When you make an offer on a home, you wait anxiously to see if it will be accepted. Sometimes you’re lucky enough to hear back within hours. Other times you could wait days or even longer.
But once you get that good news that your offer has been accepted, what happens next?
There Will Be a Home Inspection. A home inspection needs to be conducted in order to assess the condition of the home for financing needs. This is a stage where issues may come up that require negotiation. If serious problems are reported on the home inspection report, you could try to negotiate a lower price with the seller, but they don’t have to agree to that.
There Will Be a Lender Home Appraisal. A lender appraisal will also have to be done. This is when the lender asks a third party to come out and assess the financial value of the home. If the appraisal comes out well, you could get approved for the selling price. But if the home appraisal comes out lower than the selling price, you could have a hard time getting a mortgage unless the seller is willing to come down in price.
You’ll Go to Closing. Now’s the time to get your financing finished up. The full approval process may unveil something that needs to be corrected before you actually get final documents for the home purchase. Once the documents are issued, you will go to the loan closing to sign the documents. This usually happens with a third party closing agent or escrow company that ensure everything is in order.
Unfortunately, a lot can happen between having your offer accepted and actually getting the keys to your new home. That’s why it’s absolutely essential to work with a trusted home mortgage professional and a licensed real estate agent when buying a new home.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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