(Closed) We have picked out THE house. Now what?

posted 7 years ago in Home
Post # 3
Member
3943 posts
Honey bee

Woo hoo! Congrats! Do you have a realtor? Have you been pre-approved for a mortgage? If yes to both, time to make an offer ๐Ÿ™‚

Post # 5
Member
3012 posts
Sugar bee
  • Wedding: October 2012

Congratulations and good luck with the rest of the process.  ๐Ÿ˜€  my house fever is returning now.

Post # 6
Member
868 posts
Busy bee
  • Wedding: April 2011

You will make an offer and after they accept you will have the inspection done! Do you know when the closing date of the contract is?? Whenever the closing date is, is when yall are the new owners!!

Post # 7
Member
3943 posts
Honey bee

Yup!! You should work with your realtor to determine a fair offer. He/She should know the comps. in the area. And then you cross your fingers and hope for the best!!

And yes, the home inspection comes after they accept. Our home inspector was awesomeeee, so when the time comes I can send you his info. if youre interested since I know youre a fellow MA bee ๐Ÿ™‚

Post # 8
Member
1137 posts
Bumble bee
  • Wedding: September 2010

@SoontobeMrsA:Correct. They accept the offer (be prepared for some back and forth negotiations). Then you do the house inspection (more negotiations if there are any problems that you want them to fix/pay for) and then you get all of your documents together to get your mortgage. Then you close in 30-60 days (depending on what your offer said).

 

Post # 9
Member
1927 posts
Buzzing bee

@SoontobeMrsA:  Yes.  You will probably go back and forth a few times before an offer is accepted.  You should have something WRITTEN into your offer that gives you 7-10 days to complete and home inspection and allows you to back out of the contract if you are not happy with the inspectors findings.  I would start researching home inspectors now though so you have a qualified inspector ready to go once the offer is agreed to.  And you probably want to give your mortgage broker a call and updated them on you status.

Post # 10
Member
7695 posts
Bumble Beekeeper
  • Wedding: August 2010

@SoontobeMrsA: that is awesome! Keep us posted and post pictures (here or your blog) if you feel comfortable!!

Post # 13
Member
5670 posts
Bee Keeper
  • Wedding: August 2010

That’s so exciting! Congratulations.

Once the offer is accepted you will sign the purchase and sales. The P&S usually gives you a timeframe of when to get an inspection by and will state that you could back out due to issue found in the inspection. Also, you can put a clause that allows you to back out for failure to get a mortgage (just in case you or Fiance lost your jobs before closing). Then you have your inspection and if all goes well you set a date to close on the house.

Post # 14
Member
1927 posts
Buzzing bee

@SoontobeMrsA:  We got a quick close too because the people we bought our house from were pregnant with baby number SIX!!  Their first girl!  I sure hope they are done now!

Post # 16
Member
141 posts
Blushing bee
  • Wedding: October 2012

Woo hoo! Congrats on finding a perfect place.:)

If you want my little piece of advice, the one thing that I wish I’d known going in was that the loan company will need lots of copies of bank statements, savings accounts, mutual funds, retirement funds, etc.

We had to keep going back and forth signing and faxing and emailing documents to show where our money was coming from. My boyfriend got a $100 check for his birthday from his grandfather in November and they even needed documentation of that! Seems like banks are being big sticklers about getting tons of info these days, so just be prepared! I definitely got frusrated through it all. I’d just recommend not moving around large amounts of money (if you can help it) until after you get the loan approved officially with the bank.

Good luck!

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