Episode 7: Offer Accepted (or not), Now What?

Home Buying Podcast

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In this episode, we’ll discuss what happens once your offer is accepted – or what to do if it is not.

Key Talking Points

· Earnest Money Deposit (EMD)

· Home Inspection

· HOA/Condo/Co-op Doc Review

· Appraisal

· Financing Approval

· Setting up Utilities, Change of Address, Homeowner’s Insurance

· Packing & Moving

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Workbook Pages

· Sample Calendar of Events (once offer is accepted)

· Checklist of Items to have Easily Accessible when Moving

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The details we discuss in this episode are common but some of these may not apply or vary with your purchase; these are details from your offer you’ve had accepted so please discuss exactly what you need to do and when with your agent.

Your Earnest Money Deposit is like a down-payment on your down-payment. If you offered to submit one, you will need to deposit this with the appropriate party by a specified deadline.

If you are getting a Home Inspection (more about these in episode 8) then we recommend you attend it. You will learn about the home as well as how to operate major systems like your air conditioning or hot water heater.

If you are buying a home in a HOA/Condo/Co-op they will have their own bylaws (rules) that everyone in the community must follow. Review these documents to make sure there aren’t rules that would be a dealbreaker for you (like if you have a dog but the HOA doesn’t allow your fur baby).

Appraisals are not the same as a Home Inspection. You won’t need to attend this, you’ll just be waiting for your lender to tell you if the property appraised – which means the appraiser said the home is worth an amount equal to or more than your purchase price. (If it appraises for more, you have instant equity!)

Remember back in episode 2 when we talked about the difference between Pre-Approved and Fully Approved? Once your offer has been accepted your lender will begin the process of giving you a Full Approval.

Don’t forget about setting up your utilities, changing your address, and getting homeowner’s insurance for your new home! You don’t want to move-in and realize you forgot to have the electricity turned on!

Lastly, when you’re moving, have the essentials easily accessible (looking at you soap and toilet paper!). Start packing for your move early by packing the least important things first, and consider donating clothes you haven’t worn rather than moving them to your new home.

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Content is intended for educational purposes and not as direct advice for any particular real estate transaction. If you have signed an exclusivity agreement with a real estate agent, this is not a solicitation for your business. For more information visit www.HomeBuyerMentor.com