You’ve found a home you love and made an offer. The seller has accepted the offer and you have given the title company or broker a check for earnest money. The next step in the process is closing time — which is to say, a lot of “hurry up and wait” time.
This is the time in which a home inspection takes place. If the inspection shows significant problems, then further negotiations may take place. The buyer may either ask the seller to pay for the repairs or to lower the sales price.
During this time, the financial issues will be finalized. The mortgage company will appraise the property, if needed. If the appraisal is lower than the selling price, further negotiations will be required. The buyer will also need to finalize approval for the mortgage and be prepared to pay the closing costs and down payment.
Start packing — it’s time to move to your new home!