Buying a Home in Chandler? What Happens After Your Offer Is Accepted?
Are you thinking about buying a home in Chandler? If you're like most folks, when you find the right home for your family in the perfect Chandler neighborhood and make an offer, you’ll wait anxiously to see if it has been accepted. Sometimes you’re lucky enough to hear back within only a few hours and other times it can take a few days or even weeks to hear the good news. So, what happens after you find out that your offer has been accepted? It’s a common question and one that your Chandler REALTOR® can help you with. In short, everything that has been contractually agreed upon between buyer and seller now begins playing out. Here are the steps that you can expect to happen:
Earnest Money Deposit
When you enter into a contract with a seller, they may expect you to offer an earnest money deposit, which is a show of good faith that you are planning to go ahead with the home purchase. Earnest money deposits are usually between 1 and 3% of the sale price and are held in an escrow account. You may want to ask your agent to include a clause that makes the deposit refundable if your financing falls through or the home appraises for less than what you offered.
Lender Property Appraisal
Next, a lender appraisal will need to be done. This is when the lender asks a third party to come out and assess the financial value of the home. If a loan is to be considered for approval, the lending institution typically wants to see the property appraised at the sale price or higher. If the appraisal comes out well, you could get approved for the selling price. However, if the appraisal comes out lower than the selling price, you could have a hard time getting a mortgage unless the seller is willing to come down in their price.
A property inspection is required in order to assess the condition of the home for financing and must be examined by a licensed property inspector. During the home inspection, issues may surface that will require negotiation. If serious problems are reported on the home inspection report, you can try and negotiate a lower price with the seller, although the seller doesn't have to agree to that.
A typical home inspection checklist for buyers includes things like ensuring the home doesn’t have structural issues, faulty wiring, issues with the plumbing system, problems with the HVAC system, and broken windows or doors. An inspection that turns up serious defects in the home could be grounds for nullifying the purchase agreement.
The Chandler property must have a clear title for a clean exchange of ownership. A clear title states that the current owner of the property owns it free and clear without any kind of lien or levy from creditors or other parties and poses no question as to legal ownership. If these contingencies (or any others listed in the purchase contract) are not met, the deal can be nullified and the good faith money returned to the buyer.
The walk-through is the last hurdle to clear before you head to the closing table. If there are any issues during the walk-through, this is your opportunity to point them out. Your Chandler real estate agent should attend the walk-through with you to make sure you’ve covered everything on your checklist.
Your checklist will include items such as making sure all the light switches work; checking for leaks by running water in kitchen and bathroom; testing out all major appliances (stove, fridge, microwave, dishwasher, etc) included in the sale to make sure they work; checking windows and doors to make sure they don’t stick and locks work; checking the walls, floors and ceilings for any signs of damage; running the AC/heating system; flushing toilets; making sure the house is clean, and so forth. Your Chandler REALTOR® can help with getting any problems quickly resolved to avoid a delayed closing.
Once all the documents are issued, you will head to to the closing to sign the documents. This usually happens with a third-party closing agent or escrow company that ensures everything is in order. The closing date is mutually decided between buyer and seller in the purchase contract. During the closing, all final documents are signed, closing costs paid and ownership of the home is legally changed. Because a lot can happen between having your offer accepted and actually getting the keys to your new Chandler home, it's crucial that you work with an experienced Chandler real estate agent.
A highly-skilled agent like Cathy Carter will be able to navigate you through any hurdles that can happen along the way. Yes, there are a lot of moving parts to real estate and there are things that can potentially go wrong. By partnering with Cathy, you’ll have an expert by your side who will protect your interests, advocate for you, and handle the complexities of the real estate transaction for the best possible outcome.
PARTNER WITH THE BEST REALTOR® in Chandler - CATHY CARTER
Serving the local community for over two decades, Cathy Carter is a luxury home specialist and a highly-skilled Chandler REALTOR® with extensive market knowledge. Whether you’re are looking to invest in Chandler real estate or it’s time to sell your current home, experience matters most in a changing market. Along with her professional and friendly team, Cathy provides the kind of knowledge, skills, commitment, and personalized assistance you need and deserve.
Cathy can provide you with all the resources and information you need about Chandler real estate such as the different neighborhoods and communities, the types of homes and features offered, the top builders in the region, HOAs, nearby schools, area amenities, and so much more. Her genuine and caring approach to the real estate process allows her to connect with her clients on a more personal level which allows her to find the right home for them.
Cathy would love to meet with you to discuss the type of home you have in mind and help you explore your options for making the best home purchase decision. For out-of-town buyers, Cathy is also a relocation expert and will make sure the details of your home purchase and move to Chandler are handled professionally and with care.
Please give Cathy Carter a call today at 480-459-8488, or fill out the online contact form, and she will be more than happy to answer any questions you may have about buying or selling Chandler real estate.
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2450 S. Arizona Ave, Suite 1
Chandler, Arizona 85286