Your Offer was Accepted! What’s Next?
Your offer has been accepted — cue the confetti! And while it’ll be a few more days until you can move in, you’re well on your way to closing the deal on your new home sweet home. Here’s a quick rundown on what happens after you make an offer and your new home is “under contract.”
Provide an Earnest Money Deposit
This is a good faith deposit to show your commitment to buying the property. This deposit is typically held in an escrow account until the closing.
Schedule Home Inspection
Depending on the results, you may negotiate with the seller for repairs or credits. Schedule this immediately!
Order Appraisal
Your lender will initiate this to ensure the property’s value matches the sale price. If the appraisal comes in lower than the agreed-upon price, you may need to renegotiate with the seller or come up with additional funds.
Finalize the Loan
You’ll provide documents and go through underwriting with your lender.
Title Search
A title company will conduct a title search to ensure there are no liens or legal issues with the property’s ownership. You’ll also purchase title insurance to protect against unforeseen title problems.
Final walk-through
Shortly before the closing date, you’ll have the opportunity to do a final walk-through of the property to ensure it’s in the agreed-upon condition.
Closing Day
Sign all necessary documents, pay remaining closing costs and the down payment. The title is officially transferred to you, and keys are exchanged.
Funding and Recording
Once all documents are signed and funds are transferred, the transaction is recorded with the county or local municipality. This officially transfers ownership from the seller to you.