Last month on the blog, we went over everything you need to know when preparing to make an offer on a home. We discussed choosing an agent, finding a mortgage lender, browsing listings and more. If you missed it, you can check the article out here.
Once you’ve found your dream home, it’s time to make an offer. Your real estate agent will help you put together an offer (including bidding price, conditions and any other important considerations). After you’ve made an enticing offer and submitted, it’s time to wait. Waiting to hear back can be a daunting process.
However, if you hear back and your offer has been accepted, there is a lot to do in a small window of time in order to close the deal.
Once your offer has been accepted
Picture this: you’re sitting at home, waiting impatiently to hear back from your real estate agent. Just as you’re about to give up and head to bed, the phone rings. Your offer has been accepted! A burst of excitement, a sigh of relief, and then the panic sets in.
Your offer conditions
The first step will be looking at the conditions you listed on your offer, if any. If the offer had conditions, it is only sold conditionally, which means you will have a short period of time to waive all conditions.
The most popular conditions are home inspection, obtaining insurance, agreeing with the previous year’s utility costs and financing:
- Home inspection: If you had a home inspection condition, you will need to research a reputable home inspector in your area and book an inspection. Typically, an inspection takes a few hours. The inspector will take a thorough look at the home and make recommendations on its condition. The inspector will send a review following the appointment. If the home is up to your expectations, you can clear the condition. If not, it’s time to start looking at other homes. If you’re having trouble finding a home inspector, give me a call and I’d be happy to give you a recommendation.
- Obtaining insurance: Before you close on a home, it’s important to know whether or not an insurance provider will agree to insure the home.
- Utility costs: This is something that is often an overlooked expense by people looking to buy a home. Not only will you be paying a mortgage payment each month, you will also be responsible for taking over the home’s utility costs. Make sure these bills are within your budget before agreeing to purchase the home!
- Financing: If you did not receive a mortgage pre-approval prior to submitting your offer, you will need to get in touch with your mortgage lender as soon as possible to see if you are qualified for the home’s amount. Note that to do this the bank may also need to perform an appraisal, which can take extra time.
Closing the deal
If all of your conditions have been met and waived, it’s time to close the deal—which also means closing costs. A few costs to consider when closing include
- Lawyer fees
- Buyer and seller agent commissions
- Adjustments for property taxes, utilities etc.
If you have questions about closing on your home, feel free to contact me!
I was born and raised in Saugeen Shores. I’ve been analyzing the market for years and am familiar with every unique aspect the community has to offer. I am passionate about real estate and finding you your dream home. I also have a background in interior design. This means I can not only help you find the perfect home, but if the home isn’t move-in ready when purchased, I can help you envision its potential and work with you to make it your ideal space. If you’re selling a home, my knack for interior design will shine through when staging the home and adding finishing touches prior to listing. If you have questions about the local market, or are looking to buy or sell your home, contact me! I’m happy to help.