What to Do After Your Offer Is Accepted: A Guide for First-Time Homebuyers in Greensboro, NC
Congratulations, you have just had your offer accepted on a new home! It's an exciting time, but you may be wondering what to do next. As a licensed realtor, I am here to guide you through the steps you need to take after your offer has been accepted.
Home Appraisal and Inspection
The first step is to get your home appraised and inspected. Your lender will require a professional appraisal to ensure that the home's value is in line with the purchase price. If the home's appraised value is less than the purchase price, you will need to negotiate with the seller to lower the price or increase your down payment. A home inspection is also important to identify any issues with the home. Even if it's not required, I highly recommend that all buyers have one done. Review the inspection report in detail with the inspector to ensure that you're familiar with any potential problems.
Get Your Funds Ready
Make sure you have the funds you need for closing day. If you need to borrow money from a retirement account to cover the down payment, do that right away. You want to ensure that you have all of your funds ready for the big day.
Obtain Homeowners Insurance
Homeowners insurance is usually required before closing. Shop around at several different insurance companies for the best rate, and make sure you have proof of insurance before your mortgage is approved. Depending on where you live, you may also need additional insurance, such as flood coverage.
Final Walk-Through
The final walk-through is a crucial step. 24 hours before closing, you will need to walk through the property to ensure that everything is as it should be according to the contract. This is your chance to check for any damages or missing items that should have been included in the sale. If you find any issues, you may need to postpone the closing to allow the seller time to fix the problem.
Closing
On closing day, you will sign the mortgage documents and officially become a homeowner. Make sure to bring ID and a cashier's check to pay closing costs. Your Realtor® should be there, along with the closing officer and sometimes the mortgage broker. After you sign all the documents, the closing attorney will record the deed, and you will officially become a homeowner!
Buying a home is a major investment, and there are many steps to the process. Following these steps after your offer has been accepted will help ensure a smooth and successful home buying experience. If you're considering buying a home this year and have questions or need assistance, don't hesitate to reach out to me. I am here to help!
