If you start looking at homes for sale and find the right one, you can make an offer to purchase it. Making the offer starts the process, but it is not the end of the event. Many things must occur after the offer before you gain possession of the property, and here are some of the things that need to happen after the proposal.
The Seller Responds to It
The deal cannot move forward until you reach an agreement with the seller. Therefore, the seller will review the offer and respond. If the seller accepts it as-is, then you can move on with the process. If the seller counters it, you will have the offer back in your hands and must respond to it. When you reach a deal that you both agree upon, you can both move forward.
You Must Contact Your Lender
Before you started viewing homes, you probably visited a lender to get preapproved. Lenders base preapprovals on general information, but they cannot begin working on the loans until they know the homes that people want to buy. Therefore, you must call your lender and tell them you picked a home. Your lender will ask for details about the property and will begin working on the loan.
You Need Inspections and Other Services
The next step in buying a house is getting the necessary inspections. Your lender may give you a list of services you must complete with the house, and you may have other inspections and services you want, too. One service needed is an appraisal. Your lender cannot proceed with the loan without this essential report. You can also get the home inspection completed as well as any other inspections you want.
They Must Complete the Title
Your lender may also hire a title company to handle the title work needed for the deal. Title work is crucial when buying a house, as it proves that the seller owns the house. It is also essential for the title to transfer from the seller's name to your name.
You Complete the Final Walkthrough
The last step you might have to complete is the final walkthrough. Walking through the house a few days before closing helps you get one more look at the house. It also provides a chance for you to verify that the seller did everything he or she agreed to.
Once you complete these steps, you can attend your mortgage closing. At this visit, you will sign all the documents and receive possession of the home.
To learn more about buying a home, contact a real estate agency like Brough Realty.