What to Expect After Your Offer is Accepted
Getting through a home purchase, while maintaining your sanity, take a lot of time and a lot of energy. From getting a loan pre-approval, to finding the right home and the right neighborhood, submitting a competitive offer and having it accepted, is really just the tip of the iceberg.
Once you’ve got a signed contract in hand, it feels like the work is done, but that’s not the case. Getting the transaction closed requires a lot more work and attention.
In fact, after the offer is accepted, your Realtor’s help and guidance really pays off. There are often challenges that can surface all the way up to closing – you may not even realize everything your Realtor is doing behind the scenes.
“Every state has different regulations regarding the multiple contracts required for a successful sale,” Skip Johnson with The Platinum Group Realtors said, “and these regulations and contracts are constantly changing. At the Platinum Group we are experts in this market and can guide you through the stacks of paperwork necessary to make your dream a reality.”
Things That Can go Wrong After a Purchase Offer is Accepted
1. It’s crucial that buyers do not change or alter their financial situation in any way between obtaining a pre-approval and closing on the purchase. This means don’t buy a car, don’t make any major purchases, avoid adding any additional debt to credit cards and, above all, don’t quit your job.
2. Buyer’s should be prepared to walk away from the home if any major defects are discovered and cannot be addressed in a satisfactory manner. There are a vast number of things that could be wrong with a home that isn’t clear until a professional home inspector takes a look.
3. Also, be prepared to walk away from the home if you can’t obtain the type of financing you were qualified to get and the new terms are unacceptable. Lenders can make mistakes by initially relying on verbal information that might not be verifiable in the end. It’s realistic for some to not know if the loan is approved until just days before you are ready to close.
4. If appraised value is not high enough to justify the price accepted by the seller, buyers may also need to be prepared to walk away from the purchase. The seller will likely not be willing to lower the sales price, and you might not be able to pay the difference in cash.
“When getting help with money,” Johnson said, “whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”
Experienced agents, like the team at The Platinum Group Realtors, are used to dealing with these issues and more, every day. Not only can these experienced, local Realtors help you traverse the complex facets involved with buying and selling a home, they can also guide you through the various things that can go wrong after the purchase offer is accepted.
For a no-obligation consultation call 719-536-4326.