It's an exciting time for a home buyer when the seller accepts their offer. The relief of finding the perfect home from Port Aransas real estate property combined with the thrill of knowing they are about to become homeowners. It is often enough to make buyers rush into signing contracts before they think through all their next steps.
It is especially true if you're a first-time buyer, as you may not have a detailed understanding of the process. To make sure about a smooth transition from offer to closing, buyers must understand exactly what happens after the offer is accepted.
Key steps to buying a house after your offer get accepted
Prepare to fund the transaction
Review your finances and decide how much you will need. It is for a down payment, closing costs, moving expenses, home inspection, and any other fees related to purchasing your new home. It's recommended that buyers set aside approximately six percent of the buy price. It covers all expenses related to the transaction.
Many buyers choose to pay cash to avoid having a mortgage payment. But mortgage loans are available for most people who want one. And that means you should work with your lender before making an offer on the house.
Choose how you will make an offer on the home
There are several ways to make an offer, and one needs to understand the difference between a verbal offer and an “all-cash” offer.
A verbal offer usually means you intend to buy the home for a stated dollar amount. And your real estate agent will convey this intent to the seller's agent. Once both sides agree upon price, details such as closing date, earnest money deposit, inspections and contingencies can handle the written offer.
An all-cash offer is when you can pay for your houses for sale in Port Aransas full at closing. You can present this type of offer because you have saved enough for the down payment, closing costs, and associated fees. It is necessary for purchasing a home. An all-cash offer will usually give you a competitive advantage over other offers, but it can limit the potential to negotiate.
Prepare for the appraisal process
Now that you know how much you will need to borrow, work with your real estate agent and mortgage broker to complete all necessary documentation before making an offer on a home. It's essential to understand that it may take up to 45 days for your loan to be approved, and the appraisal value of the home will determine how much your lender will offer.
Most lenders require an inspection on all new loans, meaning they want an inspector to evaluate the home structure before closing. The financing contingency gives you the option to walk away from the transaction if problems are found on the property. This protects you and your offer so that you cannot lose money on a home purchase.
Get to know your neighbors and community
Homeownership is an exciting experience because it allows you the chance to create a personalized space for yourself and your family. Take time on the day of closing to meet your neighbors and familiarize yourself with local resources such as shopping, transportation, schools, and entertainment opportunities in the area where you have moved.
Schedule the Walk-Through Inspection
After you have closed on a home that is for sale in Port Aransas, schedule the walk-through inspection with your real estate agent. During this visit, you can discuss any repairs or changes to make to the home before moving in. The lender typically requires buyers to “punch out” of the transaction by taking care of all issues at closing. This allows them to have the final say on anything that wasn't completed prior to closing day, and they make sure that it is the right home buying for them.
Get ready for closing day!
Once you've submitted an accepted offer on a home, you will begin getting closer to finalizing your new ownership of that property. You and your agent will likely coordinate an inspection with a home inspector and order a title search to ensure no past or pending litigation affects the property you're buying.
If your lender requests repairs, work closely with your real estate agent to determine what exactly they would like to be addressed before closing day. These changes should be reflected in the preliminary title report.
On closing day, you will sign several documents and hand over a check for your down payment and any other fees related to closing. The real estate agent typically handles the process of transferring the deed into your name, which is then taken to a notary or title company that witnesses this transfer of ownership on your behalf.
Wrapping up
After the Port Aransas real estate agent has accepted your offer, there's still a lot to do before you can get your mortgage documents in order and start packing up for move-in day. You don't want to make a mistake by rushing through the process.
The mortgage approval process can take anywhere from a few days to a couple of months, depending on your situation. Therefore, getting started as soon as possible after accepting an offer is critical for quickly settling into your new house.
