buying your first home - what you should know

Does An Accepted Offer Seal The Deal?

You take your time shopping for a house and find the one you want, so you make an offer. The seller than accepts the offer. At this point, you have an accepted offer on your hands, but does this really seal the deal? If you are in this position, it is important to know how this works and what must be done after the seller accepts the offer in order to seal the deal, and here are several things that must occur for you to close on the house and take over possession and ownership rights of it.

You will need to verify a lot of things with the house

Your lender will give you a list of things to do at this point, and the contract you wrote may have a list of things to do. All of these things are your responsibility to complete, and they might involve getting a home inspection, getting other types of inspections, and hiring an appraiser. The purpose of these steps is simply for you to have a way to verify details about the house, its value, and its condition. You should not skip these steps, as each one is a very important part of evaluating a house before you buy it.

The seller will need to complete some things with the house

The seller may also have some responsibilities, and these will mainly be listed on the purchase offer he or she agreed to. One responsibility will be to move out of the house. The seller will also have to clean the house and make repairs to it if he or she agreed to these things.

The lender will perform steps before approving the loan

Your lender also has steps to perform, and these are probably the most important steps in the deal. The lender performs the steps as a way to verify that you can afford the house you are buying and that you are getting a fair deal on it. Once approved, the lender will begin preparing for the closing appointment.

As you can see, you will have things to do, the seller will have things to do, and the lender will have things to do. You cannot take over possession and ownership rights of the house until all three parties have successfully completed their parts, and a real estate service, such as Big Block Realty, Inc, can help you understand this more if you still have questions about it.