To quote Ferris Bueller, “Life moves pretty fast. If you don’t stop and look around once in awhile, you could miss it.”
So here we are with an accepted contract! At this point, you step back and take a hard look at the home. Get a home inspection, hire a professional to look at the nuts and bolts and check to see that the plumbing isn’t leaking, the HVAC system works, the attic isn’t full of critters and the crawl space isn’t full of mold. Usually buyers start with whole house and wood destroying insect inspections and see where that leads them. If they need specialized contractors or other estimates, you would have that done now.
In addition, your lender will be compiling all the documents they need before they send your file to the underwriter. Get the information in asap, you are working under deadlines here. They will also order an appraisal.
Along with all of this, the title company will be looking into the history of the home to make sure there are no liens against the property and you can get a title free and clear.
A lot is going on behind the scenes during this time frame- and it’s typically about 2 weeks total. Your job at this point is to hire the inspector ( I can give you a list of the best in the area), go to the inspection to learn more about your home, cooperate with your lender to provide any additional documentation they might need as they work through the underwriting process, and to secure home owners insurance.
Most homes will have some inspection issues come up and that’s normal and to be expected. Repairs can be negotiated, and that happens in the next step- the Repair Period.