Videos

What Happens After Your Offer on a Home Has Been Accepted?

If your offer on a home has just been accepted, congratulations! Now, the bills begin.

“There’s a couple of out-of-pocket costs you’re going to have when purchasing a home,” said New American Funding Branch Manager Brenda Robinson. She’s based in Inglewood, Calif.

Buyers typically need to make an earnest money deposit. This money, held in an escrow account until you close on the home, assures the seller that you plan to move forward with the purchase.

If you are using a mortgage to finance the purchase, you will generally need to pay for an appraisal. This ensures the home is priced fairly.

Most buyers also pay for a home inspection, which will let them know if there are any big issues with the property.

That’s in addition to fees paid to your lender, real estate lawyer bills, taxes, and title and home insurance costs.

Brenda Robinson NMLS # 954742