Posted on: 22 January 2020
The process of buying a house is one that involves a lot of different steps, and the step that really initiates the process is the offer. When you make an offer and the seller receives it and accepts it, you will then begin working towards closing on the deal. For closing to occur, a lot of things must take place, though, and here are some of the main things that will need to happen at this point in the deal.
You Will Need to Work on Securing Your Financing
At this point in the process, you should already have a lender selected and have a preapproval status from them. This does not mean you are finished, though. After the seller accepts the offer you submitted, you will have to continue working with your lender to get the preapproval changed to an actual mortgage loan, and this will take some time and work. Just make sure you follow through with any requests your lender makes, as this will help you avoid delays.
The House Must be Valued
Getting a valuation of the house you are buying is part of the process, too, and this is done through an appraisal. This step in the process can be frustrating at times, but it is a necessary step that must be completed. Your lender will not move forward with the loan work until this is done and the lender is able to see that the house is worth the amount you are paying for it.
The Inspections Must be Completed
Another key step that takes place at this time is the inspections. You might need just one or two inspections, or you might need a lot more. You can choose which ones you want, but you will also have to get inspections completed if your lender requires them.
The Seller Must Complete Tasks and Pack Up and Move
What the seller does is out of your hands, but you should know that he or she probably has a list of things to do, and the seller will probably be motivated to do these things to make sure the closing occurs. This may include repairing things around the home and packing things up and moving out.
If these things do not occur, it will delay or prevent your closing from occurring. Therefore, it is important to do your part to avoid problems in the deal. To find out the steps you must take at this point, talk to a local real estate agent.Share