Las Vegas Community Expert
Bruce Williams
(702) 213-1946(702) 213-1946

What To Do After Your Offer Is Accepted.

  1. Deposit Earnest Money –  Earnest Money is a good faith payment agreed upon in by Seller and Buyer in the Purchase contract. Like everything else in Real Estate, The amount and time frame is negotiable, however you are going to want to deposit it ASAP because without it you usually don’t have a binding contract and the seller can continue to market to other perspective buyers.
  2. Schedule Inspection – Most states have a due diligence period which allows the buyers to back at any time for any reason, because of this you are going to want to schedule your inspection ASAP. If there is any problem with this property you want to know it right then and there so that you have some leverage against the seller if your agent has to negotiate repairs for you. If you don’t know an inspector, ask your Real Estate Agent. One of the things I like to do is to provide my clients with a list of inspectors that I have worked with in the past.
  3. Order an Appraisal – If you are paying cash, then ignore this part. However for everyone else now is the time to find an appraiser to accurately asses the value of the home. In your contract, your agent should have given you a couple of weeks to get it ordered and hopefully you have already been meeting with your lender quite regularly at this point. The appraisal is designed to protect you the buyer from over paying for a property, or taking on the previous homeowners problems, so you’re definitely going to want to get it and most financed deals are contingent upon them.
  4. Prepare Closing Cost Funds. – Every property purchase comes with front end and back end cost. Closing Cost would be considered the back end. Depending on the type of market you are buying into, you may be able to get the seller to contribute to some of the cost. Closing cost will usually include title and escrow fees and the rule of thumb is between %2 – %5 of the purchase price, but it varies depending on the amount you spend on the property.
  5. Schedule Final Walkthrough – This is probably the lease stressful of all the stages, however you could easily argue, that it is the most important one. After the inspection and appraisal, there is a good chance that some minor repairs may need to be done, especially if you’re purchasing a resale home. The walkthrough is the time to go through the home and make sure those repairs were properly completed. In most contracts this takes place about 3 days before closing.

 

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