Once your offer has been accepted, it is time to work on the final details of purchasing your home. There are several tasks that will need to be accomplished during this phase of the sales transaction:
Home Inspection: Arrange to have a professional come out to inspect your home. They are able to spot electrical, plumbing, and structural problems that may not be noticeable to you at first glance. The home inspection is not required, but it is in your best interest to have one done on the home so that you do not receive any surprises once you move in. This is an expense incurred by the buyer and is included in your closing costs.
You may also need to get a pest inspection on the property to make sure there is no structural damage to the property caused by termites. Your REALTOR® can usually make a recommendation of a reputable inspector.
Apply For A Loan: Once an offer has been accepted, you will need to contact your mortgage specialist to officially apply for a loan.
Items that you will need for your loan application include:
- W-2s and/or tax returns from the past 2 years.
- Proof of gross monthly income for the past 30 days.
- Proof of investment income, including rental incomes.
- A list of creditors, including account numbers, balances, and monthly payments.
- Two months worth of banking statements.
The Final Walkthrough: Prior to closing, you should be given access to the house so that you can walk through and give it a final inspection. This should be done as close to the closing date as possible, preferably on the morning of the closing proceedings. When you go to do your final walkthrough, your home inspector will not be with you. It is your responsibility to inspect the home and ensure that everything meets your approval.
Things to look for during your walkthrough:
- The seller has repaired items included on the purchase agreement.
- The house is in “as-was” condition (everything is in the same condition as it was when you signed the purchase agreement).
- The house is vacant and clean. The home does not have to be spotless, but there should be no remaining trash or junk left behind in the house or in the yard.
- Tenants have moved out prior to your closing unless you have agreed for them to stay.
Closing: Usually at the time an offer is accepted, or after you have a commitment from your lender, a date and time will be arranged for your closing. The closing procedures will be handled by an attorney of your choosing. The day before, you will be told the total dollar amount you will need to bring to closing by the closing attorney. They will also provide you with any additional information you may need to prepare yourself for the proceedings.
On the day of closing, remember to bring:
- A certified check for the total amount of your closing costs.
- A picture ID, such as a driver’s license.
- Your personal checkbook.
- Evidence of mortgage insurance (if this information has not already been requested).
During the closing, details of the sales contract will be explained to you. If everything meets your approval, you will sign the contracts to finalize the deal. Congratulations! You are now a new homeowner!!!!!!