Carter here with CENTURY 21 Affiliated and today we’re going to be discussing what happens after you get an accepted offer on a house. You might be totally concerned or worried about what goes on once you finally get an offer accepted. You’ve been searching for months & finally… now it’s time to get the process rolling!
Through years of helping individuals buy their first home, I have found if you don’t have enough information, that’s when the anxiety, and panic kick in. So, my goal is to teach you, inform you, and allow you to have enough information so you can make a great decision to buy a house
Steps After Your Offer Is Accepted
#1 Your agent will notify you that you have an accepted offer on the house. They’re going to receive some sort of message or communication from the other agent on the other side of the transaction letting them know, and then they’ll notify you once they have it in hand.
That’s the exciting part!
#2 After that, I typically will send an email outline to my client, the buyer, on what the next steps they need to accomplish. The first thing on that email is a list of home inspectors to choose from, if it’s in your offer to purchase. There are 3-4 different home inspectors that you can call, and I would highly recommend any of them. They each do a great job & have completed numerous inspections for clients of mine.
#3 Along with home inspection you also need to turn in earnest money. That’s noted in the email as well on where it needs to be delivered to, when it needs to be delivered by, in what forms, cash, cashier’s check, personal check, money order, it can be paid.
#4 Get in contact with your lender. I will email your lender stating that you got an accepted offer on a property. Here’s all the contact information for myself, the other agent, the title company, everything like that. So, you do not need to worry about that. What you do need to worry about is getting in touch with your lender and just letting them know that what do you need to do next in order to have that successful transaction?
What steps should I be taking right now to move this along fairly quickly, so we can have a smooth transaction?
#5 An appraisal is ordered by your lender. You are going to have to sign off on a letter stating that you are willing to pay for an appraisal. That’s very standard and nothing to worry about. After your appraisal, if value comes in good, then it’s loan commitment time. A loan commitment is basically the lender stating that they’re going to fund your purchase.
So, up until that point, something could happen on the lender side of things or your personal credit side of things that they say, “Nope, we’re pulling the plug on this transaction, it is not going to happen anymore.” But once they give you the loan commitment, the loan approval and the clear to close, then you can buy the house.
Wrapping it Up – The Buying Process
So that is a very summed up version of what happens after you get an accepted offer on a house. It really is not too complicated of a process & can go quite smoothly and fast if no issues arise.
Feel free to ask questions because there is definitely stuff that I did not cover in this short 5 step blog post. I would love to help you buy your first house or your next house. So feel free to reach out down below on the contact form, or give me a call or text on my personal cell phone, which is (920) 252-2864. Hope you have a wonderful day and I’ll talk to you soon.
Video Transcription
Hey you guys, Carter here with CENTURY 21 Affiliated and today we’re going to be discussing what happens after you get an accepted offer on a house. So, you might be totally concerned or worried about what goes … or what steps do you need to take in the home buying process to have a successful transaction and what actually happens?
What I have found is if you don’t have enough information, that’s when the anxiety, the panic kicks in. So, my goal is to teach you guys, inform you, and allow you to have enough information so you can make a great decision to buy a house. So, first things first, what happens in the accepted offer process or after you get an accepted offer? Your agent will notify you that you have an accepted offer on the house. They’re going to receive some sort of message or communication from the other agent on the other side of the transaction letting them know, and then they’ll notify you once they have it in hand.
And then that’s the exciting part. That’s that, “Whoa, I finally got this house,” part. After that, what I typically do is I will send an email outline to my client, the buyer, on what the next steps that need to be taken are. So, the first thing on that email is you need to call a home inspector, if it’s in your offer to purchase. I’m going to give you a list of four or five different home inspectors that you can call, and I’ve used all of them dozens of times. So I would highly recommend any or each one of them. But ultimately feel free to pick whoever you like, do some research if need be.
After the home inspection you also need to turn in earnest money. That’s noted in that email as well on where it needs to be delivered to, when it needs to be delivered by, in what forms, cash, cashier’s check, personal check, money order, whatever it is, how it can be paid. So that’s in that initial email.
And then also I will get in contact with your lender. I will email your lender stating that such and such got an accepted offer on a property. Here’s all the contact information for myself, the other agent, the title company, everything like that. So, you do not need to worry about that. What you do need to worry about is getting in touch with your lender and just letting them know that what do I need to do next in order to have that successful transaction?
What steps should I be taking right now to move this along fairly quickly, so we can have a smooth transaction? And your lender is also going to reach out to you, so if you don’t reach out, don’t worry about it. They will be the one to first initiate the conversation. But after your accepted offer, after I send the email, you do the earnest money, or you send them their earnest money, you do a home inspection, then we wait on an appraisal.
An appraisal is ordered by your lender. You do not have any say in that. You are going to have to sign off on something stating that you are willing to pay for an appraisal. That’s very standard in the sense and nothing to necessarily worry about. After your appraisal, if value comes in good, then it’s loan commitment time. It’s basically the lender stating that they’re going to fund your purchase.
So, up until that point, something could happen on the lender side of things or your personal credit side of things that they’re like, “Nope, we’re pulling the plug on this transaction, it is not going to happen anymore.” But once they give you that loan commitment, the loan approval and the clear to close, then you can buy the house whenever after that point, and we are good to go.
So that is a very summed up version of what happens after you get an accepted offer on a house. And ultimately it is up to your realtor or myself to walk you through the process. So it’s very simple, very easy. And feel free to ask questions because there is definitely stuff that I did not cover in this short little five minute video. But I would love to help you guys buy your first house or your next house. So feel free to reach out, down below on the contact form, or give me a call or text on my personal cell phone, which is (920) 252-2864. Hope you have a wonderful day and I’ll talk to you soon.