The Seller Accepted My Offer! Now What?
You have started the home buying process. Maybe you went through the whole application process to apply for a mortgage with a lender or bank, shopped around for the best rate. You reached out to a Realtor to take you around and look at homes. Perhaps you have put in multiple offers, yet to be accepted by a cash buyer $20,000 over asking with no contingencies.
Finally you put an offer in and the seller accepts!! Congratulations! This is a huge stepping stone in the home buying process. So what happens next? There are still more in-depth steps to be taken to get you to the finish line. Let’s dive in and discuss what you can expect to happen after the seller accepts your offer.
1. Transfer Initial Deposit
In the state of Florida, you are required to deposit the agreed earnest deposit in the first three business days after the contract was signed by both parties. Typically the initial deposit is about 1-3% of the home price. There may be an additional deposit required after inspection period or later, if stated on the contract.
2. Schedule any inspections.
You will have a specified amount of days for inspection period as stated on the contract. It is best to have the inspections completed as soon as possible so that you have time to look over the report and request for any repairs or credit if necessary. This includes the home inspection, wind mitigation, wdo (termite) inspection, pool inspection or anything pertaining to the home that can be inspected on.
3. Appraisal
The lender will order an appraisal, usually once inspection period has passed and all parties are in agreement to proceed. The appraisal can take anywhere from a few days to 2 weeks to be reported. The seller and listing agent typically will not be told the specific value, but will know if it came in good or low.
4. Loan Processing & Underwriting
Your lender will verify income and assets, along with employment. During this time, be sure not to make any larger purchases, like a vehicle or furniture for the new home. Also DO NOT open any lines of credit or co-sign for a borrower. The underwriters review the borrower’s credit history and capacity to repay the loan. They will either approve or reject the loan. It is common for the lender to approve the loan with conditions, such as requesting explanation for late payments. Once all conditions are satisfied, you will receive a clear to close.
5. Title Search 
The assigned title company will order a title search and examine public records including deeds, liens, mortgages, divorce settlements, wills and other documents affecting title to the property.
6. Set up homes insurance and utility services.
Shop around to get quotes from multiple home insurance carriers. If you are getting a home loan or live in a homeowners association, homeowner’s insurance is required. Remember to set up an account for electricity, water, sewer and waste management.
7. Final Walkthrough
The walk-through will be scheduled where you can confirm any repairs agreed on have been made and the house is in good standing since your last visit.
8. Sign and Transfer Funds
Three days before closing, you will be given a closing disclosure statement telling you what fees will be due at closing. You will wire all funds for closing.
9. Closing Day
The day has finally arrived for you to sign and be given the keys to your new home! This can be done at a title company or a closing agent can come to your home to sign your documents.
There is a lot of behind the scenes work involved during the home buying process that, to the buyer, seems like a long drawn out waiting period.
Having an experience and knowledgeable Realtor on your side will help update and guide you through each of these steps.
If you are looking to purchase a home in Port St. Lucie, Florida or surrounding areas in South Florida, contact The Huber Group today to help get you started! 772-301-8524