From Accepted Contract to Close: Your Cliff Notes Guide to What Happens Next Congratulations! Your offer has been accepted—this is a huge milestone in your home-buying journey. But what happens now? This guide breaks it all down into simple, easy-to-follow steps. Think of it as your "Cliff Notes" for going from accepted contract to closing day. Let’s get started! Step 1: Deliver Your Earnest Money Earnest money is like a good faith deposit showing you’re serious about buying the home. The contract spells out exactly who will hold this money (usually an escrow or title company) and how you’ll need to pay it. Payment methods may include a check, ACH transfer, or even a wire. Be sure to deliver the money quickly—most contracts give you only a few days to complete this step. 💡 Pro Tip: Always get a receipt for your earnest money deposit and keep it in a safe place. Step 2: Schedule Home Inspections Once the contract is fully executed (this means all signatures and initials are in place), the clock starts ticking. You’ll have a set number of days—outlined in your contract—to handle inspections. This includes: Finding a home inspector: Your agent can recommend reliable professionals. Scheduling the inspection: Most inspectors can visit the property within a few days. Negotiating repairs: If the inspection uncovers issues, you can request the seller to address them or offer credits. Make sure to complete everything within the inspection period, so you don’t miss out on your chance to negotiate or back out if needed. Step 3: The Appraisal Process If you’re using a mortgage to buy your home, your lender will order an appraisal. This ensures the home’s value matches the loan amount. While the lender handles most of the logistics, staying aware of the timeline is important. The appraisal needs to be completed before closing, so avoid any delays. Step 4: Organize Your Paperwork Buying a home comes with a lot of paperwork. Your lender or real estate agent may ask for additional documents like: Updated bank statements Proof of employment Explanations for large deposits or financial changes Respond quickly to these requests to keep your loan process moving smoothly. Step 5: Review the Title Commitment The title company will check the property’s legal history to ensure it’s free of issues like liens or disputes. You’ll receive a title commitment, which outlines what the title company is insuring. This is an important step to make sure the home will legally belong to you after closing. Step 6: Prepare for Closing Costs Before closing day, your lender will send you a Closing Disclosure. This document breaks down all the costs associated with your home purchase, including: Loan fees Taxes Title charges Review it carefully to avoid surprises. If anything looks off, ask your lender or agent for clarification. Step 7: Schedule the Final Walkthrough A day or two before closing, you’ll have the chance to walk through the home one last time. This is your opportunity to confirm that: The home is in the same condition as when you made your offer. Any agreed-upon repairs were completed. If something isn’t right, bring it to your agent’s attention immediately. Step 8: Closing Day This is the big day! You’ll sit down to sign a stack of documents, pay any remaining closing costs, and finally get the keys to your new home. Your agent and closing team will guide you through every step to ensure there are no hiccups. Frequently Asked Questions 1. What happens if the inspection finds major problems?You can negotiate with the seller to fix the issues, provide a credit, or lower the sale price. If an agreement isn’t reached, you may have the right to cancel the contract, depending on the terms. 2. Can I back out after the appraisal?If the appraisal comes in low, you may renegotiate the price with the seller. Your contract may also include contingencies allowing you to back out under certain conditions. 3. What should I bring to closing?Typically, you’ll need: A valid photo ID Proof of homeowners insurance Funds for closing costs (if not wired in advance) Key Takeaways The journey from contract to close involves several critical steps: earnest money, inspections, appraisals, and paperwork. Timelines are tight, so stay organized and respond quickly to keep the process moving. Your agent, lender, and title company are there to guide you every step of the way. Let’s Get You to the Finish Line! Buying a home doesn’t have to be overwhelming. With my 23 years of experience in real estate, I’ve helped hundreds of buyers just like you close on their dream homes. Need help with your next steps? Contact me today to ensure your journey from contract to close is smooth and stress-free! 📲 James McGrew JrReal Broker, LLC316-284-7767James@MovewithMcGrew.com

What’s Included in an Offer? When you make an offer, you’re not just stating how much you’re willing to pay. Your offer serves as a blueprint for the entire transaction. Here’s what it typically includes: 1. Purchase Price This is the amount you’re offering to pay for the home. 2. Loan Type and Down Payment Your loan type (e.g., FHA, VA, or conventional) and your down payment amount should be specified. These details show the seller your financial preparedness. 3. Closing Costs Closing costs include fees for services like title searches, loan origination, and attorney fees. You can negotiate who pays these—either the buyer or the seller. 4. Buyer Agent Commission Clearly state whether the buyer or the seller will cover the buyer’s agent commission. 5. Home Warranty Including a home warranty in the offer can provide extra peace of mind for both parties. A home warranty outlines: The Company: Specify which home warranty provider will be used (e.g., American Home Shield, First American, etc.). The Plan: Detail the plan type (e.g., basic, premium, or a custom plan). The Cost: Typically ranges from $300–$600, depending on coverage. **confirm before agreeing** Who Pays for It: Indicate whether the buyer or seller will cover this cost. 6. Closing Date and Possession Date The closing date is when the deal is finalized, while the possession date specifies when you can move in. 7. Inclusions Your offer will list what stays with the home, such as appliances, blinds, or outdoor equipment. 8. Any Current Leases If either party is under a lease, this should be noted. For sellers, this might involve tenants living in the home being sold. For buyers, your current lease and its end date can affect the timeline. 9. Inspection Period The inspection period is the agreed-upon timeframe for you to conduct inspections on the home. It’s essential to include this in your offer. 10. Known Issues and Disclosures Any known issues with the home should be disclosed through supporting documents. Examples include: Floodplain designation Groundwater contamination Lead-based paint Seller account of what's working in the home and any known issues in/out of the home. Structural concerns Key Costs to Remember Buying a home comes with more than just the purchase price. Here are some additional costs to budget for: 1. Earnest Money 💰 Earnest money is a good-faith deposit that shows the seller you’re serious. This is often 1-3% of the purchase price but can sometimes be as low as $500–$1,000. 2. Home Inspection 🔍 A home inspection helps uncover potential issues. The cost varies based on factors like the home’s age, size, and inspections needed. These might include: Termite inspection Sewer scope Mold testing Radon testing Well or septic system inspection Tip: Always inquire about costs upfront to avoid surprises. 3. Home Appraisal 📈 An appraisal ensures the home’s value matches the loan amount. Expect to pay $500–$800 for this service. How the Contract Guides the Process The offer evolves into a legally binding contract once accepted. It outlines key details, including: Earnest Money Timeline: When your earnest money needs to be deposited. Inspection Period Details: How long you have to complete inspections and submit repair requests. Disclosures: Any known issues or legal obligations related to the property. The contract helps ensure all parties know what to expect and keeps the transaction on track. Stay Realistic When making an offer, remember there’s another person on the other side of the deal. While it’s important to protect your interests, flexibility and fairness can make a big difference. Do Your Research: Check the home’s market value and comparable sales in the area. Be Ready to Compromise: Small adjustments, like agreeing to a slightly different possession date, can help seal the deal. Focus on Win-Win Situations: Instead of a personal letter, find terms that benefit both you and the seller. Tips for a Strong Offer 1. Submit a Pre-Approval Letter Include a pre-approval letter with your offer to show you’re financially ready to buy. 2. Highlight Fair Terms Keep contingencies reasonable while ensuring you’re protected (e.g., inspection or financing contingencies). 3. Be Flexible Accommodating the seller’s needs, like adjusting timelines, can make your offer more appealing. Final Thoughts Making an offer is a big step in your homebuying journey. By understanding the details involved and working closely with your agent, you can make a confident and competitive offer. If you’re ready to start your homebuying journey or have questions about making an offer, reach out today. With the right guidance, your first home can be just around the corner!

When it comes to buying a new home, touring properties is one of the most exciting steps in the process. Whether you're a first-time buyer or looking to upgrade your current lifestyle, understanding what to expect before and during home tours can make a significant difference. Here’s what you need to know to get started, along with some best practices for making the most out of your home tours. ### Buyers: Preparing for Your Home Tours Before you start visiting homes, it's crucial to have a clear idea of your needs and preferences. This includes setting a budget, identifying must-have features, and considering the lifestyle you envision in your new home. Are you looking for a quiet suburban neighborhood or a bustling urban environment? Do you need multiple bedrooms for a growing family, or are you seeking a cozy space just for yourself? ### What's Needed to Get Started Touring Homes 1. **Pre-Approval for a Mortgage**: Before you even set foot in a potential new home, getting pre-approved for a mortgage is essential. This not only gives you an idea of what you can afford but also shows sellers that you're a serious buyer. 2. **A Real Estate Agent**: Partnering with an experienced real estate agent can make your home search much more efficient. They can provide valuable insights into the market and help schedule tours that fit your criteria. 3. **A List of Priorities**: Create a checklist of features that are non-negotiable versus those that are nice-to-have. This will help you stay focused during tours and make more informed decisions.4.**Buyer Showing Authozation form**: Starting August 17 2024 as a result of the NAR settlement. Realtors are required to have potential home buyers sign a Buyer showing authoziation form before touring homes (In person and virtual). This form is between the buyers and the brokerage. identifying the agent helping this buyer. It has a start date and a end date. You are able to identify potential homes that the buyer is interested in as well. The form also lets the buyer know that the agent is working as a tranaction broker (neutral 3rd party) and what they do/don't do and along with any showing fees that are being charged. The real estate landscape has changed with this requirement but don't fret. You are not tied to this agent. Think of it as a test run. If you want to proceed with this agent there will be more forms to go over. ### Best Practices During Home Tours 1. **Be Mindful during tours**:With recording devices becoming smaller and more affordable try and not say anything that could put us at a disadvantage if you are wanting to put in offer on said home. Best rule of thumb is to wait until we are outside and away from the home. 2. **Ask Questions**: Don’t hesitate to ask your real estate agent questions about the property’s history, any recent renovations, or potential issues that might need addressing. 3. **Consider Future Needs**: Think long-term when evaluating homes. Will this property still meet your needs in five or ten years? Is there room for growth if your family expands? 4. **Check Out the Neighborhood**: Take some time to explore the surrounding area. Visit local shops, parks, and schools if applicable, to get a feel for the community. ### The Role of a Transaction Broker In some real estate transactions, especially in states like Colorado and Florida, buyers may encounter transaction brokers rather than traditional buyer's agents or seller's agents. A transaction broker acts as a neutral third party who facilitates the transaction without representing either side exclusively. This neutrality can be beneficial because it ensures that all parties receive fair treatment without any conflicts of interest. However, it's essential to understand that while transaction brokers can provide valuable assistance with paperwork and negotiations, they won't advocate specifically for your interests as an exclusive agent would. ### Final Thoughts Touring homes is an integral part of finding the perfect property that matches your lifestyle needs and budget constraints. By preparing adequately before starting your tours and following best practices during them, you'll be well on your way to making an informed decision. Remember also to consider working with professionals like real estate agents or transaction brokers who can guide you through this complex process efficiently. Happy house hunting! James McGrew Jr Real Broker, LLC 316-284-7767 James@MovewithMcGrew.com