After an Accepted Offer

Congratulations your offer is accepted! Our goal is to stay on schedule to completing your escrow. There are numerous steps you need to take during the escrow process. We will guide you through each of these steps and always be available to answer any of your questions. We work with a Transaction Coordinator that assists us with managing the timeline and processing documents. The following 10 tasks are provided to help you understand the process involved in completing your home purchase.
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#1
Earnest Money

You need to submit your Earnest Money Deposit to Escrow very soon after opening Escrow. Usually, the funds must be sent via wire transfer from your bank account to the Escrow account. The Escrow officer will send you instructions for submitting the Earnest Money Deposit. The Earnest Money is essentially a safeguard for the sellers, who are taking their home off the market because you have expressed interest in purchasing it, in good faith.


#2
Contact your lender

After your offer is accepted, you'll need to notify with your mortgage lender. You already received your pre-approval letter from them, but now you are under contract. We will send a copy of the fully executed purchase agreement to your lender. However, you'll need to contact your lender to see what additional documents they need from you to get the loan funded.

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#3
Home Inspection

You'll want to order a home inspection as soon as possible. You'll have to find time that works for you, your agent, and your home inspector. You want to have the inspection done, as well as the request for repairs negotiated prior to your contingency removal date. Most buyers want a home inspection to make sure the home is in acceptable condition. We can recommend a few good home inspectors that works in the area. Once their inspection is complete, the home inspector will email you a full report with the findings within a few business days. We will discuss the inspection report with you to assist will submitting a request for repairs to the seller if necessary.


#4
Title Report

The company that is going to process your Title Insurance will send us a Preliminary Title Report. This report will show any liens against the property, for example, unpaid HOA dues. We can let you know if there is anything on the Preliminary Title Report that is concerning. There is usually nothing you need to do with the report, just review it and ask us or a lawyer if you have any questions or concerns.


#5
Appraisal

Your lender will order an appraisal on the property. The reason for this is because they need to know whether the property is actually worth the amount of money you are asking for. If you offered $550K on a home worth $450K, this is not a safe investment for the bank. Usually, the appraiser is provided access or accompanied by the listing agent. The listing agent often try inform the appraiser of upgrades to the home, and answer any questions the appraiser may have.


#6
Home Owner's Insurance and Home Warranty

In order to get your loan to fund, you will need to have a Home Owner's Insurance Policy. You can shop around at the various insurance companies to find a policy that fits your needs and budget. Once your policy is ready, let us and your lender know. If you requested a home warranty in your purchase agreement, and it was agreed upon by the sellers, our transaction coordinator will order the home warranty policy. Home warranties can provide good value and peace of mind for home buyers.


#7
Utilities and Mail

When you are close to closing Escrow, you'll want to get your utilities turned on and transferred to your name. You'll want to get your gas and electricity going, and prepare to transfer Internet and cable over. If you are going to be occupying your new property, you'll want to file a mail transfer with the post office.


#8
Schedule Closing

The escrow company will schedule a time to sign closing documents with a notary. We are available to help facilitate the signing process, so please let us know if you need assistance.


#9
Final Walkthrough

Towards the end of your Escrow, you'll do a final walkthrough of the property with us. This is NOT a time to re-open negotiations for repairs. We are looking for the property to be in a similar condition to when the contract was signed. We also want to make sure that everything the sellers agreed to leave has been left, repair request items are completed, and that their personal belongings have been removed. Normally, the final walkthrough is quick and uneventful.


#10
Closing

It's time to meet with the notary for signing your closing documents. You'll need to bring a driver's license or other approved form of photo ID. If everything goes according to plan, the loan will fund, Escrow will close shortly after, we will meet you to get your keys!