So you just went under contract on your home. We have made a guide on what you should do after your offer is accepted on your home!
Watch The Video From Crystal Brady, Realtor
Read The Blog On What’s Next
Disclaimer: Timelines discussed in this video/blog are typical for most transactions but not all. Some may have different timelines based on how you negotiate your contract.
You will be required to make your initial deposit within 3 days of the accepted offer (calendar days). This amount could range from $1000-1% of the purchase price. You can either: 1. Write a personal check or 2. Wire the funds. Checks are made payable to the title company and delivered directly to them (their information is typically on the first page of your contract under the escrow/title section.
You need to be scheduled for your home inspection preferably the first week you are under contract. You typically will have up to 10 days to complete all inspections so leaving some time after will help with negotiations or re-inspections.
Per the contract, you have 5 days to do your formal loan application. The lender will take care of this process so make sure you cooperate with their requests for information/signatures.
All requests should be completed as soon as possible!
A good time to shop for and secure homeowners insurance is right after your home inspection so, relevant 4 point or wind mitigation reports can be sent to the insurance agent for the most accurate quotes. This is mostly for southern states (Florida).
You should check with your local Realtors to see when they recommend you should shop for insurance.
You usually order the appraisal immediately after the home inspection. You should notify your lender you are ready to proceed with the appraisal after you are satisfied with the home inspection results.
Final Loan Approval:
Once your loan is in processing and gets reviewed by an underwriter, the lender may require additional documents to obtain final approval. This is normal and expected.
Anytime the lender asks your for documentation or signatures throughout the process it is important to respond in a timely manner to ensure your loan get approval in time for the scheduled closing.
About a week prior to closing you should call the utility providers for the new house and make arrangements to transfer into your name for the date of closing.
Final Walk Thru:
Typically, the final walk thru is conducted the day prior of or, on the way to closing. You should confirm the property is still in original condition and that seller has removed all personal belongings.
Wire Funds for Closing:
The day prior to closing you will need to do a wire transfer with your bank for the final amount you owe for closing. The funds need to be in place when you arrive at closing so the transaction can fund and you can receive your keys.
Be sure to call in the title company to ensure the wire directions are accurate. There are many scams that try to give you false wire instructions and once your money is gone, it is gone.
Closing typically takes about 1.5 hours and is conducted typically between the hours of 9-3pm. You should plan to have that time off of work.
While much of the process can take place remotely or via phone/email there are some in person appointments that happen during business hours such as the home inspection and closing so please plan to take that time off of work.
Summing It Up
Thank you to Crystal Brady for helping us with this article and video on what to do after your offer is accepted.
If you have any questions about going under contract be sure to comment down below.
Also, you might be interested in what to expect from your home inspection.