We have made an offer... what should we expect?
Once you have made an offer the listing agent must present the offer to the seller. The seller must then decide to 1. Accept the offer 2. Decline the offer 3. Make a counter offer. You then have the same choices. There is no limit to the number of counter offers one can make.
Once there is an accepted offer you will have many tasks ahead. Your lender will need you to meet with them pretty quickly. You will need to be prepared to give your lender paperwork and lots of it :0)
Most common items are: bank statements, tax returns, pay stubs, divorce decrees and other sources of income proof. There are many more items but these are most common.
You will also need to schedule inspections or have your agent do so. If items are found in need of repair a post inspection will be done. The seller can choose to fix the items found, not fix the items or even pay an amount towards repairs (usually to a contractor).
Once all of these items are done you and your package has been approved by the bank underwriter you will be given a "clear to close". In Ohio you have to have your settlement statement for 3 business days before you can close.
At closing you will need forms of identification ie: photo ID or passport, closing funds & a good pen :0) Keys are often given at closing or a set number of days beyond closing. 5-10 days is pretty common. Make sure your agent figures out utility transfer dates for you. Often times they will be disconnected if not transferred and then you are stuck with a re-connection fee as well.
Congratulations! You have purchased a house :0)
April Hauser
Irongate Inc., Realtors
Ryan Gillen Team
937-305-5370
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