Offer Accepted, Now What?
Congratulations, you are on your way to owning your very own home! Once your offer is accepted by the seller it starts the next phase of the transaction.
- You will be asked for an earnest money deposit, typically 3% of the purchase price, on the home you are purchasing which will be held with an escrow company and applied to the final purchase of your property.
- This deposit needs to be made within 3 business days of the offer being accepted, so make sure that you have that money easily accessible.
- Most earnest money deposits are made via wire transfer. Assuming the sale goes through, it will be applied to the purchase price of the home. If the sale does not get finalized, you may be entitled to receive your deposit back.
- You will have an escrow officer assigned to act as an independent third party. They will coordinate much of the activity during the escrow period.
Each contract is different, but most include the following four items:
- Inspection contingency: This should be completed as soon as possible after the contract is signed. If the results of the inspection are unsatisfactory you can negotiate repairs or cancel the contract.
- Financing contingency: Once the contract is signed, you have a period of time to secure funding. If you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to cancel the purchase. This is why being pre-approved before shopping for a property is so important!
- Marketable title: A requirement that the seller must provide a marketable title. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. We can help you look into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
- Secure homeowners insurance: This is almost always required before you can close the sale. It is best to apply for insurance as soon as possible after the contract is signed.
You've made it! Once the sale has closed, you're the proud owner of a new house!
If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!
Are you a first-time homebuyer? Did you know that if you haven’t owned a property in the last three years that you are considered a first-time homebuyer?View Resource
Before the offer to purchase is created, you must be at least pre-qualified or, better yet, pre-approved by a lender, unless you are paying cash.View Resource
The easiest way to determine your estimated monthly mortgage payment is by talking to a lender. However, the calculator below can also help point you in the right direction.View Resource
Thinking about buying a new home? If you're not paying cash, then you’’ probably need a mortgage.View Resource
Once your offer is accepted by the seller it starts the offer accepted period. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.View Resource
Complete the form below and we'll create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.View Resource
Are you thinking about buying? The video resources below cover many of the common questions that most people have during the home buying journey.View Resource