What happens once I put an offer on a home?

This is your reminder that it's totally normal to feel overwhelmed by the home buying process (especially if it's your first time!)⁣
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Once your offer gets accepted on a home, there are a few important deadlines you'll need to know. Since I get asked this question a lot, I wanted to break it down in this post!⁣

Making the Offer

We will need a pre-approval letter from a mortgage lender (or a proof-of-funds if buying in cash) to send with the offer.

We will discuss how much to offer as the purchase price and other contingency items based on the situation.

If your offer is accepted, you'll need to put down an escrow deposit within a few days. This is typically 1-2% of the purchase price and goes toward your down payment at closing.

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Offer is Accepted

Yay! As soon as your offer is accepted, we will enter the inspection period. This is your chance to have inspections done, get insurance quotes, and begin the mortgage loan process. You'll also need to wire the escrow deposit to the title company ASAP. If you cancel during the inspection period, you will receive your escrow money back.

Inspection Results

Once the home inspection report comes in, we may need to negotiate any repairs with your seller. Keep in mind that a mortgage lender will require certain items to be clean on the 4-point inspection.

Obtain Financing

If you are getting a mortgage, your loan application needs to be started within 5 days from the executed contract date. During your loan processing, it is VERY IMPORTANT not to make any major job changes, major purchases, or open new credit cards or lines of credit, as any of these activities could alter your qualifications.

Obtain Insurance

In addition to your financing, you'll need to obtain home insurance. 

I know this seems like a lot, but keep in mind that I help people buy and sell homes every day. I'm here to walk you through this process step-by-step!