Mastering the First 24 Hours After Your Home Offer is Accepted: A Guide for Homebuyers, Realtors, and Lenders

I was trying to figure out a topic for my article this morning and could not find one, so I went through my phone and found a question from a current homebuyer that is actually a REALLY GOOD QUESTION.

"What happens as soon as our offer is accepted?"

First 24 hours

Buyer- To ensure a seamless transaction, provide your lender with any updated or Missing documents they may need, such as paystubs, bank statements, and a homeowners insurance quote (which you will need to shop for). However, if you have not yet filed your 2022 taxes, it is best to hold off on doing so until your lender has reviewed them, as any changes could cause unnecessary stress.

Next, it is essential to promptly deposit your earnest money deposit (EMD) into escrow, as this payment shows your commitment to purchasing the property. Failure to do so within the specified time frame outlined in the contract could result in losing the home.

Finally, you will collaborate with your Real Estate agent to schedule any necessary home inspections.

Lender - Once your offer has been accepted, the lender will require a purchase contract and review the available loan options. You can choose to either lock in the current rate or float the rate, hoping that the rates will decrease, but keep in mind that they could increase as well. To avoid any unexpected costs or surprises, it is recommended to lock in the rate. Work with your lender to find the best loan program, rate, and terms that meet your needs.

After that, the lender will provide you with a disclosure statement that outlines the loan terms, which you will need to sign. The lender will also request payment for the appraisal, which typically costs between $450 and $1,000, depending on the type of property, location, and required turnaround time. It is important to note that the appraisal fee is a third-party charge and does not go directly to the lender. Therefore, when comparing mortgage options, do not consider appraisal costs as part of the lender's fees.

Real Estate Agent - One critical step that is often overlooked by realtors is to introduce the entire team involved in the transaction via email. This includes the title company, escrow officer, lender, and realtors on both the buying and selling sides. By doing so, you can ensure that everyone is on the same page from the outset and minimize potential communication gaps or misunderstandings.

Moreover, it is essential that the lender, title company, and escrow officer collaborate to share each other's fees to provide you with accurate disclosures. This helps you understand the overall costs associated with the transaction and avoid any unpleasant surprises down the line. By taking these steps, you can help ensure a smooth and successful homebuying experience.

In summary, as soon as your offer is accepted, it's important to work closely with your lender, real estate agent, and the rest of the team to ensure a smooth and successful homebuying experience. This involves promptly providing any necessary documents, depositing your earnest money deposit, choosing the right loan program and rate, signing the disclosure statement in a timely manner, and scheduling any necessary home inspections. By taking these steps and communicating effectively with all parties involved, you can help ensure a seamless transaction and minimize the risk of any surprises or setbacks."

If you're looking for assistance with your home financing needs, don't hesitate to reach out to me. I'm here to help you secure the best loan program, rate, and terms that meet your unique needs. Contact me today to get started on your homebuying journey.