Buying a home is a long and exhaustive process and the help of a trusted real estate agent is most often necessary to ensure that you get to experience the exhilarating feeling of being on top of it all. However, as much as you might like to pop open a bottle of champagne and celebrate, having your offer accepted is still not enough reason to party – just yet.
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This is an important moment of transition (from being a buyer to finally, a homeowner) that entails a few more steps that can make or break the deal. This helpful guide will enable you to be as ready and as prepared as possible, to go from offer to closing the deal on your dreams:
Seek loan approval. Ideally, you should have already been pre-approved before making an offer. It is not too late, however, as long as you seek at least two or more lenders to increase your chances of getting approved for a mortgage loan.
Here is a link to our preferred lenders: https://texomahomesforsale.com/durant-ok-mortgage-lenders/
Prepare earnest money. This is a security fund deposited into an escrow account, to demonstrate that you are a serious buyer. Depending on your agent, the earnest money may be required before submitting your offer, or after your offer has been accepted.
See more about earnest money here: https://texomahomesforsale.com/do-you-need-an-earnest-money-deposit/
Prepare your lender documents. Get ready to submit all the required documentation so the lender can start the mortgage process as soon as possible. Keep track of the progress and verify your timeline.
Hire a professional home inspector. It is important to have the property checked for any defects or initial construction issues. Aside from structural defects, also check for radon levels, pest infestation, mold presence, as well as septic and HVAC problems.
You can find a home inspector here: https://texomahomesforsale.com/localinfo_type/home-inspectors/
Request any repairs. There is a time and place for repairs to be requested and once the home inspection is obtained this is it. Of course it is always good to consider any agreements made in the contract on repair caps, safety concerns and or high ticket items that where not disclosed. It is important that when you move into your home you are confident it is in good repair.
Get a home appraisal. Inform the lender as soon as the inspections have been cleared so they can order a home appraisal. You may need to negotiate with the seller if the home value is less than its asking price. Lenders require that the loan amount should match the appraised value of the home.
Order a MIC or Boundary Survey. It is important that if the title company requires an MIC (Mortgage Inspection Certificate) or a boundary survey for Title Insurance you order it early. This will show visually what you are purchasing and is an asset to the deal.
To see a complete list of local surveyors follow this link: https://texomahomesforsale.com/localinfo_type/surveyors/
Review the title commitment. The Title Company will issue a document providing information on the property’s title history and liens if there are any. Seek the advice of a real estate attorney to resolve issues.
Shop for a Home Owner’s Insurance Policy. Find the policy that is best suited to your needs. Depending on your location, you may need to add additional coverage for flood, hurricane, or earthquake. In Durant OK, you may no longer need flood insurance since it is not located in a hazard area. It is also wise to purchase a home warranty as well.
Here are a few folks we work with: https://texomahomesforsale.com/localinfo_type/insurance-companies/
Set the closing schedule. Once we get a ‘Clear to Close’ from the lender we will reserve a time slot from the title company based on the agreed closing date. Coordinate with your real estate agent, seller, and the listing agent to finalize the purchase process. Prepare your identification cards and payment for the closing costs.
Final inspection. A brief walkthrough is needed so you can check if the repairs are completed and if the house is move-in ready. Check for any seller’s personal belongings which may have been left around, or ensure that there are no more issues that are against the contract. This is also an ideal time to setup and/or transfer your utilities. You can find a complete list of local utility providers here: https://texomahomesforsale.com/localinfo_type/local-utilities
Closing day. Pay the required amount for closing and sign all the required documents at the title company. It is important to keep in mind that the title company will require a cashier check for all closing cost. Upon the signing of all the paperwork, you will finally receive the keys to your new home.
It is easy to feel overwhelmed with all the steps needed to accomplish after your offer has been accepted. You need a reliable agent by your side to make the sales process as smooth and organized as possible.
Are you looking for a new home? I can help you. Call or email me today.