Mutual acceptance means buyers and sellers have agreed to all terms and signed the contract. Learn what to do (and what not to do) next to close your home.
Mutual acceptance simply means that the terms you put forward as a buyer, or the terms you accepted as a seller, were fully agreeable to both parties and everyone has signed. We have a mutually accepted contract, everyone is happy, and you are officially “under contract” on the home!
Now that we’ve spent the time finding the perfect property or the perfect buyer, the rubber really meets the road. So, there are a few crucial things you definitely need to do during this process—and a few things you absolutely should avoid.
What should I NOT do after mutual acceptance?
Do not change your financial scenario in any way, shape, or form while you are under contract.
Because it is an exciting time, you might want to go look at new furniture for the house. But do not buy any furniture yet unless you are paying cash for the home. If you are getting a loan to buy the property, please do not go out and get any new debt. Keep your financial situation exactly the same as it was when you were pre-approved. Plus, don’t quit your job, and don’t spend any large sums of money without talking to your lender first.
What are my immediate next steps?
Your immediate next steps involve delivering your earnest money and scheduling your inspections.
You need to deliver your earnest money within the specific time period outlined in the contract. Our team will reach out with clear communication on exactly who to make the check payable to, where to deliver it, and the exact amount. After that, we focus on getting the home inspection [LINK: do I need a home inspection?] scheduled and reviewing the property’s title.
How does communication work while we are under contract?
You need to stay in high-level communication with both your lender and our team’s Hub.
There are a lot of moving parts coming together right now. As a result, you will be getting emails, phone calls, and text messages from the people involved in the transaction. Always be on the lookout for those messages. But the best news is, if you are working with us, we are going to handle all of these moving parts for you. Just stay in touch with our team, and we will take care of the rest!
Have more questions about mutual acceptance or the closing process? Visit spokanehomeguy.com or call 509-990-SOLD (7653) — we’re happy to walk you through it.
FAQ
You must deliver your earnest money within the specific time period outlined in your mutually accepted contract. Our team will give you exact instructions on the amount, where to deliver it, and who to make the check payable to.
No, unless you are paying cash for the house, do not buy furniture or take on any new debt. Taking out new credit or spending large sums of money can change your financial scenario and potentially ruin your loan approval.
Once we reach mutual acceptance, our Hub will guide you through scheduling the inspection and reviewing the title. There are a lot of moving parts, but our team handles the coordination so you just have to stay in touch with us.
