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YOUR OFFER WAS ACCEPTED!
Now what?
As soon as you have an accepted offer, all the deadlines outlined in the contract will begin the day AFTER acceptance was received in writing.
Next Steps
- Turn in earnest money: this will be given to the the title company or lawyer to be held in their escrow account and will be applied to the purchase price at closing.
Typical deadline: 3 business days. You will 3 business days to refuse acceptance of offer; or chose to have a lawyer represent you. - You may “WAIVE” OR “RESERVE the right to obtain an attorney. With lawyer representation you will have an attorney review. Duing this period, terms will be further negotiated. Once both sides are in agreement, attorney review is concluded and second deposit will be made.
- Mortgage loan process will now begin: you have your pre-approval letter, but now that you have a contract, you’ll need to sign the official loan application with your lender.
Typical deadline: 7 days. - Order inspections and respond to inspection report: you’ll want to get an inspection ordered immediately so we have time to review it and put together a response. Typical deadline: 10-14 days.
- Your mortgage lender will keep you on track with their process. During this time you will pay for and order the bank appraisal: contract deadline says “immediately” after accepted offer.
- Get a commitment letter for homeowner’s insurance:
You’ll call your insurance provider (or I can recommend one) to get a quote and commitment letter. The lender will require this before closing.
Typical deadline: 10-20 days.
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All parties will find a time to meet at the closing office (on the closing date agreed to in the contract or a change in date agreed upon by all parties) to sign all the closing documents. Typically, the sellers have signed their agreements and do not attend closing. I will be there representing you as my client. If you have obtained a lawyer, they will be there also in their office to close along with the title company "closer" who will go over all the documents with you, will get all signatures needed ¬tarize, then they will get the deed recorded and transferred with the county, supplying you with all copies.