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Monday, September 08, 2014

The Home Buying Process: After Your Offer is Accepted.

You have found the house and your offer has been accepted by the seller.  Now, what?

The offer is only the first of many steps to reach the closing table.   It is critical that buyers (and sellers) understand this.

Below are some of the steps in the process although depending on whether the offer is a cash offer or subject to financing some steps may not be applicable.

A few of the steps pertain to the process I use with my buyers.  Your real estate agent may do things differently or at different points.
  • Property inspections.  First things first.  Whether a cash offer or subject to financing I encourage all buyers to have the property inspection completed.  Do not count on a seller disclosure to tell you all you need to know.  Read Home Inspections - Know what to expect. 
  • Wood Destroying Organism (Termite) inspections.  Usually done concurrently with the property inspection.  Get these out of the way.  Inspections can be a get out of jail free card. 
  • Request Repairs.   Depending on the inspection results repairs may still be requested and done by the seller.  Even as is doesn't mean the seller may not make repairs to close the deal.  Still buyers should remember this "as is" does not mean many as "as if" in perfect condition. 
  • Remove inspection contingency.  With the property inspection completed issues addressed it is time to remove the inspection contingency. 
  • Appraisals.  This is the next major hurdle along the way. What if the appraisal comes in low?  Do you need an appraisal on a cash offer? 
  • Remove appraisal contingency. 
  • Survey.  This is a necessary step. You must know where your boundaries are!  Also most title insure policies require a survey be done. 
  • Insurance.  Get the homeowner insurance policy binder in place. 
  • Maintain control of your finances while you await closing.  Do not do anything that impacts your credit rating/score negatively.  Some of these things include...
  • Don’t change jobs, 
  • Don’t apply for a new credit card, 
  • Don’t make a major purchase like that new car, 
  • Don’t help someone else by co-signing on their loan,
  • Don’t do nothing. 
Although there is no a specific step above a review of the homeowner association documents as well as association finances should have been accomplished early on in this process. 

Other items like confirming school assignment boundaries should be addressed before the offer is written.

Another item to consider is checking the sexual predator web sites.    You can't control who moves in later but you can know who is there today. Check my helpful links when relocating to Brevard County.

There are many players and steps in the Florida home buying process and many things that can go wrong along the way.  Whenever a question arises call your real estate agent or mortgage lender.  They both want to see you successfully close on your new home!

Ready to buy a home in Brevard County, Florida?  Call me at 321-693-3850 or send me an email if I can help in any way.

agent@moving2brevard.com


 Image courtesy of Stuart Miles at FreeDigitalPhotos.net

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