Home Buying 101: Your offer's accepted -Now What

1 year ago

Once you are done jumping for JOY that your offer has been accepted, the next steps will depend on the specifics of the agreement and the nature of the purchase. Generally speaking, however, here are some common steps that may follow:

Payment: The earnest money that is used as a good faith payment must be made. Payment can be electronically, a handwritten personal check or cashiers check can be sent. The Earnest money will be sent usually to the Sellers Brokerage to be held in a Trust Fund. The money you paid toward the Earnest, will come back to you at closing, as credits toward your purchase.
Inspection and Due Diligence: Depending on the nature of the purchase, the buyer should always conduct an inspection or perform some due diligence. Who you use for this is at your sole discretion. This should include a complete inspection of the property and is conducted with in the time frame stated on your purchase agreement. This is usually up to 7 day from your accepted offer. The clock is ticking you do not want delays in this process.
Closing: Once all conditions of the purchase agreement have been met, the closing can take place. This is when ownership of the property or goods is transferred to the buyer, and the purchase price is paid to the seller. And you are a New Home Owner!!

It's important to note that the specifics of the process will depend on the type of purchase agreement and the parties involved. If you have any questions or concerns about the process, it's a good idea to consult with an attorney or other professional who can provide guidance specific to your situation.

Click on the articles below to help you with your home buying process:

What does a first time home buyer need to know

Connect with a Buyers Specialist

Home Buying 101: The Mortgage Process

Home Buying 101: Writing a Purchase Agreement

Home Buying 101: Your Offer has been Accepted! Now What??

Home Buying 101: The Inspection

Home Buying 101: What are Closing Costs?

Home Buying 101: The Closing

Home Buying 101: What is Mortgage Escrow?

Home Buying 101: The Importance of a Title Company

I hope this has been Helpful!