by Shannon Beal
So you just wrote up an offer and it was accepted!! Now what??
This is a very exciting time and you’re probably ready to shout from the mountain tops that, “You just bought a house!” Well technically, not yet. Usually, you’ll need to do a home inspection and work with your lender on obtaining a mortgage.
After the offer is accepted, the next step is to schedule the home inspection. This is a fantastic opportunity for you to learn as much about your new home as possible and we encourage you to attend. Bring a notebook to jot down the maintenance-type items that will need to be taken care of throughout your ownership. This is also a great time to measure the rooms for specific furniture, curtains or blinds. This will most likely be the last time you’re in the house before the final walk-through on the day of closing.
If there are big issues that come up with the inspection, your agent will work with you and the sellers to find resolution and re-negotiate the purchase price & terms if necessary.
Once the home inspection is completed and signed-off on, the transaction is “pending”. At this point the listing agent usually places a SOLD rider on the yard sign. But the implied meaning here is pending.
Your agent will send the purchase agreement over to your lender and you’ll need to provide the bank lots of paperwork: bank statements, pay stubs, tax returns, report cards from 2nd grade, you get the idea. Underwriting typically takes 4-5 weeks. After the underwriter gives the “clear to close”, we’ll schedule the closing date & time.
When I was a lender at a certain bank (made famous for it’s stagecoach) I remember a colleague’s handout for borrowers. It was full of stop signs showing what NOT to do while your loan was in underwriting: Don’t open a credit card, don’t change jobs, don’t buy a car. Or a boat. Or another house. You get the idea. And I think it bears repeating. I’ve seen quite a few transactions go south due to anxious buyers who couldn’t wait to start furnishing their new home and ruined their debt-to-income ratio in the process.
So if you’re working with one of our fantastic JBeal agents, don’t worry! You’re in great hands. We’ll help you every step of the way. It may seem that a Realtor’s job is 90% showing properties, but I’d say it’s more like 20%. Our true expertise comes into play once you’ve picked out the house. Then it’s time for us to roll up our sleeves, negotiate you a great price and make sure things go smoothly from an accepted offer to a fantastic closing.