There are several timelines and steps involved with the process 0f buying a home. First, you have to determine if you are ready to purchase a home (some signs that you are). You would also want to get pre-approved for a loan, which can be a fairly quick process if you are prepared. Then there’s the home search, which can be the most fun for homebuyers as they seek their perfect home. It’s easy for home buyers to feel a bit elated at this stage, particularly if the offer is accepted. We just want to remind you though that while you may be in the last stretch, the process isn’t complete yet. In fact, there are several steps after making an offer that are also opportunities for the offer itself to change. Here are the 5 steps after making an offer:
- Negotiation – It’s true that it is a seller’s market and while homebuyers may offer the asking price or even over it, there are other aspects to discuss. These include the closing date, the terms of the sale, terms of inspections, prorating, etc. These are all part of the negotiation process and one of the main reasons hiring a REALTOR is beneficial for home buyers.
- Earnest money – Once the details of the offer are made, the home buyer will also present earnest money with the offer. This money is deposited into a third party account until closing but indicates the seriousness of the buyer’s offer.
- Inspections/Appraisal – Once the terms of the offer are determined and the earnest money is deposited, the home will need to be looked at by a licensed and reputable home inspector. This is a very important step for both the home buyer and seller and can lead to more negotiations. Equally important is the home appraisal. Again, this is also an opportunity for additional renegotiation if the appraisal comes in lower than the asking price of the home. Again, this is where an experienced real estate agent is invaluable as they can help guide home buyers through this sometimes tricky phase.
- Mortgage – Most likely the home buyer has kept the lender in the loop throughout the process, particularly since the lender will be the one requiring the appraisal. Still, the final rate lock, points, and loan term will be secured now to prepare for closing.
- Closing – The final step is the closing itself. Buyers and sellers will agree on a date to complete paperwork with the closing attorney and/or title company (though often at separate times on the same day) and the keys will be exchanged.
We understand that the most exciting part of buying a home can be making an offer on a desired home. However, there are so many important pieces of the process to complete still. Working with the right real estate agent keeps the part of the experience from becoming too stressful and overwhelming.
If you would like to work with one of our award winning agent to close on your next Nashville home, call DeSelms Real Estate today at 615.550.5565 and let us guide you through the whole process!