When the offer is accepted on a house, many things need to be taken care of. The offer should not simply be accepted and left open for too long. It is important to know what happens next after the offer has been accepted. Here are some things that you should do.
The Home Inspection
After the offer is accepted, it's time to find a home inspector. They will inspect everything in and around the house for any potential issues that could affect its value or your decision-making process. A thorough inspection can save you from making a costly mistake later down the road so take this opportunity seriously.
How much does a home inspection cost? You'll need to contact an individual company but they typically range between $300 - 500 depending on how detailed of an investigation they want to perform. Typically these inspections are paid by the buyer in cash at closing when escrow closes. There are ways to get one cheaper if you're willing to do some legwork yourself: call up local inspectors directly rather than going through real estate agents or other intermediaries.
Closing on the house offer
Closing on the house offer takes place on the offer date, after which a loan application is completed. The buyer pays an earnest money deposit and other closing costs at that time. Lenders require appraisals before they will release funds to close the offer; this process can take up to two weeks depending upon location but may be longer in certain circumstances such as if there are more than four properties for sale in one area or if it's necessary to inspect any of them.
If the appraisal comes back low due to overpricing/overbuilding in the market, buyers have three choices: finding another home that has lower price/better features (if available), renegotiating with the seller where some new terms (such as price) are agreed to, or walking away from the offer.
In most cases, however, lenders will release funds to close for a lower appraisal amount with an agreement to replace it at the higher value if necessary later on. It's also possible that other factors may come into play and result in the offer being pulled back if they are not addressed (e.g., credit discrepancies).
What to do after closing on the house
If the offer is accepted, presume that offer conditions are acceptable. Resolve any outstanding offer contingencies or issues to avoid delays on closing day. Start looking for a home inspector and property surveyor in the area of interest for your new house purchase. Coordinate with seller's representative about finalizing move date after the offer has been accepted (sometime between 30 days before the close date and within 48 hours). This will determine when you must vacate your current residence.
Have money available at the time of inspection or appraisal so that repairs can be made if needed; make sure inspections have been scheduled well in advance (usually 15 - 20 days) to ensure availability and peace of mind for all parties involved: buyer, lender, and seller.
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