Offer Accepted, Now What?
Once your offer is accepted by the seller it starts the next phase of the transaction. You will be asked for a down payment, typically 1% of the purchase price, on the home you are purchasing which will be held with an attorney or settlement company and applied to the final purchase of your property.
By the time this happens, you have come to an agreement with the seller on the closing date and the contingencies This period is usually 30 days and each item specified in the contract must be completed satisfactorily.
Each contract is different, but most include the following four items:
- Inspection contingency: this should be completed as soon as possible after the contract is signed. If the results of the inspection are unsatisfactory you can negotiate repairs or cancel the contract.
- Financing contingency: Once the contract is signed, you have a period of time to secure funding. If you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to cancel the purchase. This is why being pre-approved before shopping for a property is so important!
- A requirement that the seller must provide a marketable title. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. We can help you look into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
- Secure homeowner's insurance. This is almost always required before you can close the sale. It best to apply for insurance as soon as possible after the contract is signed.
If you have questions or are ready to begin the home buying process, just complete the form below, and a member of our team will be in touch shortly!
Valor Group has you covered with buyer resources, for when going through the process of buying your first home.View Resource
Before the offer to purchase is created, you must be at least pre-qualified or, better yet, pre-approved by a lender, unless you are paying cash. Valor Group of Pearson Smith Realty can provide guidance and steps to take in order to make your dream come true.View Resource
Once your offer is accepted by the seller it starts the offer accepted period. You will be asked for a down payment, typically 1% of the purchase price.View Resource
Complete the form below and Valor Group will create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.View Resource
Thinking about buying? Valor Group provides video resources that cover many of the common questions that most people have during the home buying journey.View Resource