Once your offer has been accepted, the home buying process isn’t quite over…yet. It’s really just beginning. Once an offer has been accepted, that’s when you get into the real nuts and bolts of buying a home.
Here are 5 things that happen after your offer is accepted on a West Knoxville home.
A home inspection is one of the most important things that you will do after your offer is accepted on a West Knoxville home. A home inspection will allow an inspector to look a home over and see if there are any major issues.
If a home inspection does find any major issues, you’ll be able to negotiate with the seller about repairs. This gives you the opportunity to address any issues in a home before you buy it.
If a home inspection finds issues that are larger than what you want to take on, you’re able to walk away from the transaction and still get your earnest money back. This is a very important part of the home buying process since it will allow you to “kick the tires” so to say before buying a home.
After your offer is accepted, you’ll need to officially put in your loan application. At this point, you may be required to provide any additional documentation to your mortgage company. The contract will require you to put your loan application within a certain number of days.
You will also probably be required to put down some money for the appraisal and your credit report. These items are required to usually be paid up front by your mortgage company. The price can vary from lender to lender.
Homeowner’s insurance will be something that you need to square away prior to buying a West Knoxville home. If you’re getting a loan, you’ll be required to carry homeowner’s insurance. And, even if you’re not, homeowner’s insurance is an important asset.
Generally, you’ll save the most money if you combine your car insurance with your homeowner’s insurance policy. So, if you’re not completely happy with your current car insurance company, this would be the time that you need to shop for a new insurance company.
Every Knoxville utility company is a bit different about the time periods of when they will let you turn on utilities.
Many utility companies will allow you to set up utilities by just showing a copy of the signed purchase contract. It’s important that you check with your utility companies to see what their requirements are. Some will require you to go in person and put down deposits, while others will allow you to do it over the phone or online.
In addition, you’ll want to make other arrangements to turn on other services like cable or your trash pickup. These items can often be overlooked in the chaos of a move.
Finally, once you get to the end of the home buying process (about a week before your move), there is a period of time where you just have to sit back and wait. With closing on the horizon, once all is said and done, you’re just left waiting for everyone else to finish up the last minute stuff.
You’ll receive a copy of your closing disclosure at least 3 days prior to closing. Be sure that you review it when you receive it and sign off on it. Should you have any questions, be sure that you address them prior to closing.
Other than that, there’s not much to be done until your close date. Still, there’s nothing wrong with asking for an update from your realtor or loan officer if you get nervous about how things are progressing.
Are you thinking about buying a West Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our West Knoxville Home Search Page.