Offer Accepted: 11 Steps From Offer To Final Walkthrough

You've found your dream home and made an offer. The seller has accepted, and now it's time to move forward. Here are 11 steps from the offer to the final walkthrough that will help keep the process running smoothly.

1. The closing process begins: Plan for the big picture

If the seller accepts your offer, you should know what steps you should take at different times. Knowing where to start is typically the most challenging part. Once you know the steps, plan to keep track of each requirement for closing so you can complete them quickly and move on to the next one.

2. Submit documents and answer requests from the lender

If your offer is accepted, the next step is to submit all required documents to the lender. This includes your tax returns, W-2s, bank statements, and pay stubs.

3. Shop for title insurance and other closing services

When you're ready to buy, there are a few things you'll need to take care of first. Title insurance is one of these things because it protects you from any legal issues that may arise with the property's title.

4. Schedule a home inspection and negotiate concessions for any issues

After the seller has accepted your offer, you're now in the due diligence period. A home inspector will look for all property issues that could be costly to repair.

5. Get the appraisal report

The appraisal report is an essential step in the home-buying process. It will give you an estimate of the value of the home you are interested in purchasing.

6. Shop for homeowner's insurance

Now that you have an accepted offer on your home, it's time to start shopping for homeowner's insurance. This is a crucial step in home-buying because it protects you and your home from potential risks.

7. Look out for revised loan estimates

If your loan estimate is revised, it's important to understand why. Sometimes, revisions are due to changes in the market or updates to the home's value. Other times, though, a modification can be cause for alarm.

8. Take the final walkthrough

Once your offer has been accepted and you're under contract, the next step is the final walkthrough. This is an inspection of the property to confirm it is in good condition and that all agreed-upon repairs have been made.

9. Review documents before closing

Make sure to review all documents before closing. This includes the sales contract, disclosures, loan estimate, title insurance policy, and more. It's important to understand these documents before signing on the dotted line.

10. Close the deal and get the keys to your new home

Once your offer is accepted, you'll work with your real estate agent to finalize the contract. This will include going over the details of the sale, such as the purchase price, closing date, and any contingencies in place.

11. Save and file your documents

When you purchase a home, you'll need to keep a copy of the purchase agreement, deed, and promissory note in a safe place. You'll also want to keep the deed of trust or mortgage safe.
In conclusion, the most important thing to remember when closing on a new home is to be prepared for anything. Having a flexible attitude and being able to respond quickly to any delays will help ensure the process goes as smoothly as possible.