Buying a Home in Masthope? What Happens After Your Offer is Accepted?
Are you currently looking to buy a home in Masthope? If you’re like most folks, once you find the right home that’s perfect for your family’s wants and needs and make an offer, you’ll wait anxiously to see if it has been accepted. Sometimes you’re lucky enough to hear back within only a few hours and other times it can take a few days or even weeks to hear the good news. So, what happens after you find out that your offer is accepted? It’s a common question and one that your Masthope REALTOR® can help you with. In short, everything that has been contractually agreed upon between buyer and seller now begins playing out. Here are the steps that you can expect to happen:
1). Earnest Money Deposit
When you enter into a contract with a seller, they may expect you to offer an earnest money deposit, which is a show of good faith that you are planning to go ahead with the home purchase. Earnest money deposits are usually between 1 and 3% of the sale price and are held in an escrow account. You may want to ask your agent to include a clause that makes the deposit refundable if your financing falls through or the home appraises for less than what you offered.
2). Lender Property Appraisal
Next, a lender appraisal will need to be done. This is when the lender asks a third party to come out and assess the financial value of the home. If a loan is to be considered for approval, the lending institution typically wants to see the property appraised at the sale price or higher. If the appraisal comes out well, you could get approved for the selling price. However, if the appraisal comes out lower than the selling price, you could have a hard time getting a mortgage unless the seller is willing to come down in their price.
3). Property Inspection
A property inspection is required in order to assess the condition of the home for financing and must be examined by a licensed property inspector. During the home inspection, issues may surface that will require negotiation. If serious problems are reported on the home inspection report, you can try and negotiate a lower price with the seller, although the seller doesn’t have to agree to that. A typical home inspection checklist for buyers includes things like ensuring the home doesn’t have structural issues, faulty wiring, issues with the plumbing system, problems with the HVAC system, and broken windows or doors. An inspection that turns up serious defects in the home could be grounds for nullifying the purchase agreement.
4). Clear Title
The Masthope property must have a clear title for a clean exchange of ownership. A clear title states that the current owner of the property owns it free and clear without any kind of lien or levy from creditors or other parties and poses no question as to legal ownership. If these contingencies (or any others listed in the purchase contract) are not met, the deal can be nullified and the good faith money returned to the buyer.
The walk-through is the last hurdle to clear before you head to the closing table. If there are any issues during the walk-through, this is your opportunity to point them out. Your Masthope real estate agent should attend the walk-through with you to make sure you’ve covered everything on your checklist. Your list will include items such as making sure all the light switches work; checking for leaks by running water in kitchen and bathroom; testing out all major appliances (stove, fridge, microwave, dishwasher, etc) included in the sale to make sure they work; checking windows and doors to make sure they don’t stick and locks work; checking the walls, floors and ceilings for any signs of damage; running the AC/heating system; flushing toilets; making sure the house is clean, and so forth. Your Masthope REALTOR® can help with getting any problems quickly resolved to avoid a delayed closing.
6). The Closing
Once all the documents are issued, you will head to to the closing to sign the documents. This usually happens with a third-party closing agent or escrow company that ensures everything is in order. The closing date is mutually decided between buyer and seller in the purchase contract. During the closing, all final documents are signed, closing costs paid and ownership of the home is legally changed. Because a lot can happen between having your offer accepted and actually getting the keys to your new home in Mathope, it’s crucial that you work with a highly-skilled Masthope real estate agent.
An experienced Masthope REALTOR® like Alicia Kowalik will be able to navigate you through any hurdles that can happen along the way. Yes, there are a lot of moving parts to real estate and there are things that can potentially go wrong. Partner with Alicia and you’ll have an expert by your side who will protect your interests, advocate for you, and handle the complexities of the real estate transaction for the most favorable outcome. Alicia provides the kind of knowledge, skills, commitment, and personalized assistance you need and deserve.
Partner With the Best Masthope REALTOR® – Alicia Kowalik
Whether you’re looking to buy a home in Masthope or you’re planning to sell your existing property, experience matters most in a changing market. Serving Masthop buyers and sellers for over eight years, Alicia Kowalik is a highly-skilled Masthope REALTOR® with extensive market knowledge.
For sellers, your agent should know how to act swiftly and decisively to get you the highest price on your Masthope real estate for sale. Alicia incorporates the most effective and cutting-edge approaches for marketing your property. It will be listed in hundreds of locations all around the Internet and will get exposure on all the major sites like Homes.com, Zillow and Trulia, along with many other sites that are frequently visited by home buyers. In addition, your Masthope property will gain local exposure by being featured on Alicia’s three highly-trafficked websites: realestatemasthope.com, realestatelakewallenpaupack.com, and aliciakowalik.com. Alicia is committed to getting your home SOLD and will get you the best market price in the least amount of time possible.
For buyers, Alicia can provide you with all the resources and information you need about Masthope real estate including the types of homes and features offered, top builders in the area, community amenities, HOA fees, nearby schools, the local area, and so much more. Alicia would love to speak with you to discuss the type of home you have in mind and help you explore your options for making the best home purchase decision. Alicia’s genuine and caring approach to the real estate process allows her to connect with her clients on a more personal level which allows her to find the right home for their lifestyle and needs and within their price range.
For out-of-town buyers, Alicia will make sure the details of your Masthop home purchase and move-in are handled professionally and with care. Partner with Alicia and you’ll have an expert on your side who will listen to your needs and concerns and guide you throughout the home buying or selling process. Please give top Masthope REALTOR® – Alicia Kowalik a call today at 570-470-5076 or fill out the online contact form and she will be more than happy to answer any questions you may have.