Next Steps:

  • All the deadlines in the contract start at the time of acceptance.
  • The first thing that will happen (unless otherwise written in contract) is that your earnest money will be deposited into my brokerages trust account.
  • If you have an home inspection contingency, schedule it right away, or have me help you with that. There is no reason to wait until the last minute.
  • If you have not yet sent it to the sellers, you will have to submit a prequalification letters as per contract deadline.
  • Once the offer is accepted, I will send all paperwork to your lender and to the title company to open title and start on the preliminary title commitment.

If you miss a deadline, there are consequences.

You may accidentally give the sellers a reason to cancel the contract if you don’t submit information in time. All deadlines are measured in business days, and they are all defined in the contract. I will keep track of all the deadlines to make sure we don’t miss any. It will be important for you to get needed information to me on time.

I always recommend conducting a home inspection

If the home inspection reveals something you don’t like about the home (ie, a cracked foundation or water in the crawlspace) you can terminate the contract and receive your earnest money back.

Each offer is unique

There may be some addenda written by either you or the seller to change certain parts of the contract, or to add or delete certain things. For example:

  1. If you need to change the closing date
  2. Or the lender requires that your names appear differently on the contract
  3. Need to add a spouse or significant other
  4. Need to ask seller to fix certain things after the inspection

Most contracts have at least one addendum, and some have as many as six or seven. I will draft these up for you, and you will have to sign, date and return them after deciding to accept them.

Be in constant communication with your lender

Most of the time, the lender needs docs from you to prove:

  1. Income
  2. Address credit issues
  3. Or verify information you provided when you completed the application

It is in your best interest to make sure that you are in regular contact with –

  1. Your lender
  2. Your real estate agent
  3. And the title company

These three entities really are a team at your service. The more we work together, the more efficient we are.

Insurance

Your lender will require that you get Home Insurance. Talk to them early about it. If you don’t have an insurance company, I can recommend several I trust and have worked with in the past.

Preliminary Title Commitment

A few business days after acceptance, you will receive a document called the Preliminary Title Commitment. This is a document drawn by the title company:

  1. That ensures you that the sellers actually own the house and have the right to sell it (very important information!)
  2. It also shows you if there are any liens or judgments to cloud on the title

The best advice would be for you to review this document with your attorney. If you have any question, I or the title company may help you. You will have a timeframe as defined in the contract to review this document and communicate to the sellers if you have any problems with it.