After a long search for the house of your dreams, it’s an exciting moment when you hear the words “offer accepted” from your real estate agent. But before you celebrate, know that the purchase process is far from over.
Buying a home is an emotional and financial journey, so understanding what to expect after you get that “yes” from the seller will help you prepare yourself for what’s to come. After all, you want to make sure that the deal goes through smoothly.
First, you’ll have to wait for a few more things to happen before your purchase can close. This includes the loan application, a mortgage appraisal, and a home inspection.
Once you’ve met all these conditions, your lawyer and lender will be ready to work on the rest of the paperwork. You’ll have to do your homework, collect documents, and prepare for the closing date. For more info https://www.companiesthatbuyhouses.co/virginia/home-buying-company-richmond-va/
You should also do a final walkthrough of the home with your realtor to ensure that everything is as it was before you signed the contract. It’s also a good time to look for any issues that were pointed out during the home inspection.
A lot of the time, buyers don’t realize how much work they have to do after their offer is accepted. The first step is completing your loan application, which can take up to 3 days. This process helps you prove to your lender that you’re a solid candidate for a mortgage loan.
If your loan application is approved, you’ll need to submit documents to your lender, such as tax returns and pay stubs. This information is necessary to confirm that you have the income and assets needed to qualify for a loan, as well as verifying that your income is enough to support the property’s asking price.
When you’ve met the lender’s requirements, you can then move on to the appraisal. The appraisal is important because it protects your loan from being approved for less than the value of the house. If the appraisal comes in lower than your offer, you’ll have to either make up the difference in cash or renegotiate with the seller.
Another common concern is that the property may appraise for less than its listing price. This can be frustrating for both the buyer and seller. It’s a common occurrence in competitive markets, so you should plan for this to happen by negotiating a discount from the asking price.
Your lender will also order a home inspection, which is when a professional inspector visits the property to determine its condition. The inspector will look for problems that could impact the value of the home. Also read https://www.ibuyers7.com/virginia/ibuyer-richmond-va/
After the inspection, your lender will order an appraisal of the property to confirm that its value is comparable to its listing price. The lender won’t approve a loan for a mortgage that is less than the home’s value.
It’s worth reevaluating your offer before it is submitted to the lender so you can avoid any potential issues. It’s also a good idea to reevaluate your finances as the appraisal will probably affect your budget.