Congratulations! Your offer has been accepted, and you're officially under contract. While this is an exciting milestone, it's also the beginning of several important steps before you receive the keys to your new home.
At Marnie Schaar & Associates, we guide our clients through every stage of the transaction to help ensure a smooth, stress-free closing. Here's what you can expect after your offer is accepted.
Step 1: Deliver the Earnest Money Deposit
One of the first steps is submitting your earnest money deposit (EMD). This deposit demonstrates your commitment to purchasing the home and is typically held in escrow until closing. The funds are then applied toward your down payment or closing costs.
Step 2: Schedule the Home Inspection
If your contract includes a home inspection contingency, you'll want to schedule it as soon as possible. A licensed home inspector will evaluate the home's major systems, structure, roof, plumbing, electrical components, and more.
After reviewing the inspection report, you may choose to move forward, negotiate repairs or credits, or, depending on your contract terms, withdraw from the purchase.
Step 3: Finalize Your Mortgage
Your lender will begin processing your loan by verifying your financial information, ordering the appraisal, and gathering any additional documentation needed for underwriting.
During this time, it's important to avoid making large purchases, opening new lines of credit, or changing jobs, as these actions could affect your loan approval.
Step 4: The Home Appraisal
If you're financing your purchase, your lender will order an appraisal to determine the home's market value.
The appraisal helps ensure the property is worth the agreed-upon purchase price. If the appraisal comes in lower than expected, your Realtor can help you navigate your available options.
Step 5: Complete Any Negotiations
Depending on the inspection or appraisal results, there may be additional negotiations between the buyer and seller. These could include repairs, seller credits, or other mutually agreed-upon solutions.
Your Realtor will advocate for your best interests while helping keep the transaction on track.
Step 6: Receive Final Loan Approval
Once underwriting is complete and all conditions have been satisfied, your lender will issue the "clear to close." This means your financing has been approved, and you're almost at the finish line.
Step 7: Final Walk-Through
Within a day or two of closing, you'll complete a final walk-through of the property. This is your opportunity to confirm that agreed-upon repairs have been completed, the home is in the expected condition, and nothing has changed since your last visit.
Step 8: Closing Day
Closing day is when you'll sign the final paperwork, provide any remaining funds needed to close, and officially become the owner of your new home.
Once everything has been recorded, you'll receive the keys—and it's time to celebrate!
We're With You Every Step of the Way
Buying a home involves many moving parts, but you don't have to navigate them alone.
From contract to closing, Marnie Schaar & Associates coordinates deadlines, communicates with lenders, title companies, inspectors, and the other agent, and keeps you informed throughout the process. Our goal is to make your experience as seamless as possible so you can focus on the excitement of your new home.
If you're thinking about buying a home in Reston, Herndon, Vienna, or anywhere in Northern Virginia, we'd love to help you every step of the way.
-Marnie Schaar