Now that we have an accepted offer, what's next? We have 10 days in which to do a Home Inspection. We both attend because you will learn much about the mechanics of the home. Should you be out of the area, I will attend. You will have a spiral bound book listing every detail of the home. Any repairs will be requested in writing within 7 days and the seller has 7 days to respond.
This is also the time to be in touch with the lender to provide whatever is necessary for the final loan documents. The lender will go through the underwriting process and a commitment letter will be issued. The lender will want to know who you prefer to use for a closing attorney (some lenders only work with particular approved attorneys). I can recommend an attorney if need be. The lender will require you provide an insurance binder for homeowner's insurance. If you do not have an insurance company, I can recommend one. You should arrange for insurance ASAP.
As the buyer, you will want to arrange for the utilities to be turned on when the seller's is turned off. This is usually done in the last week before the closing. Don't forget to have the phone company turn on your new service as well. Make sure all magazines, bills, family and friends have your new address as well. Anything related to school registration should also be done well in advance and can be done as soon as a Purchase and Sale Agreement has been executed.
