Your Offer on A Property has Been Accepted? Here's the Next 6 Steps!

Here is the list of the next six steps you should take after your offer on a property has been accepted:

· Make sure the property has been removed from the market or marked as SOLD STC.

· Get your documents prepared for your lender.

· Instruct for valuation.

· Home Insurance.

· Prepare for the move.

· The final step.

Buying or selling a home without making a mistake or losing your mind is difficult. Purchasing a home may be a stressful experience. After all, you'll need to get pre-approved for finance, select the ideal home, make an offer, and hope it's accepted. An accepted offer is merely the first step in the process. If the seller agrees to your terms, that's a victory worth celebrating, and this is where the process really begins.

Applying for a mortgage is only the first step if you're ready to buy a home. To begin with, you'll get a Decision in Principle. This will tell you how much you could borrow, but it isn't the final and ultimate offer. Then, depending on what stage you're at, whether you're a first-time buyer or buying a new house, the next step will look different. If you're an FTB, you will need to start viewing properties and putting in offers. If you already own a property, then you will need to have an offer in place before you can proceed to find a new home.

Here is a brief overview of the process to help you feel more prepared;

1. Get the property removed from the market

Although estate agents will usually do this once an offer has been accepted, it is worthwhile to inquire to ensure that the house is removed from the market as soon as feasible. This lowers the chances of another home buyer coming to see the property and making a higher offer. Because no new buyers will be able to see the property, taking it off the market reduces the odds of another buyer offering more money for it and your seller deciding to accept the new, higher offer instead of your original agreement.

2. Lender Documents

In the UK, you already need to be in contact with your mortgage advisor/broker, as you will require a DIP (decision in principle). Once you have found a home and your offer has been accepted, whether you're an FTB or this is another home, then you will need to begin the full mortgage application process. This stage ensures that the lender has all of the necessary documentation to begin processing the mortgage. The task of collecting and arranging all of these documents can quickly become overwhelming. Failure to provide paperwork to your lender on time may cause their procedure to be slowed, and your closing to be delayed.

3. Your Home Valuation

A house appraisal is the bank's means of determining if the amount of money they are loaning you is greater than or less than the value of your home, and that you are not overpaying for something. Often, you may encounter the home being undervalued by the bank, which may cause issues with your mortgage and require that you negotiate with the seller to bring the price down, or you may have to put forward a larger deposit.

4. Homeowner Insurance

Before you exchange and complete, the mortgage lender will need the buyer to obtain a Homeowner's Insurance Policy on the property. The buyer will have to look around for the most significant homeowner's insurance provider and coverage for their home. When you purchase a policy, the insurance company will prepare the documentation required by your lender.

5. Prepare for the move

Often, before completion, buyers like to do one final visit to the home they're buying to make sure that everything is as it should be. Then comes the task of preparing for your move. The best approach is slow and steady instead of trying to do everything at once and try any movers booked in with good notice once you have a completion date. Of course, sometimes things change, but it's better to be overprepared than to rush. It also means you start to instruct things like getting your internet installed as soon as possible.

6. The final step

Finally, you have the keys to the property. Now is the time to start thinking about moving into your new home. Your lender will send you further documentation outlining your mortgage payment alternatives in the post. Your first mortgage payment is usually a lot higher than your usual payment, so it's vital to remember and prepare for this. We have a helpful Instagram reel all about that pesky first payment that you can watch here.

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