Making an offer on your dream home can be exciting and scary at the same time! After looking up listings, visiting open houses, finding the right mortgage company and calculating your finances, you’ve finally found the house you want to the rest of your life with. But what happens after you submit the offer on your dream home?
If the seller rejects your offer:
The seller may decide the amount you are willing to pay is lower than they are willing to accept. If this happens, you may consider moving onto the next home.
If the offer is countered:
The seller may come back with a dollar amount that is slightly higher than yours- you have another opportunity to raise your offer in hopes it is accepted. The back and forth goes on until either the seller accepts an offer or one of you decides to walk away.
If your offer is accepted:
Once you reach an agreement, things start to get really exciting!
Get your finances in order- It’s time to move forward with your lender on the amount of money you need to buy the home of your dreams. Work with your mortgage broker to put together the endless paperwork most lenders need to see before giving you the thumb-up. Your lender will require an appraisal by a licensed appraiser as part of the process.
Schedule your home inspection- A home inspection isn’t required by most lenders, but it will give you peace of mind knowing everything in your new home will check out. You should schedule this within 7 to 14 days of accepting the offer. After the inspection, your inspector will send you a report to go over with the seller to determine what repairs will be covered.
Find homeowners insurance- Almost every lender will require you to show proof of insurance on your new home before your loan is approved. Shop around and don’t be afraid to negotiate rates with your agent. You may even be able to save money by bundling your homeowner’s insurance with your other insurance you might already have.
Move toward closing- While your loan is getting prepared, your home has been inspected, you’ve purchased homeowners insurance, and your final documents are in order for closing, it’s time to ensure you have your down payment ready. Don’t make any big purchases during this time as it can mess with your credit. Once your loan is approved, you will be able to do a final walk-through on your home to ensure everything is how it was when you first viewed it and the inspection repairs are made. Finally, you will be asked to sign on the dotted line and you are officially a homeowner!
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