Are you curious about what happens when a home buyer’s offer is accepted? Then, you’ve come to the right place! When it comes to buying houses, it can be quite vexing and stressful. You’ll keep wishing you’ll hear good news.
And by the time your agent calls, you hear a bit of excitement as he or she tells you the great news – your offer just got accepted! No matter how many times you hear this, it’s always exciting to hear for you and a thrill for your agent. Congratulations are in due, and you feel a sense of relief. It can be hard to wait. But, you have to be patient, too.
Your home buying process will usually depend on where you live. You might have to complete home inspection, or you need to do some other types of inspections. If you applied for a loan, your lender would have to order an appraisal and then work on your construction loan primary residence. All of these might turn your transaction into some adjustments and renegotiation which could include you not buying the home you want.
Make The Process Smoother
Once your offer is accepted, the guidance and help of your real estate agent will pay off. You might even be too stressed even to notice any of the behind the scenes act your agent is doing.
And what can you do as the buyer to make the process smoother? As much as possible, don’t change your finances.
- Don’t make any major purchases such as a car, furniture or home appliances.
- Don’t use your credit cards yet to avoid any additional debt.
- Don’t quit your job.
Start focusing on closing your transaction and don’t make any changes to your financial situation just yet.
What Could Go Wrong?
Once your purchase offer is accepted, this still doesn’t mean that you are sure to get your dream house. You have to hang tight. The good thing, however, is that seasoned agents deal with all of these issues every day. You’ll have to rely on your agent. He or she will help you deal with whatever may go wrong once your purchase offer is accepted. By the time it closes, it’s time to celebrate!
To help you understand, here are three things that may go wrong after your purchase offer is accepted.
- Be prepared to walk away. Why? Your home of choice might have major defects that you can’t address. This is why professional home inspectors are essential when you are buying a home.
- Prepare yourself to walk away from the house if you are not capable of obtaining the financing type that you need to get and if you see that you don’t agree to the new terms.
- You might have to walk away from your dream house if your appraisal doesn’t meet the sales price of the home seller. If your appraisal is low, there’s no guarantee that the sales price will decrease.