I Found a House - Now What?

Hopefully, the process of finding a home you want to purchase has been enjoyable. Now that you found the home, what happens next?

Your Realtor® Will Put Together the Offer to Purchase.

This document spells out the terms you are willing to offer the seller, like purchase price, earnest money, money down, loan amount, due diligence period, personal property being conveyed with the house, Title Company, closing costs, HOA regulations, close of escrow and possession. The Offer to Purchase sets the guidelines for how the transaction will take place.

Seller Signs the Offer to Purchase.

Should the seller agree with the terms of your Offer to Purchase, they will sign it and you'll have a legally binding agreement. Should the seller not find all the terms acceptable, they will send over a Counter Offer, spelling out terms they find more acceptable. The process of “Countering” will continue until there is a meeting of the minds solidified by both parties’ signatures. At this point the Counter Offer(s), combined with the original Offer to Purchase, make a legally binding agreement.

Due Diligence Period. 

Once the Agreement is signed, the Due Diligence Period begins. In Nevada this is usually 10 days. Within the 10 days, all inspections should be completed, financing should be unconditionally approved and the buyer needs to approve or disapprove all property disclosures and reports. Should something be unsatisfactory with the condition of the property, the buyer is within their rights to cancel with no repercussions. This is also the time when the buyer can make requests of the seller to repair any conditions with the property.

Dealing With Your Lender.

You will need to make sure your lender has all the requested documentation for your loan promptly. They are probably going to impound taxes and insurance, so make sure they are in contact with your insurance provider.

The Final Walk Through. 

As the buyer you have the right to make a final inspection, usually within 3 days of closing, to make sure the property is in agreeable condition. Should something have happened to the property affecting it negatively, you should request that the seller correct it. The final walkthrough is the buyer's final approval of the property before signing the final documents.

The Final Signing.

In Nevada the buyer and seller do not sit across the table to sign the closing documents. In fact, the two parties may never meet at all. You should have been presented with the Estimated Settlement Statement for review prior to coming in to sign. Reviewing this first will save a lot of headaches during the signing. Once you have signed all the documents, you are ready to take possession on the day spelled out in the Offer to Purchase. 

Keep Watch Over the Mail. 

You will be receiving copies of the final closing documents from the Title Company as well as policy information from the Home Warranty Company.  The house is yours.  Welcome Home!