What to Expect After Your Offer is Accepted

Congratulations! You are one step closer to owning the home of your dreams. Here are the six things to expect after your offer is accepted.

Apply for a Loan

couple standing with sold signIdeally, you are already pre-approved for a mortgage loan but if you aren’t now is the time. You should meet with at least 2-3 mortgage lenders before deciding which loan to choose. This allows you to compare your options. You need to be honest about your finances with your lender and come asking them questions; it is important you know as much as possible.

Get Home Appraisal and Inspection

For the loan to be considered, your lending institution will want to see the property appraised by a professional to get a detail report on the value of the home. Just remember, a lender won’t give you a loan for more than the appraised value. Even if you aren’t applying for a loan, always get a home inspection. Make sure to go over the inspection report so you can be familiar with any problems, future issues, and estimated costs to fix them. It is also a good idea to have the home checked for radon and pests.

Have an Earnest Money Deposit

Once your offer has been accepted, you will be prompted to put down an earnest money deposit. This is essentially a good faith deposit to demonstrate to the seller that you are serious about the transaction. However, this is not part of the down payment. In Maryland, earnest money deposit must be deposited within seven (7) business days.

Homeowners Insurance

Usually, buyers are expected to pay for homeowners insurance upfront before closing on the house. Be sure to shop around to get the best rate. Lenders will need proof that you have homeowners insurance before approving your loan. Make sure you get the coverage you need in your area as well, such as flood insurance if you are on the water or near sea-level.

Final Walk-Through

Within 48 hours you will most likely be able to do a final walk-through of the home before closing. This gives you a chance to postpone the closing in case you find anything is different from what you and the seller agreed upon. If you miss anything during the final walk through it will essentially be your problem.

Closing

Congratulations. This is the day you sign the mortgage documents and become the official owner of the property. Your realtor will prompt you on everything you will need from the ID to the cashier’s check.

If you have any questions about this process or can’t wait to go searching for you next home, contact JJ Fegan today.

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J.J. FEGAN

RE/MAX LEADING EDGE
303 EDGEWATER DR.
EDGEWATER, MD 21037
Cell: (410) 353-0956
Office: (410) 956-3500

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