What Happens After You Go Under Contract?

    Getting a home seller to accept your contract offer is a big step. However, the transaction is far from over at that point.

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    Over my last couple posts, I’ve covered the home buying process all the way until you get your offer accepted. Your journey isn’t over yet. I’ve got some tips to share with you to help you get through this process a little easier.

    The first few weeks after getting your offer accepted are going to be a whirlwind. You can expect to write a few checks, one for your earnest money deposit that’s to be held with an escrow company and one for the option money that goes directly to the seller. This way, you can still back out during the inspection period if you want to without having to lose anything.

    Your new home will be inspected by a licensed home inspector who will go through the home and look at all its major systems. You can also have radon inspections, pest inspections, and other follow-up inspections during this time. After the inspections are completed, you will get a list of repairs that need to be made and can use that list to negotiate with the seller.

    After this period is over, the bulk of the rest of the time is spent with you and your lender making sure you get your financing in line for the closing date. You’ll need to get an appraisal done by the bank during this time as well. Lending guidelines are very strict and your lender is going to need a lot of different documents. Be patient and know that the quicker you get them these documents, the quicker your loan will be funded.

    On the day before closing, you’ll have a final walkthrough to make sure everything is in the condition you were expecting it to be. Then you can go to the title company, sign a bunch of papers, wait for the loan to fund, and finally get the keys to your new home.

    Of course, this process is much more complicated than it appears. If you have any specific questions about the process or want to learn more, give me a call or send me an email. I would love to hear from you soon.

     

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