You may have a lot of questions and uncertainties when buying your first house, especially after you make an offer. When you make an offer, it is important to understand what steps will come next, and here are several things you should expect to happen after you write up your offer and submit it to the seller.
You wait for the seller to respond
The first thing that happens after you make the offer is that you must wait. This period of waiting will usually only be for 48 hours or less, but it can seem like a lifetime. The seller will have this time to consider the offer you made and will then be able to respond to it.
You proceed with sale or choose a different house
If the seller is satisfied with the offer, you can proceed to the next steps in the process of gaining the title and possession of the house. If the seller does not accept, and if you cannot reach an agreement, you would need to start the process over and find a different house to make an offer on.
You must complete loan requirements
If you reach an agreement with the seller, you will need to begin your steps in the process of closing on the house, and there are a lot of steps that must occur before you can actually become the owner of this house. Your lender will typically give you a list of steps that must take place. The lender may handle most of these tasks, but you may have to take care of some of the things on the list.
You wait for closing
Finally, after doing everything you must do, you will again have to wait, and you should try to wait patiently. A sale of a house is a big deal, and therefore, it will take some time. The lender will have to make sure you still qualify for a loan and that the price you are paying for the house is the right price. After approximately three weeks or so, you should receive a date for the closing appointment to take place.
The steps involved after the offer may take four to six weeks to complete from the day the seller accepts. If you are trying to find the right house to buy, you should talk to a real estate agent if you have not already done so.