Once your offer is accepted, what happens before you can finally close?
What happens after your offer is accepted? It may seem like the process is finally over, but this isn’t quite the end. Today I’ll discuss what you need to know about the buying process after your offer is accepted.
The first thing that will happen is document review. This is far more typical for condo purchases. During document review, your financial documents will be inspected to make sure they’re in order.
“If you find big problems during an inspection, you can back out of the contract altogether. ”
Next comes the inspection. You’ll hire a professional building inspector to check the property for problems. Depending on what they find, you can negotiate repairs or a credit with your seller. If the issues are significant enough, you can back out of the contract altogether.
After the inspection is your financial approval. If you were pre-approved, this process should go quickly. The bank may still run your credit or ask for your financial statements to check for updates.
Usually, these three things are it, but sometimes there are a few extra steps. For example, if you bought a property without being able to see it first, a visit is standard before closing. Finally, if you purchased a home with a tenant living there, you’ll need to negotiate with them for occupation. This situation can get tricky, so lean on your broker to make sure the process goes smoothly.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!