Buying a home in Markham is an exciting time, especially once the sellers accept your offer. However, this doesn’t mean the work is complete. In fact, it is just getting started. Here are a few things you must do once your home offer is accepted.
Hire a Home Inspector
Hiring a home inspector is a critical phase of the home-buying process and it is a step that you should not skip. A home inspector will closely examine all areas of the home and look for any potential issues and needed repairs. If large problems are found, this could change your offer or even cancel the sale. While hiring a home inspector will cost you, it could potentially save you thousands of dollars and prevent you from making a bad investment.
The Home is Appraised
An appraiser will also inspect the home and appraise its value. This individual is trained and approved by the lender to provide this information. If the home is appraised for less than the purchase price, you may need to rework your offer. Lenders will not approve a loan that is more than the appraised value of the home.
Watch Your Spending and Financial Situation
Your credit greatly affects your approval for a mortgage loan. If you are pre-approved, be mindful not to open any additional lines of credit before closing on your home. This could affect the final transaction and closing — possibly even cancel it. This means you must not open any new credit cards, buy a new car, etc.
Do a Final Walk Through
Before you sign your closing documents, you will do a final walkthrough with your real estate agent. This walkthrough is to ensure the condition of the home is what you originally agreed upon and any upgrades and repairs requested in the offer and following the inspection are complete. If these repairs are not completed and the condition of the home has changed, this can affect the closing date on the home.
When you work with an experienced real estate agent, they can help you navigate through all the processes, decisions, and terminology that come with this large transaction. They know how to handle the tough issues that arise and how to work with difficult sellers. Contact Markham real estate agent Martin MacFarlane for assistance throughout the home-buying process and to ensure your entire real estate experience is a smooth one.