10/18/2022
After an offer is accepted, the remaining steps of the home buying process include:
1️⃣ Appraisals — lenders won't make loans in amounts that exceed a home's fair market value
2️⃣ Inspections — can reveal flaws not easily identified by sight
3️⃣ Legal Disclosures — sellers must divulge any known defects like water damage, toxic materials, pests, natural hazards
4️⃣ Title Report — ensures the seller owns the home and has the legal right to transfer title
5️⃣ Lender Docs — if pre-approved for a mortgage, the lender takes a final look at your credit report before giving the clear to close
6️⃣ Order Insurance — lenders want to protect the value of the property in case something goes wrong
7️⃣ Final Walkthrough — not required, but recommended, to review any agreed-upon repairs
8️⃣ Contingency Removal — such as a home inspection, appraisal, final loan approval, etc. once satisfied
9️⃣ Closing — sign paperwork, transfer down payment funds and key exchange
Voila! The deal is done and the only thing left is to move in. 🎉
