Your Offer Has Been Accepted, Now What?
Congratulations, you’ve snagged the home of your dreams! You’re beyond thrilled — and perhaps a little shocked — so take a moment to enjoy the success and raise a glass. Buying a home is really exciting! But don’t bask in the sun for too long because things are about to happen…quickly. The purchase process is far from over, and you have a few to-do’s to immediately consider:
Initial Deposit: Generally speaking, your initial deposit is due to the seller’s attorney when your offer is accepted or shortly thereafter, but confirm this deadline with your agent — it was part of your offer contract and its timing can vary. Deposits are usually held in the seller attorney’s trust account and the monies held are considered part of your downpayment. Your agent can provide the seller attorney’s trust account information for you to either cut a check or wire the funds.
Attorney Review: Stay in close contact with your attorney during the attorney review period. It’s when both your attorney and the seller attorney will be negotiating the fine points of the transaction, and it’s advised that you’re fully briefed on the letters that are exchanged. Sometimes, if the situation is complex and warrants it, a conference call with your attorney and agent is a great way to keep everyone on the same page.
Inspections: Begin lining up your inspectors. Conduct phone interviews with general home inspectors, tank sweep companies, and licensed plumbers who specialize in sewer line inspections. Once you’re nearing the end of attorney review, schedule your chosen inspectors for as soon as you’re under contract; that way, if you have to do follow-up inspections with specialists, such as a roofer or a structural engineer, you have plenty of time for your due diligence.
Mortgage Application: If your purchase agreement is contingent on a mortgage, identify the lenders you are considering. Investigate the costs associated with each bank and proceed accordingly with your mortgage application so you’re able to deliver your mortgage commitment on time. While the due date of your mortgage commitment is dependent on your contract, it’s usually 30 to 45 days after the completion of Attorney Review.
All of these to-do’s might feel like a full-time job, but being organized up front and preparing with your agent prior to an accepted offer is the best way to position yourself for a successful transaction.
Thinking of buying in Maplewood and South Orange? Let’s chat, and let’s get organized today! My email is [email protected] or feel free to call my mobile (646) 306-9558.
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