It’s an exciting time. You just received the call you’ve been anxiously awaiting from your Village Associates realtor. Your offer was accepted on your dream home. This is the moment you’ve been dreaming about. You start sharing the news with friends and family. Perhaps you’ll have a celebratory dinner complete with champagne as you start to dream about life in your new home. But what happens next? There is a lot that has to happen over the next few weeks. Luckily your realtor has you covered and will keep you on track and in the loop with the process, but here is a quick outline of what’s to come.
Transfer initial deposit within 3 days.
Also known as earnest money. It’s usually about 3% of the home purchase price.
This is to look for structural issues and estimate the cost to fix any problems. The inspector may also suggest specialized inspections such as HVAC, pest, chimney, roof, etc.
Lender appraisal to evaluate the property.
The appraisal gives you a detailed report of the value of the home. Lenders will not give you a loan for more than the appraised value.
Loan approval deadline.
This is to make sure you have the financing to afford the purchase. Also, if your lender didn’t approve your loan (after the appraisal), you can cancel the purchase.
Completed 48 hours before closing. This is your opportunity to check to make sure that the home is in the condition you agreed upon and no damage has occurred.
Sign documents with closing agent or escrow company and pay closing costs.
Recording of title.
County clerk date-stamps the property deed and the home is officially yours.
Congratulations, and welcome to your new home. Now it’s time to set up utilities, change your address, and start unpacking.