10 Things Not to do Once Your Offer is Accepted
Congratulations! Your offer on your dream home has been accepted. Here are 10 (maybe 11) things not to do:
Wait to give up your rental. Be sure to talk to your real estate agent first. There are a couple of negotiation pit-stops on the home-buying journey, and unless you have a backup plan, you may not want to give up your rental until you know you're "clear to close." Talk to your real estate professional.
Don't accept large financial gifts or make any big deposits. Remember, when purchasing real estate, all funds must be verified, so check with your lender before accepting any monetary gifts.
Don't co-sign on any loans. It's essential to keep your credit score as when you were approved for your home loan. Your lender will rerun your credit before you're clear to close. Make sure there are no surprises.
Don't buy a car. Your debt-to-income ratio is an important factor your lender will consider when approving your loan. Make sure it stays the same during your home-buying journey.
Don't buy new furniture or appliances.
Don't spend the money you've saved for closing costs. Your lender should be able to give you an idea of how much your closing costs will be. More money at closing is always better than not enough. Please don't risk it. Save until you've closed on your new home. Go shopping afterward.
Don't change your employment status. Don't quit your job. Don't change positions within your company. Just stay put until after closing. Depending on your circumstance, even a raise can throw things off (there are earning limits on some federal home-buying programs). When in doubt, talk to your lender.
Don't hesitate to contact your lender or Realtor® if you have any questions or concerns. Call daily if you needed. They work for you and will be happy to talk to you.
Don't run up the balances on any credit cards you have.
Remember to pay all your bills. You don't want any changes to your credit report.
Do not wire money to anyone without first talking to your lender or Realtor®. Cybersecurity is serious business, and preditors are poised to disconnect you from your hard-earned funds.
The bottom line: Don't make any sudden moves! Make sure everything financially is like it was when you applied for your loan. Talk to your real estate agent and lender regularly, and above all, be mindful of cybersecurity threats. Don't wire money to anyone without first speaking with your lender or your Realtor®.
Happy home buying!
Stephanie