I am the Buyer, offer accepted, what's next?

I am the Buyer, offer accepted, what's next?

I am the Buyer, offer accepted, what's next?

1.      Within 7-10 days of your offer being accepted you need to have your home inspection if you choose to have one. We strongly suggest you do. In advance of your inspection you should also have the Well, septic tank and radon tested if you so choose and it’s applicable. Radon tests take about 4-5 days, Well tests take about 3 days. Your Buyer Specialist can make recommendations for inspectors.  If this is a bank owned property, check with your buyer specialist to see if Utilities are on. If they are not on, you might have to turn them on in your name if the bank is not willing to do so. This is not unusual.

2.      If you are satisfied with the inspection, you will notify your lender and tell him to order your appraisal if he/she has not done so yet.

3.      It usually takes 3-5 days from the date your lender orders the appraisal for the appraiser to schedule and conduct the appraisal.

4.      The appraisal takes 3-10 days for the results to be revealed

5.      During this time your lender should have all of the required documents. It’s best to check with your lender to confirm he/she has everything they need.

6.      You should call to get homeowners insurance quotes at this time. It’s best you send your insurance agent the MLS ticket. If you don’t have one, ask our Closing Coordinator for the “MLS Ticket For The House” This will prevent your insurance agent from asking you a million questions about the home.

7.      When you’re about 3 days away from closing you should call the Gas, Water, and Electric Company and ask to “Transfer Utilities” for the date of your closing. 

8.      You should do a “Final Walkthrough” of the property you are purchasing within 24 hours before closing to confirm the property is in the same condition that it was in when you agreed to purchase the property.  If for some reason your Realtor doesn’t contact you, please reach out to them to get this scheduled.

9. The day before closing or possibly even the day of closing your lender will give you the exact amount you need to bring to the closing. Don’t be alarmed if you get this number for the amount to bring to closing on the day of closing or even up to an hour before closing, this is common. There is a lot of communication in the final hours between the Title Company & lender preparing all the documentation & Closing Disclosure and sometimes that figure isn’t finalized until right before closing. If you have to pay any money at closing, bring wiring instructions. Personal checks and cashier checks are no longer acceptable as "good funds."

10.  If your name is on the purchase agreement, you will need to be present at the closing or have signed a power of attorney for someone to sign on your behalf.  If you are doing a power of attorney, you will need to notify our closing department and your lender at least seven days prior to closing. If you are married, your spouse will have to be at closing at well, even if your spouse's name does not appear on any documents.

11.  The day before closing or sometimes even the day of, you should be in communication with your lender because they will tell you exactly how much you need to bring to closing. Don’t be alarmed or upset if you get this number the day of closing or even an hour or two before closing. This is very common. For whatever reason, the banks wait until the last minute to gather final numbers. It’s not your lenders fault; there is a lot of coordination in the final hours between Title Company and lender preparing all of the documentation and Closing Disclosure.

12. Closings are typically Monday through Thursday between 9:00 a.m. and 2:00 P.M.  The signing of the paperwork should not take longer than one hour at max. After that, the closing agent will typically need an additional two-three hours to swap paperwork, funds, the deed, the keys, etc. The actual closing does not occur until the money was swapped for the deed. For that reason, it is important to have the closing appointment scheduled early in the day, and preferably not on Fridays. If the money cannot be transferred due to bank wire cut-off times, you will not receive the keys that day.

 

Buyer F.A.Q.’s

1.      If I find items during the inspection that are broken or need to be repaired can I ask the seller to repair or replace?

Yes, you can ask for the items to be repaired, replaced or you can ask for a credit towards closing costs or a price reduction for an estimated amount and then you will assume the repairs and work needed to be done.

2.      If I get denied on my loan will I get my earnest money deposit back?

Yes you will, assuming your purchase agreement has a financing contingency and you didn't deliberately change your personal financial situation or were acting negligent concerning your credit score during the financing period.

3.      What if the home doesn’t appraise for what we offered them?

If the home doesn’t appraise you are back to the negotiating table trying to find a price that everyone agrees to.

4.      Can I pay over the appraised value if I want to?

Yes, you can. The lender, however, will only provide the loan based on the appraised value. Any amount paid above that will be an additional out of pocket expense for the buyer.

 

 

Contact Information

Photo of John Quinn Real Estate
John Quinn
RE/MAX Real Estate Experts
1930 Exeter Rd
Germantown TN 38138
901-685-6000
901-591-8100
Fax: 901-685-9090