After an offer is accepted, the first step is depositing earnest money (EMD) to show commitment. The buyer must then schedule property inspections to identify any defects. A general home inspector evaluates the HVAC, roof, and structural conditions, while specialized inspectors may be necessary for specific issues. Proper inspections serve as essential protection for the buyer to ensure the home's condition is satisfactory prior to closing. Understanding the contractual implications of the EMD is crucial to avoid financial loss during the process.
Once your home offer is accepted, there are some key steps you need to take to consummate the deal.
For the seller, having both the earnest money deposit (EMD) and the loan preapproval letter from your lender will prove that you can afford to buy the home.
Home inspections are a critical part of moving the home-buying process along and serve as a great protection for buyers.
As the buyer, you should hire a home inspector to come look at the home to make sure there aren't any major defects that need repairing.
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