Very exciting news! You found a home. We will now need to follow the timeline and deadlines within the contract. I will be sending you a cheat sheet with the dates and deadlines for us to keep an eye on. I will be tracking those dates and making sure we perform as per the contract deadlines. There are a lot of moving pieces that happen behind the scenes, but the team will make sure all goes smoothly. You will be received updates from my team throughout the process, but if at any time you have any questions please feel free to reach out to me. I am here to help!
Your lender should provide you with a comprehensive estimated worksheet as required by law for your closing costs. These are detailed expenses over and above your down payments on your mortgage.
The first step is to ensure all the paperwork is filled out correctly. You also need to make sure the EMD gets to the title company on or before the contract date, or the sellers can void the contract. You will receive instructions on how to send that. The title company will open a file to facilitate closing. They are responsible for making sure all the paperwork is in order for closing, so it is very important to choose a reputable company. They will also be needing information from you, such as legal name, how you want to take title, if you want a survey, etc. We are happy to answer any questions you may have. You will also be getting helpful information about these decisions from our team.
Once under contract, You/I will schedule your inspection. Your contract will specify the amount of time you are required to complete all inspections.
There may be several inspections if there is a septic system or well, and if you are paying for the wood destroying insect inspection. We will coordinate all of that. If you have a radon test done (which most home inspection companies can do), the kit must be in the house for 48 hours. The inspector will pick it up and let us know results. If there is a well, we will also be doing a water quality test. Each sample will go to a third party lab for analysis. If there is septic, we will do a thorough inspection of the system.
Once inspections are complete, you will review results. If for void only, you will make the decision to move forward or void. If there is an opportunity to negotiate for repairs, let me know what you would like to ask for, and we will send the requests to the listing agent. The date on the contract is our date to get the sellers the requests regardless of when we had actually performed the inspection. And per the contract, we have an additional 3 days to negotiate any requested repairs. Once we have reached an agreement, we will be sure to have executed agreement signed by all parties. We will then coordinate tracking all receipts and making sure all repairs are done in time. You will receive a copy of everything. There is also an option of receiving a credit in lieu of repairs. If that happens, I will explain in more detail how it works.
Measurements & Contractor Quotes for Future Improvements:
Some of my clients want to pre-order blinds or furniture, or refinish floors, for example. We should make every effort to coordinate this during our inspection time frame. We may not be afforded the ability to come back to get these contractors into the house. Sellers are only obligated to let us in to the home post contract for inspections, appraisals, and final walk-through.
Most buyers wait until after the home inspection to order the appraisal, however that can depend on how quickly you are closings. If the appraisal comes in low, we will have a period of time to renegotiate the purchase price or rescind the contract.
Home Owner’s Insurance:
You will need to provide your lender with a who you will be using for home owner’s insurance. You will need to pre-pay the first year, and will most likely be included in your estimated closing costs.
We will provide a list of utility companies to you 10-14 days before closing so that you can call for them to be put into your name the day of closing.
The next big step is securing the mortgage commitment on time as per the financing contingency. All conditions of the loan need to satisfied in order to close. Your lender should keep you/I updated throughout the process to make sure everything is on track. If there are any issues and closing needs to be moved, we can discuss your options.
Once we have a confirmed date for a closing; I will schedule the walk through. The house must be left in “broom clean condition” as per contract. That can mean different things to different people, but generally they are in good shape.
Typically we find appliance manuals, etc in one spot on the counter as well as all extra keys and garage door openers at the house too. We double check garage door openers work and we have keys for all locks.
The walk thru is the opportunity to ensure the house was in the same condition as when you purchased it. We should check walls, and floors for any moving damage. Check all windows to ensure they are still working and not broken and lights, etc that they are all working. We will be checking on the inspection items and to see they left everything specified in the contract. We do check the water, heat and appliances/faucets/showers. If there is anything that is not correct or not working, we can address it with the listing agent and the sellers.
We will coordinate your closing time with the title company. Just let us know what works best for you and we will do what we can to make it happen. The earlier we schedule it the better, as appointments book up fast, especially the last few days of the month. You will not get your final numbers to wire from your lender until a couple days before closing. Once you have them though, please initiate the wire as soon as possible, as some banks take more time that others. At closing, you will sign all your documents, which should take about an hour. The attorney or settlement agent at the title company will go through everything with you. You will need to bring your driver’s license and checkbook – in case of small changes to the closing costs. Once you close, you get the keys and the home is yours!