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Re: sellers accepted our offer...yikes!
Congratulations on your accepted offer!
You really want to move as quickly as possible to get to contract, as the deal is not solidified until the sellers sign the contract. Up until that point, they can always change their minds, accept another offer, etc. So I always advise my buyers, esp. if it's a hot house or in a competitive area, do NOT drag your feet.
One of my buyer clients recently made an offer on a house where the seller had just accepted another offer. We got a call back a week later from the listing agent saying that the first buyers were not moving things along (they hadn't even scheduled a home inspection yet), so the seller wanted to move on to my buyers. My buyers scheduled the inspection the next day, then signed the contract asap, and are getting the house!
So yes - the next step is to do a home inspection. This typically runs $400-$500. It's best if you find an inspector who can also do the termite inspection (that your bank will require) at the same time as the home inspection. Otherwise, you need to schedule that separately, but many inspectors can do both. Also make sure that the inspector will generate his written report quickly (a lot of them send them out the next day) and can send it via email (I've had a few that will only mail it which delays the process significantly. I try to avoid recommending inspectors if possible -- only because people have very differing expectations here. But ask family and friends, or search the boards here for positive reviews of home inspectors. It is very important that the inspector not only be thorough, but also be willing to explain things to buyers and put things in context. Remember - the inspector's job is to point out everything with the house, and not everything he is telling you is a problem (for example, a lot of inspectors point out things that you can do for preventative maintenance once you are in the home, which aren't necessarily current defects with the home). Unless you are buying a brand new house, some little issues usually crop up, so don't freak out!
You will need a real estate attorney to handle the contract and the closing. I often work with Kristen Breglio who is a vendor on this site, and I highly recommend her (she is currently working with my own brother-in-law and sister-in-law). She is very thorough and accessible, and I think she is an ideal fit for first time buyers. Whomever you select, make sure it's an attorney who specializes in real estate. I have had people insist on using their relative who is a Wall Street lawyer, or their dad's friend who specializes in medical malpractice, and this can make for a VERY challenging transaction. A real estate attorney is a must!
You should also let your loan officer know that you have an accepted offer. You can't actually apply for the loan until you are in full contract, but at this point, the loan officer can advise you of what documents and information you will need, and you can/should start pulling that together, so that you are good to go when you are in contract (which can take a couple of weeks). Once you are in contract, you will have a set time to get your mortgage commitment (usually 45 days), so the less time wasted, the better!
Good luck!
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: real estate lawyer and house inspection
Congrats, I am going to FM you my home inspector, we were very happy with him, he was thorough and answered our millions of questions and totally put us at ease.
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