Your offer on your dream home has just been accepted and you’re getting ready to pop the champagne, but is it too soon to celebrate? Even though your offer has been accepted, the home buying process has just begun.
Inspections are a big part of home buying. Home inspections and other types of revisions may come up. Your lender will order an appraisal and start processing your purchase application by checking your income, credit history, and employment. Keeping this in mind, all of these extra procedures could lead to readjustments in the transaction, and in some cases a potential canceling of the sale altogether.
It is at this point in time that you truly realize the benefits of having a licensed real estate agent. Unforeseen challenges that pop up along the way are your agent’s area of expertise that you may not even realize they are handling for you behind the scenes. But it is also up to you to also be a facilitator in this ongoing process. For example, it’s best not to alter your financial situation. This includes making any major financial decisions such as buying a car, making any major purchases, adding any additional credit card debt, and of course, not quitting your job. Personal situations may also heavily factor into the process so it is important to notify your agent and mortgage lender if you are planning on going on vacation, getting married, or leaving the country, at least within the next 30 to 45 business days before your closing.
Heeding your lender and Realtor’s advice can help you avoid common pitfalls.
- A professional home inspector could be the turning point between going through with the offer and canceling it altogether. Sellers are not always required to make any repairs needed that are uncovered by the inspection, especially if the home is being sold in an “as-is” condition.
- Finances are not always set in stone; although you may have obtained a pre-approval letter at the time of making the offer, that does not ensure that you are qualified to buy the home, as rates could change, or your financial circumstances could change.
But who’s to say you’re celebrating is premature? The right agent with the right skills and experience will work tirelessly for you, to guarantee that bottle of champagne will be opened at the right time.
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