Congratulations! You made an offer on the home you want, and the sellers have accepted. What happens now? There are a lot of things to do before you can sit down at the closing table. Your Nest agent will help guide you through these next steps:
Earnest Money Deposit: You will need to deposit the agreed upon money up front to lock in your contract. This deposit counts toward final costs.
Line Up Home Inspections: This includes the full home inspection (including radon test), plus pest, well, and septic inspections as needed. Some inspections provided by the sellers will be cursory, so you may want to schedule your own private inspection to back up results for things like septic systems and water quality. If any repairs or changes (besides those required by law, like radon mediation) need to be made after inspections, you may need to negotiate more with your sellers.
Loan Application and Appraisal: You will need to make a formal loan application, but at this point your lender should be able to tell you exactly what they need and make it fairly simple. Your lender will send an appraiser out to value your new home to make sure you’re paying a fair price.
Line Up Your Settlement Agent: Your agent can recommend a settlement agent, usually an attorney, who will handle the actual closing procedure and file your documents with your locality to ensure smooth transfer of ownership.
Loan Commitment: Your lender will present a letter that you will need to give the sellers so everyone on both sides knows your financing is in order.
Review HOA Packet: If you’re moving into a home with a homeowners association, make sure to review their rules and regulations before closing.
Contact Homeowner’s Insurance Company: You’ll need to set up an insurance policy for your new home. Your agent can make recommendations if you don’t already have an insurance agent you like.
Schedule Movers: Exciting, isn’t it? If you plan to use movers, schedule them early but don’t plan to move in until a few days after closing in case anything changes with the timeline.
Deposit Funds Into Account: Right before closing, you’ll need to deposit your downpayment and closing costs into an account specified by your settlement attorney. This may require a visit to your bank to initiate a wire transfer, which cannot be done online or over the phone—so don’t wait until the last minute!
Utility Transfer: You’ll need to set up accounts for your new home’s electricity, trash, sewer, water, and internet, depending on where you’re moving.
Schedule Closing: Make sure to give yourself enough time for this appointment—you’ll sign a lot of papers!
Final Walk Through: Shortly before closing, schedule your final walk through with your agent to make sure the home is in the expected condition before you buy it.
Bear in mind that these next steps may vary depending on your real estate market. Your buyer’s agent will help you stay on top of things in your particular situation now that your offer was accepted, so don’t hesitate to reach out.