Once you have an accepted offer - then what?

Just wanted to make sure I am prepared with what I need when the time comes...

B/w accepted offer and contract besides the engineer, title, etc. what did you do? I want the works ;)

Also, can you recc who you used for everything. TIA.

Re: Once you have an accepted offer - then what?

Main thing is get that inspection ASAP so no one can steal your house!

Also contact your lawyer to give a heads up.

What else? hmmm....proof of mortgage or funds.

Trying to think if i missed anything.

Do I hear an accepted offer????

Re: Once you have an accepted offer - then what?

Posted by Goobster

Main thing is get that inspection ASAP so no one can steal your house!

Also contact your lawyer to give a heads up.

What else? hmmm....proof of mortgage or funds.

Trying to think if i missed anything.

Do I hear an accepted offer????

Re: Once you have an accepted offer - then what?

You basically have an idea of who you want to use for the home inspection and especially as an attorney before you make an offer.

Once the offer is accepted, you do the inspection asap and then want to go to contract asap to lock in the deal!

The lawyers will start communicating once there is an accepted offer, so you want to have your attorney selected ahead of time. Make sure it's an experienced real estate attorney who handles closings in the area you are buying, not Uncle Joe, the Wall Street attorney who has never done a closing. But if you don't have an attorney selected, it can slow down the process, which is what you DON'T want as a buyer (the sooner the house is under contract and off the market, the better off you are!).

The lawyers prepare and negotiate the contract, and your lawyer will review everything before you sign. You put down part of your down payment upon signing the contract. (Usually lawyers won't let you put down more than 10% at signing, the rest is paid at closing).

Once the house is under contract, you will apply for your mortgage (but since you wll already be preapproved before you submit an offer, you will probably already know what lender you are using, although you don't have to use the one that issued the preapproval). You will have to provide various documents to the bank. Eventually, your bank will schedule an appraisal of the house, but you won't need to be there for that.

In the meantime, your lawyer will run title, make sure there are no impediments to closing (outstanding COs, etc.).

Once you get a mortgage commitment from the bank and the clear to close, the attorneys will schedule a closing date, usually held at the title company's office or one of the attorneys' office.

Then, you will do a final walk through before the closing (usually night before or day of, depending on the time of the closing). This is to make sure the property is being conveyed in the condition you expect it to be (as represented on the listing), and it's usually when you get any manuals to appliances/systems, alarm codes, garage openers, etc.

Your lawyer will instruct you on what to do to prepare for closing, but basically you sit there at a big conference table and sign your name a zillion times. Then you get your keys, accept the congratulations, and go!