Offer was accepted, now what?

[Victor Sarkisyan]

A duplex that I put an offer out of state (Ohio), was accepted.

I was reading a few posts before I posted this to get a brief idea on what to do next.

I'm on mobile so formatting is going to be terrible, I'll do my best.

1) get current lease agreements. I learned I should've done this before making the offer.

2) get all the expenses on the property.

3) get security deposits and prorated rents

.....

And yea, no idea what to do next.

Can't wait to read the responses!

[Michael Noto]

Here is the process that typically unfolds in the transactions I am involved in once the offer has been accepted.

• Contract becomes fully executed (both sides sign)
• Send fully executed contract to the lender and lawyer so they can start to do their thing
• schedule the home inspection
• Coordinate getting the earnest money deposit to the sellers brokerage within 48 hours of fully executed contract
• Request any lease docs and income/expense docs from the sellers
• Have the inspection on the property and once completed and reviewed negotiate any repair and or credit requests with the sellers
• Clear up any quesitons stemming from the lease docs seller provided
• Buyer works with lender in order to submit docs, schedule appraisal, and work towards receiving loan commitment letter by the date outlined on the contract.
• Once commitment is received, tie up any loose ends and wait for the clear to close from the lender.
• Once clear to close is received and closing date is coordinated from the lawyer, schedule the final walk through with the sellers
• At the walkthrough confirm that nothing major with the home has changed since the inspection and confirm any agreed upon repairs were completed in accordance with the receipts you should have already received from the sellers confirming repairs were done by licensed pros where needed.
• During all of this work with the lawyers to make sure they are getting in writing from the sellers that everything outlined in the lease is actually happening. Tenants are current on rent, security deposits amounts being transferred, who is responsible for utils, etc....Just tell your lawyer you want assignment of lease docs and/or estoppel agreements completed. They should be familiar.
• Closing day - sign all relevant docs and make sure you get any keys and/or money due to you from the seller on the day of closing. No loose ends.

This list could change a little bit depending on the type of transaction or things being done differently in the local market, but it should be so combination of these steps. Your agent should know these steps cold if they have any experience at all.