What Every First-Time Homebuyer Must Do After an Accepted Offer – From Day 1
Congratulations! Your offer was accepted. While it is a time to celebrate, Day 1 of your contract is a critical 24-hour window for ensuring your loan and your future home remain secure.
To help navigate this milestone, here is a general checklist designed for the modern first-time homebuyer.
Remember: Everyone has their own unique situation when buying a home, so its always important to discuss this with your professional, qualified team to make sure you aren’t missing anything relevant to your specifics.
Biggest Day 1 Tip: Get a Realtor You Can Trust
Everything on this checklist is easier with the right real estate agent by your side. A local, trusted pro with experience helping first time home buyers can make all the difference. From explaining deadlines to coordinating with your lender, your realtor is your guide through the most stressful 30 days of the homebuying process.
Don’t go it alone. Find a trusted, experienced agent who puts first-time buyers first.
8 Essential Day 1 Steps for the First-Time Homebuyer
1. Submit Your Earnest Money Deposit (EMD)
- Immediately determine who to send this deposit to and confirm a safe, secure delivery method to avoid fraud.
“Figure out who to send it to, how to send it, and how to safely send it.”- How to Buy a Home, Episode 434
2. Secure Attorney Approvals
- If you are purchasing in an “attorney state,” you must secure your legal approvals on day one. This is not required for everyone.
3. Schedule the Home Inspection
- You need to set your inspection appointment ASAP to ensure you meet your contract’s tight deadlines.
“Set an inspection appointment ASAP.”- How to Buy a Home, Episode 434
4. Liquidate Your Purchase Funds
- If you are using 401k, retirement, or investment money, start moving those funds on day one so they are liquid for the purchase.
“You need to start moving that money so it’s liquid immediately.”- How to Buy a Home, Episode 434
5. Identify All Additional Sources of Income
- If receiving gift money or family loans, start the process with your lender immediately. Lenders require specific, perfectly written letters for these funds; errors here can jeopardize your loan.
“Some gifts require a very specific letter. It has to be written perfectly.”- How to Buy a Home, Episode 434
6. Discuss Your Mortgage Interest Rate Lock
- Contact your lender on day one to discuss a rate lock, as every buyer’s situation and timing are different.
“Check with the lender and discuss what they call a mortgage interest rate lock.” – How to Buy a Home, Episode 434
A mortgage rate lock is a guarantee from your lender that your interest rate will remain the same from the time your offer is accepted until you close on the home.
7. Map Your Contingency Calendar
- Work with your support team to set a calendar for due diligence, option periods, and other deadlines so you never miss a contract date.
“Set up a calendar so you don’t miss any deadlines in your contract.”- How to Buy a Home, Episode 434
8. Research Homeowners Insurance Options
- Start finding insurance options immediately. Regional designations for fire or flood zones have made securing coverage more difficult in recent years.
“This is getting a little more difficult for fire, for flood, or other regional designations.”- How to Buy a Home, Episode 434
Pro Tip: Gather all your paperwork into a ready-to-go electronic file on day one. Having your documentation organized from the start prevents delays during the high-pressure first 24 hours.
Protecting Your Loan Approval as a First Time Home Buyer
Once you are under contract, your finances are under extreme scrutiny. To ensure your loan successfully closes, follow these strict rules:
DON’T move money without permission
Do not move any funds or make large transfers without discussing it with your lender first.
DON’T make “large” purchases
Do not spend more than $100 on anything—even furniture for the new house—without checking with your lender.
DON’T open new credit lines
Do not apply for new credit cards, even if offered a discount by a furniture company.
DON’T change your debt profile
Do not get a new car, refinance a car loan, or refinance student loans while under contract.
Find Your Personal Homebuying Education – An In-Depth Guide
How to Buy a Home has been helping first time homebuyers since 2019, with hundreds of free resources designed to help anyone at any stage of homebuying. As a result, we’ve gathered quite the library of content. If you’re looking for a shortcut through the all the episodes, then look no further!
Ready to Start Your Homebuying Journey?
If you’re planning to buy your first home — especially during uncertain economic times — having the right team makes all the difference.
Find a trusted real estate expert here to help you navigate inspections, negotiations, and escrow with confidence.
Have specific questions about your situation? Ask David your homebuying question and get personalized advice.
Prefer to explore more at your own pace? Access our free first-time homebuyer resources here.