You're just a few steps away from your new home. Here's what to do next.
Have you just gone under contract with a seller for a new home? Congratulations! You are well on your way toward the dream of homeownership. But before we pop the champagne, there are still a few more hurdles to clear. Don’t stress – I’m here to guide you through each one:
Step 1: Show Your Commitment with an Earnest Money Deposit. The first step is to put your money where your mouth is – literally. The earnest money deposit is a way to show the seller you are serious about buying their home. Typically, this amount ranges from 1% to 3% of the purchase price. Don’t worry; this deposit isn’t extra cash out of your pocket. It will go towards your closing costs or down payment later on.
Step 2: Inspect the Property. Next, we need to ensure your dream home doesn’t have any nasty surprises. This is where your home inspection comes in. We will hire a professional home inspector to thoroughly examine the property, from the roof to the foundation. If any major issues are found, we will negotiate with the seller to address them.
Step 3: Review the Seller’s Disclosure. Now, it’s time to put on your detective hat and review the seller’s disclosure. These documents contain important details about the property’s condition and any known issues. Don’t just skim through them. Read carefully and let me know if you have any questions.
Step 4: Due Diligence. The due diligence deadline is approaching, and this is your last chance to really kick the tires before you commit. Use this time to double-check everything. Review all your paperwork and ensure you’re 100% confident in your purchase. If everything checks out, we move full steam ahead.
Step 5: Final Walkthrough. We’re in the homestretch now. The final walkthrough is your opportunity to ensure the home is in the condition agreed upon and that any requested repairs have been completed. This is the last stop before closing, so take your time and make sure everything is in great shape.
Step 6: Appraisal. Next, your lender needs to ensure they’re not lending you more than the home is worth. This is where the appraisal comes in. If the appraisal value matches or exceeds the purchase price, you’re good to go. Make sure all your financial ducks are in a row for this important deadline.
Step 7: Consider a Home Warranty. While you’re not required to get a home warranty, it’s definitely something to consider. A home warranty can help protect you from extensive repairs or replacements for major systems and appliances in your new home. It’s like an insurance policy for peace of mind.
Step 8: Closing Day. The big day is here – closing day. This is where you sign all your paperwork and officially become a homeowner. Don’t forget to bring your ID card and a certified check for any remaining closing costs. Then, get ready to pop that bubbly we talked about earlier and celebrate your new home!
We’d love to hear about your home-buying experience. Don’t hesitate to contact us or leave a review to let us know if we made this process as smooth and stress-free as possible.
