What Happens After Your Offer is Accepted?

You’ve been searching for homes for possibly just days or maybe even months, and you finally have an accepted offer! Congratulations, but this is just the beginning. There are several things that happen after the time your purchase and sales agreement is accepted and a few people involved. So what exactly happens?

In the contract, it states how long a buyer has to get the property inspected. If the purchase of the home is contingent upon inspection, this is one of the first things that needs to be completed. After the inspection is done, the buyer will receive a copy of the inspection report. It’s a great idea for the real estate agent and buyers to look at the report and decide what should be fixed and what is not as important. Remember, this is for things you did not notice during the first time you saw the home. This is no longer the time to ask for small cosmetic repairs (you knew that room was purple when you first put the offer in). Is there mold that needs to be remediated? Is the roof falling apart? Is the foundation crumbling? Think of big ticket items you may not financially be able to fix if something were to happen after purchasing the home. Be aware that not all sellers are willing to fix inspection items and there may be some negotiation about what will and will not be fixed.

Another big hurdle is the home appraisal. Your lender will arrange to have a third party company to appraise the value of the home. This ensures the lender is giving a loan for a home that’s actually worth that amount. It’s very important to the lender because if someone defaults on the home, they know they can still get some of the value back out of it. Houses don’t always appraise at the same value as what your offer may have been. There may be a time when a buyer either pays the difference in the two numbers or the seller is willing to accept less.

The home buying process will result in a large stack of legal and financial paperwork. The title company manages the paperwork process, through which they will make sure that the seller is the rightful owner of the property. The title company is also where the buyer will sign the paperwork to become the new homeowner.

Once the seller receives the check and all the purchase paperwork is signed, the sale will finally close. You will receive the keys to your new property and the property will finally be yours!