Offer and Negotiation
This is the time to think carefully about what you want and what you can afford. If your offer is accepted and signed by the seller, it becomes a legally binding contract. Please understand that an offer is not a contract until fully signed by all parties. Make sure you don’t include anything in the offer that you’re not totally comfortable with doing. After you and our agent have prepared your offer, we will present it to the seller. It may be accepted or rejected, or the seller may counter your offer by making changes to the terms of the sales contract.
Earnest Money
When you make an offer on a home, the seller will require an earnest money deposit as proof that your offer is serious. If the offer is accepted, your earnest money deposit will be held in an escrow account at the title company and will become part of your down payment or closing costs. If your offer is rejected, your earnest money will be refunded to you.
Inspections, Repairs, Appraisal
Before you buy anything, you will want to know exactly what it is you’re getting. You should always check the condition of the home you are purchasing to be sure the home is structurally and mechanically sound. For that assessment, you should hire a home inspection company and get a detailed written report. If there are items that cause concern on the inspection report, repair of these items prior to closing can be negotiated with the seller.
Financing
While your inspection is in process, you can begin working with your lender to arrange financing for your new home. Just as there is more than one kind of home, there is more than one way to finance it. Mortgage lenders have come up with many different methods of helping you pay for a home – each one with its own adantages and disadvantages. Before you decide which loan is right for you, talk to your loan officer. You’ll get information that will help you figure out which option best suits your needs.
Obtaining Insurance
As a homeowner, you need to have insurance. Whether you have never purchased coverage before or already have a policy, obtaining quotes is the first step to getting exactly what you want.
Setting up Utilities
Once you have a set closing date you will need to arrange for the transfer of all utility services. The Matthews team will provide you with a list of utility providers and a date as to when the companies will need to be contacted. Be sure to contact the utility providers a week to two weeks in advance to ensure uninterrupted service.
Closing and Funding
The day you close on your home will probably be one of the most exciting in your life. The long, tedious process of finding a home and getting a loan is over, and by the time the day is done, you’ll be the proud and happy owner of your new home. Before that day ends, you will be asked to sign a seemingly endless number of forms, but the closing agent will go over each one with you. It’s all necessary, but you can make it a little easier by asking our professional agents any questions you have before the big day comes. Also, when you apply for your loan, your lender is required to give you a booklet explaining closing costs, an estimate of how much cash you’ll have to supply at the closing (commonly called a good faith estimate) and a list of all the documents you’ll need.
