Step 7: I Have an Accepted Offer, Now What?

Congratulations on having an accepted contract on a house, but now what? Often contracts are accepted verbally by the seller’s agent first while signatures are gathered from the sellers. It can take 1 – 2 days for all parties to sign and return the contract so be patient. Until we have an executed contract (which means everything has been signed by both the sellers and the buyers) we do not have an enforceable contract. Therefore, it’s urgent that a signed contract be received by all parties asap. Once a signed contract is received, several things need to happen:

1. The contract needs to be sent to title so the review process can begin. As your Realtor, we’ll take care of this for you. A lot happens behind the scenes during this time, an attorney reviews the title, a survey is ordered, etc. 
2. The contract needs to be sent to your mortgage lender. Again, as your Realtor, we’ll take care of this. This lets your mortgage lender know that you’re under contract and starts the process of getting the full approval for the mortgage (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. They will ask you to fill out a lot of paperwork. Some mortgage lenders joke it’s like getting a financial colonoscopy. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better. Also, we need you to read this quick two-page document regarding the mortgage process.
3. You need to schedule the home inspection. Click here for my list of recommended home inspectors. This needs to be done asap.  
4. You need to write and drop off the earnest money check or schedule a wire (if doing a wire we will need to know in order to get you wiring instructions). Typically the earnest money check is made out to the title company and is either in the form of a personal check or a certified check (we’ll let you know which one you need). Usually, it is dropped off at the title office. When you drop it off make sure you ask for a receipt. Hold on to the receipt and email us a copy at kmcvey@ccoklahoma.com. Click here to read more about the earnest money check.

After the above items have been done, we’ll email you with additional next steps as we progress. Think of it as our friendly way of giving you homework to ensure a smooth transaction and to help you make sure everything gets done on time.