If you’ve just had your offer on the home of your dreams accepted by the seller of the home, you’re likely over the moon right now. This is one of the most exciting times in the entire homeownership search — but it’s also one where you’ll have to quickly manage your excitement and take a few vitally important actions to move forward.
At Altius Mortgage and our partners with Mortgage Ogden, our team of loan officers is proud to walk clients through the entire process of obtaining a mortgage and purchasing a home in Salt Lake City or any nearby part of Utah. We’ll be with you every step of the way, including once you have an offer accepted and need to take the next steps. What are these steps, and what should you be thinking about during this phase of the process? Let’s take a look!
If you haven’t already done so, now is the time to obtain pre-approval for your mortgage loan. This will give you a much better idea of how much money you can borrow and what kind of interest rate you can expect to pay. It’s important to get pre-approval before making an offer on a home, as it can help you determine how much you can afford to spend.
In fact, there are many situations where you’ll need to have carried out this step before your offer can ever be accepted in the first place. Many sellers, for instance, won’t consider an offer on their home unless the potential buyer has a pre-approval letter from a lender in hand.
You can obtain pre-approval by working with a local mortgage lender or bank. At Altius Mortgage, we’re proud to offer pre-approval services to all of our clients. We’ll work with you to determine how much you can afford to borrow and what kind of interest rate you can expect to pay. We’ll also provide you with a pre-approval letter that you can present to sellers when making an offer on a home.
Plan Your Home Inspection
As soon as you get word that your offer has been accepted, you should also start planning your home inspection. This is a crucial step in the home-buying process, as it will help you identify any potential problems with the property before you finalize your purchase.
You’ll want to hire a professional home inspector to carry out this task. They will come to the property and examine it from top to bottom, looking for any signs of damage or potential problems. Once they’re finished, they’ll provide you with a detailed report of their findings. This step is important even if you’re buying a brand-new home. There have been instances where new homes have been found to have serious defects, so it’s always best to err on the side of caution and get a professional inspection.
Timing is one key element when it comes to home inspections. You’ll want to make sure that the inspection is carried out before you finalize your purchase of the property. This way, if any major problems are discovered, you can back out of the deal or negotiate with the seller to have them repaired before going through with the sale.
During the days and weeks following the acceptance of your offer, it’s important to be as responsive as possible. The seller of the home is going to want to move forward with the sale quickly, so you’ll need to be available to answer any questions or address any concerns they may have.
You should also expect to receive a lot of paperwork during this period. There will be documents related to the sale of the home, as well as paperwork for your mortgage loan. It’s important to read through all of this material carefully and make sure that you understand everything before signing anything.
You should also keep in mind that the seller may receive other offers on the property during this period. If they do, they may come back to you and ask if you’re willing to match or exceed the other offer. This is known as a counteroffer, and it’s something that you should be prepared for.
If you’re not sure how to proceed in any given situation, it’s always best to consult with your real estate agent. They will have experience dealing with these sorts of situations.
Ensure You Receive Disclosures
As you’re moving forward with the sale of the home, you should also make sure that you receive all of the necessary disclosures from the seller. These documents are required by law in many states, and they provide important information about the property.
For instance, the seller will be required to provide you with a disclosure form that outlines any known defects or problems with the property. They will also need to provide you with information on things like the age of the roof, the condition of the septic system, and whether there are any outstanding liens against the property.
You should receive these disclosures well in advance of closing on the sale of the home. This way, you’ll have time to review them and decide if you still want to go through with the purchase.
As you can see, there are a few important steps that you need to take after your offer on a home is accepted. By following these steps, you can help ensure that the purchase goes smoothly and that you’re happy with your new home. For more on this, or to learn about any of our home loan programs or fantastic mortgage rates for SLC buyers, speak to our team at Altius Mortgage today.