Whether you finally got a bid after months on the market or you carefully chose an offer out of dozens on the table, one thing’s for certain: accepting an offer on a house is pretty darn exciting.
Finally, you’re done! You can rest easy, stop with those showings, and move onward and upward to better things.
You know that old saying that goes, “Don’t count your chickens before they’re hatched”? Well, that certainly rings true in real estate — and especially with home sales.
Though you may have an accepted an offer, that doesn’t necessarily mean it’s a done deal.
There are still a few things that need to happen after accepting an offer on a house…
- The buyer will get a home inspection. A home inspector will evaluate your property and give the buyer a report on any deficiencies they find. If they’re not happy with some of those — or they pose a safety hazard — they might ask you to handle the repairs yourself or lower the sales price to make up for it.
- The buyer’s lender will send out an appraiser. The appraiser ensures the home’s value matches what the lender is giving the buyer. If the home’s value comes in under, the buyer will need to make up the disparity out of pocket. They may also try to negotiate with you to either lower the price or meet them somewhere in the middle.
- The buyer’s loan will need to fund. Even if a buyer has already been pre-approved, that doesn’t necessarily mean their mortgage loan is a slam dunk. Plenty of issues could still crop up along the way — all of which could throw off your closing or the deal altogether.
- The buyer will have a final walkthrough. They’ll make sure the condition of the home is still good and that any agreed-to repairs have been made. If they’re not happy with what they see, it could delay closing.
- The buyer will close on the home. This is the final step of the process, and it’s when the buyer will sign their final paperwork, pay their down payment, and closing costs, and get the keys to the home.
Every real estate transaction varies slightly, so work with your agent to make sure you fully understand the ins and outs of accepting an offer on a house. When you’re ready to purchase your next home, contact an Embrace home loan officer, and we’ll guide the way.