Buying A Home In Cleveland – The Complete Guide Part 6

Buying A Home In Cleveland The Complete Guide Part 6 of 7 – What Happens After Acceptance

buying a home in cleveland a complete guide

In an effort to help educate those buying a home in Cleveland, we have put together a 7 part series that will explain the entire home buying process in detail. Although our focus will be on the Cleveland market, many of the ideas discussed can be applied to other areas of the country as well. We recommend that you read the first 5 articles in the series at some point, preferably prior to reading step 6 as all of the information relates to each other.

Step 1  “The Initial Consultation – Formulating A Game plan” .

Step 2  “The Pre-approval Process“.

Step 3  “Selecting and Previewing Homes.”

Step 4   “Writing An Offer“.

Step 5 “Negotiating“.

This next step will focus on what happens after the purchase agreement is accepted.

While the negotiating process is one of the most stressful steps of the home buying process, the events that follow acceptance are just as important and shouldn’t be overlooked. It is easy to relax once a seller has accepted an offer but there is still a lot of work to be done.

Once a seller has accepted an offer, the inspection period then begins. You will have a certain number of days in which to complete your inspections, based on what you indicated in the purchase agreement. It is always best to get a few names of home inspectors up front when you begin the home buying process so that you will be ready to schedule the inspections immediately upon acceptance.

 the home inspection process

Now is the time that a buyer gets to perform their due diligence and thoroughly check out the home before moving forward with the purchase. The general home inspection can take between 2-3 hours and we recommend all buyers being there in person. During the inspection, the inspector will tell you about the home, including giving you instructions on caring for it, and point out any current or potential problems. 

You will receive a written report from the inspector upon completion. You must then indicate how you want to proceed by signing off on a contingency removal form, a standard form used here when buying a home in Cleveland. If the inspection is clean, you can simply remove the inspection contingency from the agreement by signing and dating the form. If there are problems, specifically health or safety related issues, that you want addressed, you can do one of two things. You can ask the seller to correct them, or you can ask for the price to be lowered to compensate for the amount it will cost you to fix the problem. If there are major issues with the home, you may be able to get out of the agreement, depending on how it is worded. 

 

 

Your buyer’s agent will be able to walk you through the important steps of this process as it can be stressful and sometimes complicated. There is a possibility that this step will result in another round of negotiations with the seller, depending on how you proceed once receiving the inspection report. 

 

 guide to buying a home financing contingency

Besides for inspections, there are a few other things that must be addressed between the time a purchase agreement is accepted and the actual closing date. We recommend constant communication with your lender throughout the process to make sure everything is moving forward as expected. If your lender ever needs anything from you, please respond to them as soon as possible so you don’t delay the closing.

 

 

In addition to working on financing, we also recommend making a checklist of any other things that need to be done prior to moving in so you are prepared. If you plan on having improvements done to the home prior to moving in, you may want to contact contractors and plan dates for them to begin the work. You may also want to schedule a locksmith to come to the home so you can have the locks changed. Most important, you need to handle the transfer of utilities so that you have service upon moving in. When buying a home in Cleveland, there are several different utility companies that service the area. Here is a list of important companies with their phone numbers. 

At this point, the home buying process is almost complete. Click below to view Part 7, the last step of the home buying process:

Closing and Possession  

—————————————

* Please note that the Schuman Team, Amy and Dan Schuman, are licensed real estate agents in the State of Ohio but are NOT licensed to practice law. We we want to be clear that information contained here should not be interpreted as legal advice. All buyers are welcome to seek the advice of a qualified real estate attorney prior to signing any legal documents.

*******************************************************************************************

About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans have worked with numerous professional athletes, business owners, and those relocating to Cleveland from out of the area.

If you are considering buying a home in  Cleveland or surrounding suburbs,please contact the Schuman Team at 216-346-3235. 

VIEW ALL CLEVELAND AREA HOMES FOR SALE BY CLICKING BELOW

 

Search all cleveland homes for sale

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

Buying A Home In Cleveland Part 6, What Happens After Acceptance is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Aug 2009  

There are no comments yet. Be the first and leave a response!

Leave a Reply

Wanting to leave an <em>phasis on your comment?

CommentLuv badge

Trackback URL http://www.clevelandhousingnews.com/2009/08/buying-a-home-in-cleveland-the-complete-guide-part-6/trackback/