Steps After Your Offer On A House Is Accepted
Dated: November 19 2020
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So you went under contract on a house you're trying to purchase? First off, congratulations! It really is a great feeling. By now the emotions have had the chance to wind down, and you're probably thinking, well now what? Your Real Estate Agent has a plethora of things to do between now and then, and chances are you do to, and that's just how a real estate transaction goes. Let's get you filled in on some of those things that need to take place for you to have a smooth transaction, and close on your property with confidence!
First, your agent will send the contract to your lender and to the title company. This is the catalyst for both to start working on their portions of the transaction. Next, if you haven't sent your earnest money check, you can drop that by your agent's office or send it in the mail. Do that within four days after acceptance to avoid running into issues further into the transaction. The next part of the process is for you to receive and review the seller's disclosures. You'll recall from the contract that this includes the sellers written disclosures, the preliminary title report, HOA documents, CCNRs copies of leases, and anything else that you have requested in the contract. That sounds like a lot! But it's a very important part of the transaction and your agent will help you through all of those really important documents.
Next is your opportunity to conduct your due diligence, prior to the due diligence deadline. You will have already (hopefully) completed a review of the Seller's Disclosures and anything else you want to know about the property or the area. After your review of the disclosures, you have the opportunity to have a home inspection completed. Your agent will help you get that scheduled and will review the report with you when it's received to determine if there are any items of concern that need to be addressed and negotiated further with the seller. Your agent will then let the lender know that we've made it through the Buyer's Due Diligence & the lender may proceed with ordering the appraisal.
Your lender will, in fact, be the one that orders the appraisal for you and will be communicating with you throughout the duration of the transaction. It is crucial for you to respond timely to lender requests in order to keep your loan moving forward. So once the appraisal is done and the lender has received it, your agent will be notified that it met the contract value, or that it didn't! If the appraisal doesn't come in where you need it for your loan, then you do still have a few options available to you, not all hope is lost!
Once you have successfully made it through the Seller Disclosure Deadline, the Due Diligence Deadline, and the Finance and Appraisal Deadline, you're ready for the Settlement Deadline! After you and your agent get the clear to close from your lender, that's a good time for you to call the utility companies and get those utilities switched over to your name.
One of the final steps is to do a walkthrough of the property prior to signing. This is just to make sure that the property is in the same general condition it was when you saw it the first time, and also to make sure that any contract terms regarding the property have been fulfilled, for example- If the seller was supposed to leave the fridge, well, you know, check to make sure the refrigerator is still there!
Next you will sign the closing documents at the title company. If you are not local enough to sign at title, then your agent will make an arrangement to have the title company send those documents to you. This can be done a couple of ways! A mobile notary can come right to you, or title can email the documents to you. You'll have to print them out and then sign them in front of a notary and overnight those back. You'll also need to make arrangements for a wire of certified funds for your portion of the purchase. Emphasis here- If you're going to wire those funds, call the title company before you do and verbally verify that you are sending it to the correct account. Wire fraud is real and buyers have lost their entire down payment! It is very important and not difficult at all to quickly call the title company and verify the wire instructions.
Once the title company has received the signed docs from you and the seller, and the funds from you and the lender, they will record the deed in your name. Congratulations! You bought a house. I hope this information has been useful to you, whatever situation you might be in. And Remember, who you choose to work with in your transaction could make all the difference, for better or for worse! If you aren't using me as your agent, make sure you have someone that you trust, with plenty of integrity and experience. They likely have all the resources you need for an awesome 'under contract' experience! Good Luck!
By: Jennie Hendricks
I love Cedar City and the surrounding areas! I invite you to explore this fabulous community. You'll find beautiful outdoor recreation, fun boutiques and shopping, amazing restaurants, a winery and ....