These are the steps you need to take after your offer is accepted.
Once your offer is accepted, what are the next steps you need to take? Today, we’re sharing what happens next after this phase in the home-buying process.
After your offer is accepted, the first step is to put down an earnest money deposit as stated in your purchase agreement. This deposit is typically required. Following that, you can choose to order a home and termite inspection during the inspection period, or you may decide to wait on those.
During this period, thoroughly examine the property to ensure you are aware of everything that comes with it. Once the inspections and assessments are done, you need to gather all of the necessary documentation, such as pay stubs, W-2s, and tax returns, to continue the mortgage process and move into the underwriting phase.
After your appraisals are completed and the property value aligns with the purchase contract, you proceed with the underwriting process, where the bank verifies the documents you provided and confirms your employment status.
The closing is scheduled after this step, usually taking between 15 and 25 days. The process involves the transfer of paperwork to the title company, which ensures you have a clear title to the property. At the closing, you will sign various documents and finalize the home purchase, then the property officially becomes your home. Depending on the arrangements made with the seller, possession time may have been negotiated, allowing them to move out. Otherwise, if the property is vacant, you can move in on that day.
These are the several important steps you need to take after your offer is accepted. If you have questions or need help with your home-buying journey, call or email us. We’re happy to guide you.