Your offer was accepted! Here are your next steps

As a home buyer, there is nothing more exciting than finding out that your offer was accepted! Whether it’s your first home or your fifth, setting your sights on a home and making it yours is a fantastic feeling. But while you might be tempted to kick back and relax, now’s the time to keep your momentum going. An accepted offer is just the beginning of the final stretch. While it is a significant milestone, there are some important steps to tackle before you can call the place yours! 

Update your lawyer

Before you do much else, you’ll want to let your lawyer in on the good news. Your real estate lawyer is an essential part of the buying process. They also play a key role in ensuring the process goes smoothly. They handle things like land transfer tax, reviewing the contract, and managing funds on closing day. Once your offer is accepted, you should send the paperwork to your lawyer. Having them looped in right away helps keep the entire process moving along.

Complete any conditions

Did your offer include any conditions? If so, now’s the time to get to work on completing them. These might include a home inspection, securing your mortgage approval, or selling your current home. These are all common conditions buyers may use to help protect themselves. Each condition must be met within a certain timeframe, and if they’re not completed on time, this can put the deal at risk. Start booking an inspection, work on getting your mortgage financing in place, and finalize the deal on your own home if necessary. Getting these items completed quickly not only keeps the transaction on track, but also gives you peace of mind about the purchase.

Plan your walk-throughs

Once your offer is accepted, you will be given a certain number of return visits to the property before closing day. These walk-throughs are meant to give you a chance to view the home again to measure areas for furniture, visualize the layout of the house, and think about your move. You can take your time during these visits in a way you might not have been able to during your first tour. However, the more important aspect of these walk-throughs is to ensure the home is in the agreed upon condition. If you and the seller agreed on certain repairs being done before closing day, this is your chance to be sure those are complete. You should schedule your last walk-through as close to closing day as possible to ensure the property looks as it should.

Prepare for closing costs

It’s easy to focus on your down payment and future mortgage fees, and forget the smaller—but still significant—closing costs. These are expenses that will pop up as you approach closing day. Legal fees, land transfer taxes, moving costs, home inspection fees, and utilities are all expenses that add up. Closing costs only equate to a small percentage of the purchase price, but this is still a large chunk of change. It’s smart to set aside these funds early, so you can be sure you are prepared for them. This helps you avoid any last-minute surprises and prevents you from scrambling to make these payments.

Organize your move

Now comes the task of planning the move itself. This might be something you hadn’t given much thought to before your offer was accepted. Now that the purchase is official, it’s time to start organizing! If you are planning on hiring a moving company, be sure to book ahead. This is especially important if your moving date falls during a popular time, such as weekends or the first of the month. If you plan to use friends or family for help, be sure not to underestimate how much assistance you need! Finally, don’t forget to arrange utility hookups, internet set-up, and change-of-address notifications. These small details will make the whole day smoother and less stressful.

Take a moment to celebrate!

Once your offer is accepted, you will be caught up in a whirlwind of tasks. However, don’t forget to take some time to celebrate! Whether you are buying your first home, or you are a seasoned home owner, this is a huge milestone. While the buying process can be stressful, it is a journey you’ll look back on with pride. Although it’s important to keep up your momentum in terms of getting the work done, give yourself permission to enjoy the moment too.

Learning your offer was accepted is thrilling. However, it also means you are entering a critical stage of the buying process. From deposits and appraisals to legal paperwork and walk-throughs, each task you check off your list brings you closer to owning your new home. If you have any questions along the way, feel free to reach out to your local mortgage broker! With a strong team of professionals on your side, you can navigate this process with confidence. Before long, you’ll be walking through the front door of your new home!

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.