Offer Accepted Phase of Home Buying

So, you’re thinking about getting a home, and there’s this thing called the “offer accepted phase.” Sounds pretty official, right? Well, we’re here to break it down for you.

Why the Offer Accepted Phase Matters

This step is super important because it’s when the person selling the house says, “Okay, I like your offer!” It’s like a big thumbs-up, and it means you’re on the way to getting the house.

Before this, you’ve probably been looking at different homes, making sure you can afford it, and maybe even going to see some with a real estate helper. Once you find the perfect one, you make an offer. This offer has details like how much money you’ll pay, when you want to finish the deal, and any special stuff you want.

Now, the person selling the house has three choices: they can say “yes” to your offer as it is, they can say “no” completely, or they can make a different offer back to you. If they say “yes,” then you’re off to the next part of the home-buying adventure.

Where Does This Offer Accepted Phase Fit In?

This step happens after you find a home you like and you give your offer, but it’s before you can say the home is officially yours.

But wait, it’s not the final step! The real closing happens later. That’s when everything is super official, and you get the keys to the home.

After the seller says “yes,” there are some other things that need to happen before everything is done. Like checking if the home is okay with a home inspection, making sure the home’s history is clear, checking how much the home is worth, and getting a promise that the home is in good shape.

Lastly, you have to give something called “earnest money” (that’s like saying, “I’m really gonna buy this”) and some money upfront (that’s the down payment). Both you and the seller need to look at and agree on something called a “closing disclosure.”

How Long Does the Offer Accepted Phase Usually Take?

This part’s time can be different for everyone. It depends on how tricky the deal is, how many special conditions there are, and how fast everyone moves. Sometimes it’s quick, like just a few days, but other times it can take weeks or even months.

While this step is happening, you need to be ready to answer questions and do things pretty fast. The seller should be ready to share any needed info quickly too so everything goes smoothly.

What First-Time Home Buyers Should Know

Okay, so if you’re buying your very first home, there are some extra things to keep in mind during this step:

  1. It’s Exciting but Not Final: When the seller says “yes,” it’s a big deal, but it’s not the final curtain. There are more things to do before you can officially call the new place yours.
  2. Be Ready for Some Waiting: Sometimes, things don’t happen as quick as you want them to. So, you need to be patient and ready for a bit of waiting during this phase.
  3. Money Stuff: Buying a home costs more than just the price tag. There are other costs like closing fees, earnest money, and a part of the total price (that’s your down payment). These money things can add up real quick, so you need to be ready for them and not take on too much debt.
  4. Keep the Communication Going: It’s important to keep talking with the seller and your real estate helper. Good communication can make this phase a lot smoother.

So, there you have it! The Offer Accepted Phase of getting a home is exciting, but it’s also just one piece of the puzzle. Stay patient, be ready for the money stuff, and keep talking to everyone involved, and you’ll be well on your way to owning your own home!

Marshall Gottlieb - Co-Owner and CEO
Marshall spent seven years in hospitality and the restaurant industry prior to beginning a career in real estate and lending. After obtaining a finance degree with an emphasis in investments from Northern Arizona University, he began working at Quicken Loans. He spent seven years there as a banker and then Senior Director prior to co-founding Agave Home Loans. (NMLS ID: #1107208)

Want to say something? Post a comment

Your email address will not be published. Required fields are marked *