Your Offer is Accepted! So Now What??? Part 1 of 2 (Accepted Offer thru Purchase and Sale)

The Mortgage Buddy would like to welcome our newest contributor Keith Pentz to the site. Keith Pentz is a Realtor for RE/MAX Advantage 1 in the Worcester, MA office located in the heart of the city on Shrewsbury Street. Keith works with everyone from first time home buyers to seasoned investors on both the buying and selling side of the transaction. What separates Keith from many other Realtors in the area, and why we are so excited to have him contributing to the site, is his background in the mortgage industry. Before making the transition to real estate agent Keith was one of the top mortgage originators in Massachusetts working in various roles from assisting loan processors to being a branch manager for a top local lender. This mortgage background adds value to his clients and accountability to his lending partners.

Your Offer is Accepted!  So Now What???

Congratulations on having your offer to purchase your new home accepted!  Here is what you can expect from your Accepted Offer thru Singing your Purchase and Sale:

Tell your Loan Officer The sooner you tell your loan officer that you have an accepted offer the better.    They can then get you a list of their own expectations, checklists and documents that will be needed so that you will have no surprises during the process.  A few notes to help keep your stress to a minimum:

Don’t open any new lines of credit until your loan is closed; don’t deposit cash in your account (or anything else that you cannot prove where the money came from.  You WILL have to prove where any deposits that show up on your account came from); keep all of your pay-stubs and bank statements as they come in.  You WILL be asked for updated bank statements and pay-stubs all the way up to your closing so don’t get offended by this, just know you will have to present them.  Everyone does! And you will get a big stack of disclosures to sign from your Mortgage Company.  Ask questions immediately and get those signed and returned ASAP.  They will delay your loan processing at a very vital time and you do not want to be more stressed than you need to be!

Present your Initial Earnest Money Deposit If you didn’t give the first deposit with your offer you need to do it ASAP.  This secures your contract with the seller and is money that is held to be sure that you are serious about buying the property.  If there were no funds that were held buyers would be able to tie up multiple properties without risking any money and then back out of properties whenever they want without any penalty.  This means lost marketing time and missing out on other offers for the sellers and is one of the reasons Earnest Money Deposits are required.

Get a Homeowner’s Insurance Quote Early Be sure to call and get a Homeowner’s Insurance quote as soon as you know you are moving forward with the process.  Your Mortgage Company will need the information and you will need to know what you will be paying so get this done as soon as you can.

Schedule your Home Inspection Most offers to purchase allow 7 to 14 days for you to have inspections of your choice (property, termite, structural etc) so that you know the true condition of the property.  Home Inspectors check for defaults in the property such as mold, leaks, prior damage, insect infestation, electrical and plumbing issues and water quantity that most consumers are not expert in detecting.  If there are issues that are brought up during the home inspection you have two options 1. Withdraw your offer within the time-frame stated on the offer based on your home inspection contingency, be refunded your Initial Earnest Money Deposit and walk away from the home. 2. Present a list of issues and what you would like to be done to remedy them.  I usually suggest having your attorney involved to present these issues to the seller’s attorney.  There are instances where I will present the issues to the listing agent if we can work them quickly and without putting anyone’s money at risk.

Sign the Purchase and Sale Agreement Once any Home Inspection issues are sorted out it is time to sign the Purchase and Sale Agreement (P&S).  The P&S is a much more detailed contract that takes precedence over the initial offer, is drafted by the Seller’s Attorney and is reviewed by both attorneys until both sides feel it is fair and accurate (as opposed to the initial offer which is NOT reviewed by the attorneys).  Be prepared  for another deposit (use a bank check and not a personal check) to further secure the property.

Coming Soon!  Look for Part 2: Your Offer is Accepted! So Now What??? Appraisal thru Closing

Keith Pentz, Realtor
RE/MAX ADVANTAGE 1
179 Shrewsbury Street
Worcester, MA 01604
774-232-1690 Cell (call or text me!)
508-453-1033 Fax
keithpentz@gmail.com
https://www.facebook.com/sellcentralmass

 This Post is “Mortgage Buddy Approved”