You’ve been to numerous open houses, browsed a ton of listings, and obsessively calculated possible mortgage payments. Now finally, you’ve found the house you want to buy, and you’ve made an offer.
What’s the next step after making an offer on a home? There are three possible scenarios with the seller:
- Your offer is accepted
- Your offer is rejected
- Your offer is countered
Here are some suggestions for each scenario and how to proceed.
Making an Offer and It’s Rejected
If there’s no room for negotiation, there’s really not much else you can do. The good news is there are plenty of other houses to see!
Making an Offer and It’s Countered
You can accept the counter proposal or make another offer. Sometimes it’s a back and forth process until you both agree on a price, or one of you says, “No dice” and walks away.
Your Offer is Accepted
Home Inspection--As the buyer, you have the option of getting a home inspection. It’s not required but is highly recommended.
A home inspector will tell you what problems exist with the house, if there are any, and whether they are significant or cosmetic.
Either way, uncovering possible problems before the transfer of ownership is a good thing. You can decide if you still want to purchase the house or walk away.
Homeowner’s Insurance—Your lender will most likely require that you have homeowner’s insurance. Shop around. Sometimes you can save money by bundling services. For example, home and auto.
Title Insurance--This insurance covers the lender in case there is something wrong with the title. For example, fraud, forgery, undisclosed heirs, lost wills. Even with the most thorough title search, these defects would not appear.
That’s why the lender requires you to buy title insurance. They want to cover their investment. However, the lender does not require you to buy it. That’s optional.
Your job? Make sure you have the down payment and closing costs ready. Here at Lilly Title & Settlement, we’ll work with you to make sure you’re ready.
Your biggest job is to incur NO additional big expenses. Wait until after you close. Otherwise, it greatly affects your credit.
Once the closing gets the green light, you’ll want to do a walkthrough right before closing to ensure that no damage has occurred since you first saw the property.
Then head to the closing table and sign on as a new homeowner. Making an offer on a house and having it accepted is the first big step in life. It only gets better from here!
If you’re ready to close on a new home, turn to the lady pros at Lilly Title & Settlement. We’ll help you get into your new home with ease.