Step 7: Seller Accepts Your Offer
Congratulations! The seller has accepted your offer! Now the real work begins. As with most processes we have steps outlined for your next phase of the home ownership.
Executed contract – In order to have an executed contract we will need signatures by all parties and this can take a day or two depending on situations and locations of parties. Once everything has been signed we will need to turn in the earnest money to the listing broker or title company within 2 days of the last signature so it’s important that we receive the earnest from you asap.
Send the contract to the Lender and start loan process – We will send the executed contract to the lender once the earnest money has been signed for by the seller’s broker or title company. Now is the time to make sure you respond to your lender’s requests for information and make sure they have everything they need. We will be on a tight schedule and you will need to be diligent with specific requests for information.
Schedule Inspections – We will make recommendations for inspection companies and need you to choose one asap. We must have all inspections completed within the inspection time frame so that we can submit any repair requests to the seller in a timely manner. This is another negotiation process and we must be sure we respond quickly and adhere to the dates outlined in the contract. Most inspectors require payment at time of service but if the seller is paying for closing costs this is an eligible item and usually arrangements can be made for payment at time of closing. Just know that additional fees are usually added to the service for delay of payment. If for some reason you decide not to purchase the home based on repairs you will need to make arrangements to pay the Inspection company outside of the transaction.
Arrange for Home Insurance – You will need to meet with your insurance agent to go over policy options and potentially shop around for the best policy plan. Your lender will need this information ASAP so do not delay in completing this task.
Decide on a Home Warranty Company – If you have decided to purchase a home warranty or the seller has agreed to provide one for you now is the time to go over home warranty plans and options and choose the one that best fits your needs. Your agent will order the policy and send the invoice to the title company to be paid at closing.
Set up Utilities – We will provide you with the utility companies that service the property and the information to contact them to set up service. In some cases, you will need to pay a deposit if you have never had service with the provider. This is also a good time to set up a cancellation for service at any other address that you might be selling or renting.