What happens after an offer is accepted
Rest assured that your agent will be with you every step of the way! He or she will break down each task and help recommend professionals, keep you on track to meet your deadlines, talk you through options and explain the intricacies of the process.
Agents are excellent problem solvers. Your agent and their brokerage collectively have plenty of experience to fall back on regardless of what questions or concerns may arise.
Once your offer is accepted by the seller, we recommend having a licensed property inspector inspect the property. You may elect to have different inspectors inspect the property, if you wish to obtain professional opinions from inspectors who specialize in a specific area (eg. roof, HVAC, structure).
Your real estate agent can recommend inspectors best suited for your needs, just ask!
Depending on the outcome of these inspections, the buyer may request a renegotiation of the terms of contract, choose to walk away entirely, or proceed with the purchase. Be sure to ask your agent about the implications of each option.
Appraisal, Lending, and Title.
Keep in close communication with your lender. He or she will let you know when additional documents are needed to approve your loan application and fund your loan. If the agreement is conditional upon financing, then the property will be appraised by a licensed appraiser to determine the value for the lending institution, via a third party. This is done so that the lending institution can confirm their investment in your property is accurate.
Appraisers are specialists in determining the value of properties, based on a combination of square footage measurements, building costs, recent sales of comparable properties, operating income, etc. When you are within two weeks of closing, double check with your lender to be sure the loan will go through smoothly and on time.
Now is the time to secure Title insurance. You may wish to consult an attorney or tax advisor on the best way to hold title. Different methods of holding title have different legal, estate and tax implications, especially when selling or upon death of the title holder. Ask your agent for a list of recommended Title Companies.