Finding your dream home is incredibly exciting – and it’s even more exciting when a seller accepts your offer. But what happens next? This guide walks you through the process that takes place after a seller accepts your offer, as well as what you need to do to prepare for closing.
What Happens After a Seller Accepts Your Offer?
Quite a bit happens between offer acceptance and closing day. Before you can move in, you need to complete the following tasks:
- Review your purchase agreement
- Hire a home inspector
- Get final mortgage approval
- Schedule your closing date
- Transfer funds and finalize documents
Your real estate agent will be with you every step of the way, answering your questions and making sure you meet important deadlines. But in the meantime, here’s a closer look at each so you know what to expect from the process between offer acceptance and closing.
Task #1 After a Seller Accepts Your Offer: Review Your Purchase Agreement
Your purchase agreement is a legally binding document that outlines the details of your home purchase, including price, contingencies, deadlines and more. After the seller accepts your offer, you’ll need to review the agreement carefully with your agent to make sure everything is in order. If there are any changes you’d like to make, now is the time to do so.
Related: When can a seller keep your earnest money deposit?
Task #2 After a Seller Accepts Your Offer: Hire a Home Inspector
A home inspection is an important step in the home-buying process, as it can reveal any hidden problems with the property. After a seller accepts your offer, you’ll need to hire a professional inspector to take a look at the home and prepare a report. This report will be important in helping you proceed; the items your inspector discovers can help you negotiate the final price, ask for a credit or repairs, or decide that maybe the home isn’t right for you after all.
Task #3 After a Seller Accepts Your Offer: Get Final Mortgage Approval
If you’re financing your home purchase, your lender will need to give final approval for your mortgage loan. This process can take a few weeks, and during this time, you’ll need to stay current on any debt payments and avoid making any large purchases that could change your debt-to-income ratio.
Related: 3 tips that may help you boost your credit score to get a mortgage
Task #4 After a Seller Accepts Your Offer: Schedule Your Closing Date
After you and the seller meet all the contingencies in your purchase agreement and everyone involved is ready to move forward, it’s time to schedule your closing date. This is the day when you’ll sign the final paperwork and officially become the homeowner.
Your real estate agent will bring everyone to the table at the right time on the right day – all you need to do is show up with the documents your agent tells you to bring.
Task #5 After a Seller Accepts Your Offer: Transfer Funds and Finalize Documents
On closing day, you’ll sign and finalize all your paperwork. You’ll need to bring a certified or cashier’s check to cover the down payment and any closing costs. After everything is signed, sealed and delivered, the home will be officially yours.
Related: 5 tips to help you buy the perfect home
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