Kari McCoy commentary: My offer just got accepted; now what?

Question: Dear Kari, My purchase offer just got accepted by the sellers. This felt like such a great accomplishment that I went home and slept great until 3 a.m. This is when I woke up in a panicked sweat and thought, what do I do now? Answer: This is a very common occurrence, which is often referred to as buyer's remorse. Let's take a quick look at the overall home-buying process. Most likely, you will be obtaining a mortgage loan. You will need to compare and gather information with a few different loan sources, seeking the best interest rates and best loan fees. After you choose your mortgage lender, there will be mountains worth of paperwork required for you to fill out. Make sure to provide this paperwork as soon as you can. It is extremely important you do not make any large purchases until you have closed escrow on your home or your loan may be denied. It is at this point that the home inspections will be ordered. You will be provided seller and property disclosures. It would be wise to bring the disclosures with you to the home inspections. It is advisable to be present when these inspections occur so you can go over any and all details of the reports. You may have questions for the inspectors, and it is much easier to view the situation in person. If a problem or issue is discovered, then the inspector could offer a ballpark dollar amount of the costs that could put your mind at ease. In some cases, you may be provided information that might lead you to not continue with the sale at all. In some situations, the home inspector may refer you to a specific specialist for further inspection of a particular problem, such as a licensed electrician or roof specialist. At this point, you will also have time to request the seller pay for some repairs or perhaps reduce the price of the home. Note that depending on your particular area, there could be other inspections that are necessary. If you have not asked the seller to pay for your home warranty, you will have the opportunity at this point to pay for it yourself. A home warranty protects the buyer from the high cost of unexpected failures to the major systems and appliances in the home. This is done by repairing or replacing covered items that break down due to normal wear and tear. There are restrictions and guidelines to follow. Some folks find this coverage extremely helpful while others do not. Read the fine print, as some company coverages are better than others. The home warranty policy is usually for a term of one year with the starting date the day the home transfers into the buyer's name. Gather your monies to be deposited into the escrow and make sure they are liquid. Do this before the closing date. Search for your best coverage and price of homeowner's insurance. Proof of this policy will need to be provided to the escrow account and the lender for approval. A final walk-through of the home is provided to you a few days before closing on the home. This is not a contingency but a chance for you, the buyer, to visually inspect the home and property to make sure it is in the same condition as on the day you made your offer. It also allows you to confirm if the seller has completed any previously negotiated repairs. This is the last chance to address any surprises with the seller. Finally, preparing to close on your new home will entail the signing of the final closing title documents with your title company or a mobile Notary with your location preference. This will include loan documents along with several other necessary escrow paperwork. Closing documents, along with all the costs and fees, will be itemized for you. At this point, you will also know the total amount of the cashier's check you will need to bring into the escrow to close the sale. At this point, your mortgage lender will wire in all of their necessary monies to the escrow. The next step is for the title to be transferred from the seller to you, the buyer. Congratulations, you are now a proud homeowner!