Preparing to buy a house takes time, but it also takes time to choose which home you want to purchase. After you find the one you like the best, you can make an offer and begin working towards closing on it. The closing process begins once the seller accepts your offer, and many things must occur before you can take possession of this home. Here is what you should expect after the seller accepts your offer.
The Lender Begins Working on the Necessary Steps
If you want to get the ball rolling quickly, you should notify your lender as soon as the seller accepts your offer. The lender will need a copy of the purchase agreement, as it will state all the vital details that the lender needs to begin working on the loan. Lenders handle many steps in the home-purchase process, and they also require different things that you might have to do. One thing they will work on is the title search and insurance. They will also work on the paperwork needed to transfer the deed from the seller to you.
You Will Have Steps to Complete
You will likely have to do some things during this time as well. One thing you will need to do is hire a home inspector. You might also have to hire other professionals, such as an appraiser. Additionally, you will need to purchase homeowner's insurance and begin working on getting the utilities turned on and other things.
The Seller Has Work to Do
The seller will also be responsible for completing some duties. They might need to make some repairs before moving out. They will also need to pack their things and move out by the closing date.
You Must Wait for Underwriting to Clear Your Loan
Once everything is complete, your lender will send your loan file to the underwriting department. You cannot close on the loan until this department clears your loan file. This process might take a few days or longer, depending on if they find any issues with your information.
It will likely take a few weeks before closing on your house from the date the seller accepts your offer. While you might feel impatient during this time, the day will soon come when you can move into your new home. To start your search for homes for sale, call a local real estate agent to get started.Share