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Getting your offer accepted on a home is exciting but it’s also when the real process begins. If you’re a first-time homebuyer in Massachusetts, you may be wondering what happens next, what deadlines you need to know about, and when you actually get the keys.
Here’s a simple breakdown of what to expect after your offer is accepted.
1. Your Offer Becomes the Starting Point
Once the seller accepts your offer, you’ll move forward with the terms you agreed upon. Your offer may include important contingencies and deadlines related to financing, inspections, and the purchase and sale agreement.
This is the time to stay organized and pay close attention to the dates in your offer.
2. You’ll Schedule the Home Inspection
If your offer includes an inspection contingency, your next step will typically be scheduling a home inspection.
A home inspection gives you an opportunity to learn more about the property’s condition and identify potential issues. Your real estate agent can help you understand the process and communicate with the appropriate professionals.
Remember, no home is perfect. The goal of an inspection is to better understand what you’re purchasing—not necessarily to find a flawless house.
3. You’ll Work Closely With Your Lender
If you’re financing the purchase, your lender will continue working on your mortgage approval.
You may need to provide documents such as:
- Pay stubs
- Bank statements
- Tax documents
- Identification
- Employment information
Your lender may also order an appraisal to help determine the property’s value for the mortgage.
Tip: Avoid making major financial changes during this time. Opening new credit accounts, making large purchases, or changing jobs can potentially affect your mortgage approval.
4. The Home Appraisal
If you’re getting a mortgage, your lender will typically order an appraisal of the property. An appraisal is an independent opinion of the home’s value, usually based on factors such as the property’s condition, location, size, features, and comparable recently sold homes.
The purpose is to make sure the property’s value supports the amount the lender is financing.
What if the appraisal comes in at or above the purchase price?
Great news! If the appraisal supports the purchase price, you can generally continue moving forward with your financing and the rest of the closing process.
What if the appraisal comes in low?
A low appraisal doesn’t automatically mean the deal is over. Depending on the situation, the buyer and seller may have different options, such as renegotiating the purchase price, challenging the appraisal, or determining whether the buyer is willing and able to cover the difference.
Your real estate agent and lender can help you understand your options if this happens.
5. The Purchase & Sale Agreement Comes Next
In Massachusetts, the Purchase and Sale Agreement (often called the P&S) is an important part of the homebuying process.
The P&S establishes the terms and conditions of the purchase, including details such as the purchase price, closing date, deposits, and other agreed-upon terms.
Your real estate agent and attorney can help guide you through this stage and make sure you understand the documents you’re signing.
6. Title Work Begins
Before you officially become the homeowner, a title search is performed to make sure there aren’t issues with ownership of the property.
Your closing attorney typically handles the title process and works to make sure the property can legally be transferred to you.
This is one of those behind-the-scenes steps that you may not see happening—but it’s an important part of getting to the closing table.
7. You’ll Get Closer to Your Closing Date
As your closing date approaches, there are several moving pieces happening at once.
Your lender is finalizing your loan, your attorney is completing the necessary legal work, and your real estate agent is helping coordinate the final steps.
You’ll also receive information about the amount of money you need to bring to closing and how the funds should be transferred.
8. You’ll Do a Final Walk-Through
Before closing, you’ll typically have the opportunity to do a final walk-through of the property.
This gives you a chance to make sure the home is in the expected condition and that any agreed-upon repairs or items included in the sale have been addressed.
It’s not another inspection it’s more of a final check before you officially take ownership.
9. Closing Day 🎉
Then comes the day you’ve been waiting for: closing.
You’ll sign the necessary documents, your lender will fund the transaction, and ownership of the property will officially transfer according to the closing process.
Once everything is completed, you can finally get the keys and start making the house your own.
