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After Your Offer is Accepted

Posted March 10th, 2010
by HomeLoans.org Staff (no comments)

homesoldSo, you’ve made it almost all the way through the process. You’ve weeded through the myriad homes available, and you’ve found the one you want. You’ve set up your home loan, and the seller has accepted your offer. It’s a great place to be in.

Still, you need to make sure you’re pacing yourself, here. Making your offer and having it accepted is only one part of the process. After the offer is accepted, you’re going to need to do some specific things.

Here’s what to expect once your offer is accepted:

  • You’ll make a deposit in earnest. This demonstrates you are willing to buy the house. An earnest money deposit typically is not refundable, so don’t put more down in earnest than you’re required to.
  • Next, you should start making arrangements for moving. You’ll want to pick a moving company, get change of address forms from the post office, and start letting your friends and family know that you’re going to move.
  • An inspection should follow soon. You’ll need a professional to inspect the property. The inspection should be able to identify any potential problems with the property, and identify areas that may need repair. You’ll also want to request repairs after you have the home inspected.
  • Get your homeowners insurance. Talk to your agent and get a quote. Make sure to ask about discounts for things like multiple policies and about discounts for alarm systems or other safety features.
  • Arrange for utilities. You’ll want to contact the phone company as well as any other utilities such as water and power. If there is cable service offered at the new house, you may want to get that set up, as well. If not, you can consider satellite service.
  • Stage a walk-through. Before you close on the home, try to arrange a walk-through to make sure everything is in line and looking the way you expect for it to be.
  • Close your loan. At the closing, make sure that the terms and conditions stated in the loan agreement match with what you’ve understood them to be all along. Read everything carefully before you sign it.

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