Many buyers are focused on the hunt for a house, so they spend all their time talking to real estate agents who know all about Irvine houses for sale and learning about things like property viewings and negotiating offers. However, all of your hard work isn’t finished once the seller accepts your offer. The process of closing on a sale can take a little time, and there are some potential complications you might encounter. After your offer is accepted, you need to be prepared for the following steps.
Get Your Finances in Order
Once the seller accepts your offer, check your contract to see if there’s a deadline for the earnest money you might have offered the seller. After delivering the earnest money deposit, talk to your lender to make sure they know you’re now under contract. Set aside time to schedule any necessary meetings and acquire all the documentation you need. In some cases, you may place your funds in an escrow account to ensure they’re available for closing costs.
Get an Inspection of the Property
Almost all sales will be contingent on inspection. You’ll need to hire one or more inspectors to look at the house and make sure everything was represented accurately. If there’s anything that needs to be repaired, it’s best to find out about it as soon as possible. Depending on your contract, the sellers may be required to make some repairs for you.
Schedule an Appraisal
After the house passes inspection, it’s time for the appraisal. This step establishes the actual market value of the property, and lenders need it to make sure they aren’t making a bad investment. If the property value is appraised for significantly less than you offered to pay, you may run into some issues.
Protect Yourself with Title Insurance
One of the main parts of closing will be communicating with the title company. This company will make sure the title for the property is legitimate so you can be confident you’re the rightful owner after closing. In case anything goes wrong, it’s helpful to have title insurance. Make sure the insurance is for you and not your lender. Having title insurance can help you recoup costs if the seller wasn’t the rightful owner.
Close on the Home
After dealing with all the intricacies of financing, inspection, and title commitment, the process is finally reaching the end stage. In the final steps, you’ll schedule a closing and do a final walkthrough of the property to make sure everything is ready. The closing process may involve sitting at a table and signing documents, or it may just be emailing items back and forth for electronic signatures. Closing involves signing all the necessary documents that state you’re becoming responsible for the mortgage and taking over ownership of the house.
Buying a house can be complicated, and the process doesn’t end when the seller accepts your offer. With help from the professionals at Irvine Residential Living, you’ll have the peace of mind that comes from working with a trusted real estate agent in Irvine who can walk you through the steps and get you into your new home as easily and quickly as possible. Call one of our friendly agents today at 714-454-6304 to schedule an appointment.