Home Buying Process

Once a buyer's offer is accepted on a home, the process begins to shift from negotiating to finalizing the deal. Here's a breakdown of the steps that typically follow after an offer is accepted:

1. Sign the Purchase Agreement: After your offer is accepted, both you and the seller will sign a purchase agreement (also called a sales contract). This document outlines the terms and conditions of the sale, such as the price, contingencies, and the closing date.

2. Earnest Money Deposit: At this stage, you will provide an earnest money deposit to show the seller you're serious about purchasing the home. This amount is typically held in escrow and later applied to the down payment or closing costs.

3. Home Inspection: It's a good idea to schedule a home inspection soon after your offer is accepted. The inspector will assess the property for any potential issues like structural problems, plumbing or electrical issues, or pest infestations. Depending on the findings, you may negotiate repairs with the seller or ask for a price reduction.

4. Appraisal: If you're financing the home with a mortgage, your lender will order an appraisal to determine the home's value. This helps ensure the property is worth the loan amount. If the appraisal comes in lower than the purchase price, you may need to renegotiate the price with the seller or cover the difference yourself.

5. Secure Financing: After the inspection and appraisal are complete, you'll need to work closely with your lender to finalize your mortgage. This involves submitting additional documentation (if necessary) and ensuring all underwriting requirements are met. Once approved, the lender will issue a "clear to close" status, signaling that you're almost ready to move forward.

6. Title Search and Insurance: The title company will conduct a title search to ensure there are no legal issues with the property, like outstanding liens or claims. You'll also need to secure title insurance, which protects you from any future claims against the property.

7. Closing Disclosure: A few days before closing, you'll receive a closing disclosure form from your lender. This document details all the final costs of the transaction, including your loan terms, closing costs, and any adjustments for property taxes or utilities.

8. Final Walk-Through: Before closing, you'll have the opportunity to do a final walk-through of the property. This is your chance to ensure the home is in the condition agreed upon and that any negotiated repairs have been completed.

9. Closing Day: On the day of closing, you'll meet with your lender, real estate agent, and possibly the seller or their representative to sign all the necessary paperwork. You'll also provide the down payment and closing costs. Once everything is signed and funds are transferred, you'll officially become the homeowner!

10. Post-Closing: After the transaction is complete, the title company will record the sale with the local government, and you'll receive the keys to your new home.

This process can take anywhere from a few weeks to a couple of months, depending on the complexity of the transaction, but with attention to detail and professional support, you'll be on your way to settling into your new home!