Buyer Step by Step November 20, 2018

Step 8: You Have an Accepted Offer!

Now What?

Congratulations on having an accepted contract on a house. Until we have an executed contract (which means everything has been signed by both the sellers and the buyers) we do not have an enforceable contract. That is why it’s urgent that a signed contract be received by all parties asap and within designated timelines. Once a signed contract is received, several things need to happen:

  1. I will send the contract to your mortgage lender. This lets your mortgage lender know that you’re under contract and it starts the process for getting you approved for the mortgage (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. They will ask you to fill out a lot of paperwork. Some mortgage lenders joke it’s like getting a financial colonoscopy. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better. Read Things Not to Do.

  2. Write and drop off the earnest money check. The earnest money check is made out to the seller’s agent’s brokerage and is in the form of a personal check. It should be dropped off at the seller’s agent’s office within 2 business days of contract acceptance. I will provide you with this information. Send me a picture of your check so that I may track it internally.

After the above steps are complete, I’ll email you every few days with an additional next step. Think of it as our friendly way of giving you homework to ensure a smooth transaction and help you make sure everything gets done on time.