Home Buyers Checklist

10 things you must do once your offer is accepted.

Earnest Money

After an offer is accepted, it becomes a contract. Both parties must do their part in fulfilling the contract, and this ensures that the buyer won’t simply walk away. Earnest money is designed to make the buyer prove that they “earnestly” want to buy the home.

Your earnest money is yours and will remain yours even after the transaction is closed. The Whiteman Group will deposit the money into a non-interest bearing account and will inform the other party of receipt. The date the earnest money needs deposited and the amount differs on each contract.

Property Inspection

After the contract is signed, the home inspection clock begins to tick. Make sure you understand how long your inspection period is and what needs inspected. It is important to schedule these as soon as possible. There are many home inspectors to choose from. A general home inspector is the most common but also structural, radon, pest, septic, HV/AC, and mold inspectors may also be hired and used during the inspection period. Our group will discuss this with you and will resolve any issues that may arise. After the inspection both parties will work together and agree on any remedies that need to be made.

Lender Documents

If your home is being financed, you need to keep your lender in the loop. Once you have a contract, send it along to your loan officer so they can begin the mortgage process. Be certain to get any requested information to them as soon as possible to give the bank plenty of time to do their process. Throughout the time you are in contract make sure and check in with your lender to verify they are still on track. If a lender doesn’t complete the loan process in the allotted time, your home may not close on time.

Title Commitment

This is handled by the title company, but is an important part of the home buying process. The title company will review the title history and leans against the property. They will issue you a commitment letter that is generally straightforward. If you have any questions about this you are free to ask The Whiteman Group or an attorney for advice. This doesn’t require any additional work from you, but review it thoroughly so there are no surprises at closing.

Appraisal

After the inspection process and any remedies have been made, your lender will schedule an appraisal of the property. The bank needs to make sure the home you are purchasing is of a greater value than the loan they are giving you. The appraisers can be busy, so communicate with The Whiteman Group and your loan officer to make sure your appraisal is being scheduled. Our Group likes to communicate with the appraisal so we will know if any issues as soon as they arise.

Insurance & Warranties

It is smart to shop around for Home Owners Insurance to find a policy that suits you and your home. The bank will require you to have a policy in place before you close on your new home, so it is smart to get a policy in place sooner rather than later. Once you have a policy let your lender, Realtor, and the title company know.
If your home came with a warranty be sure to review your policy. This is a great perk that many sellers will offer. It gives you peace of mind to know that your investment is covered.

Turning On Utilities

You are now at the final steps of closing on your home! You need to contact the local utility companies to get them transferred to your name. On the day of closing, the companies will take reading to make sure you are only getting charged your fair share. Our group will make this step easier for you by asking the seller to provide us with the companies that they use.

Schedule Closing Date & Time

In your contract, you have already determined a closing date. The title company will plan on your closing at that date and will coordinate a time that work for everyone’s schedule. Many sellers will sign the documents early, providing for a quick, easy closing.

Final Walk Through

Within 72 hours of closing, buyers generally want a final walk through. Buyers will use this time to verify that any repairs have been completed, and the sellers have moved out. No terms or issues can be negotiated at this time, but it is nice to simply see the house for one last time before you are officially the owner.

Closing

Finally, the day you have been waiting for. On the day of closing bring with you your drivers license and any certified funds you need. You will meet the closing agent and your Realtor at a location that is convenient for you to sign the paperwork. Once the documents are signed and your lender has transferred the funds, the house is yours!