Homeowners generally have several days to review any offers they receive for their homes, and these few days can seem like an eternity if you were the person that made the offer; however, if the person accepts your offer, things will move quickly after that. If you are buying your first home, here are some of the steps to expect after a homeowner accepts the offer you made to buy their house.
Talk to your lender
Buying a house can be complicated and can take time, and a lot of this is due to the requirements your lender will set forth before issuing you a loan to buy the property. This is why you should immediately talk to your lender after the offer you make is accepted. Your lender will probably give you a list of things you must do and documents you must submit to them. When you receive these lists, you should get started on them quickly if you want to close on your house as fast as possible.
Get inspections and an appraisal
One of the main tasks you may need to do is get the house appraised and complete the inspections your lender requires and those that you opt to have. The appraisal is needed to determine how much money the lender will loan to you, and the inspections are completed for a number of reasons.
The main reason is to make sure the house is structural sound and free of major defects. Lenders want to know these things, which is why they require them, but they are also good for you. They can give you peace of mind, knowing that the house you are buying is in good condition.
Purchase home insurance
One other step you will have to take before closing on the house is purchasing homeowner's insurance. You will not be able to close on the loan without it, and you will need to submit proof that you have it before you close. Homeowner's insurance is something your lender will require for as long as you have a loan with them. This protects the lender if something were to happen to your home, and your lender will supply home insurance if you fail to purchase it. The problem with this is that the home insurance supplied by lenders is usually more expensive and offers less coverage.
If you are ready to buy a house or have just made an offer, talk to your real estate agent if you have questions, concerns, or problems.Share
16 May 2017
I have never been one of those people who loves to shop, which is probably one of the reasons I had such a difficult time choosing a house. I wanted to find the perfect little place for my family to grow up, but that was easier said than done. I knew that I wanted to work with a professional who could really grasp my vision and put me in a place that I would love, so I started focusing on finding the right professional. After a brief search, I was able to find a team of real estate brokers that I knew would do a great job. This blog is all about choosing the best real estate agent for your personality.