Your
Offer was ACCEPTED….Now What?
1. INSPECTION- Once your offer is accepted you need
to have your home inspection if you choose to have one. Usually you have 15
days to complete the inspection but be sure to check you contract, if you are
unsure please contact us. We strongly suggest you have the inspection. In
advance of your inspection you should also have the Well and Septic Tank tested
if you so choose and it’s applicable. Remember you have to pay for these
inspections at the time of the inspection. We are happy to will assist you in
scheduling the inspections. Be sure that
the Inspection Service you choose is licensed and insured.
2. APPRAISAL- If you are satisfied with the results
of the inspection, we will notify your lender and tell them to order your
appraisal if he/she has not done so already. It usually takes 3-5 days from the
date your lender orders the appraisal for the appraiser to schedule and conduct
the appraisal. The appraisal takes 3-10 days for the results to be returned to
the Lender and for us to know the number.
3. COMMUNICATE- During this time your lender should
have all of the required documents. It’s best to check in with your lender to
confirm he/she has everything they need.
4. INSURANCE- You should call a local insurance
company to get homeowners insurance quotes at this time. Its best you email
your insurance agent a copy of the MLS Listing of the home you are purchasing.
If you don’t have one, we can get you a copy. This will prevent your insurance
agent from asking you a million questions about the home. Tell your insurance
agent to call us if they have any specific questions about the home.
5. UTILITIES- When you’re about 5 days away from
closing you should call the utility companies and ask to “Transfer Utilities”
for the date of your closing. You may not be able to transfer / turn on water
until after you have closed on your home.
6. FINAL WALK THROUGH- You should do a “Final Walk
Through” of the property you are purchasing within 24 hours before closing to
confirm the property is in the same condition that it was in when you agreed to
purchase the property and that all inspection required repairs have been
completed.
7. CLOSING- On the day of closing, all signers will
need to bring their driver’s license or Passport and a Cashier’s Check in the
amount you are required to bring to closing. Your lender will be the one
to give you the amount you will need to bring to closing. The Cashier’s
Check should be made out to the Title Company.
The
day before closing or sometime the day of closing, you should communicate with
your lender because they will need to tell you exactly how much you money need
to bring to closing. Don’t be alarmed or upset if you receive this number the
day of closing or even an hour or two before closing. This is very common. For
whatever reason, the banks often wait until the last minute to get their
paperwork to the closing agent and to gather final numbers. It’s not your
lenders fault; there is a lot of coordination in the final hours between the
Title Company and lender preparing all of the documentation and Closing
Disclosure Statement.
Closings
are typically done Monday through Friday between 9:00 a.m. and 5:00 P.M.
The closing should take around 1 hour depending on if everyone is on time
and whether or not the loan funds right away. We recommend that you plan
at least a 3 hour window for closing in case there are any unforeseen delays.
If this is a late closing say 3:00 or later, there is a very good chance it
will not fund until the next day.
The
last item will be the recording of your Deed.
The Title Company will prepare and file this on your behalf. You will receive a copy of the recorded
document. Be sure to review this document for accuracy. If you do not receive a copy of the Deed contact
the Office of the County Clerk in the county where the home is located, they
will be able to help you obtain a copy.
Buyer Q&A’s
If I find items during the
inspection that are broken or need to be repaired can I ask the seller to
repair or replace?
Yes,
you can ask for the items to be repaired, replaced or you can ask for a credit
towards closing costs or a price reduction for an estimated amount and then you
will assume the repairs yourself. Remember that during the inspection you are
primarily looking for repairs that affect the homes mechanical systems, the
structural integrity, and items that affect health and safety.
If my loan is denied by the
lender will I get my earnest money deposit back?
Yes
you will, assuming your purchase agreement has a mortgage contingency. Most do.
What if the home doesn’t
appraise for what we offered the Seller?
If
the home doesn’t appraise, we will go back to the negotiating table and either
have the Seller reduce the price to the appraised value or we will ask for you
to be released from the contract and your earnest money returned.
Can I pay over the appraised
value if I want to?
Yes.
However, anything you pay above the appraised value is that much more that you
will have to bring to closing