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Next Steps After Your Offer is Accepted and You’re in Escrow

Congratulations! Your offer has been accepted, and now you’re in escrow. This exciting milestone brings you one step closer to owning your new home. However, the journey isn’t over yet. Here are the next crucial steps you need to take:

1. Secure Financing

Even if you have a pre-approval, now is the time to finalize your mortgage. Work closely with your lender to provide any additional documents they might need. This step is critical to ensure your loan is fully approved before closing.

2. Schedule a Home Inspection

A home inspection is a must to identify any potential issues with the property. Hire a professional inspector to thoroughly examine the home’s structure, systems, and overall condition. Based on the inspection report, you can negotiate repairs or credits with the seller.

3. Appraisal

Your lender will order an appraisal to determine the home’s market value. This ensures that the loan amount does not exceed the home’s worth. If the appraisal comes in lower than the offer price, you may need to renegotiate with the seller or pay the difference.

4. Review and Sign Disclosures

The seller will provide disclosures detailing any known issues with the property. Carefully review these documents to understand the home’s history and condition. If any red flags arise, discuss them with your agent.

5. Purchase Homeowners Insurance

Lenders require proof of homeowners insurance before closing. Shop around for the best policy that provides adequate coverage for your new home. This protects your investment against unforeseen events.

6. Title Search and Insurance

A title company will conduct a title search to ensure there are no legal issues or claims against the property. They will also provide title insurance to protect you against any future disputes.

7. Final Walkthrough

Before closing, do a final walkthrough of the property to ensure it’s in the agreed-upon condition. Verify that all negotiated repairs have been completed and that nothing has changed since your last visit.

8. Closing the Deal

On closing day, you’ll sign a multitude of documents, including the mortgage agreement and deed. Ensure you have a valid ID and any required funds ready for closing costs. Once everything is signed and processed, you’ll receive the keys to your new home.

9. Move In!

Celebrate this monumental achievement! Plan your move, set up utilities, and start making your new house feel like home.

Final Thoughts

Navigating the steps after your offer is accepted can be complex, but with careful planning and attention to detail, you can ensure a smooth transition to homeownership. Stay in close communication with your real estate agent and lender, and don’t hesitate to ask questions along the way.

Happy home buying!