Seller
With your home inspection report in hand, you can use this information for another round of repairs with the sellers. For example. If the washer and dryer were discovered to be broken, you can negotiate for a credit at closing to cover the cost of a new washer and dryer. Don't be afraid to ask the seller to make concessions based on things that you find wrong with the home.
Find An Appraiser
Next, you'll need to have an appraisal done to appease your mortgage lender. The purpose of the appraisal is to prove that the home is worth as much as the sale price. A common problem people run into with the appraisal is discovering that they have overpaid for the home, with it being worth far less than the price that was accepted on it. This is another instance where you can renegotiate or walk away from the home after discovering it is not worth what it was sold at.
To learn more about new home sales, contact your local realtor.Share