What do you do after signing a real estate contract?
Shopping for a house can be lots of fun, but the real fun starts after you’ve made an offer that’s been accepted on your dream home. Your contract probably included some contingencies. Almost all contracts include a home inspection contingency, and most folks include a mortgage financing contingency. Buyers who own their current home may include a contingency that their current home sells before closing on their next home. Depending on how many of these are in your contract, there’s probably 30 – 60 days until your closing. During that time, there will be appraisals, surveys, inspections, title searches and more. While that’s happening, you’re making moving arrangements and finalizing mortgages. You may also be selling your current home or giving notice to a landlord.
A real estate professional can reduce your stress …
Expect a lot of excitement combined with some stress, so decide to roll with the flow and not let anything bother you. Before you know it, you’ll be settled into your new home, enjoying your new surroundings with no thoughts of this process. As you interview Realtors, ask about some of these contingencies. You want a Realtor who remains calm while navigating through challenges. I’d love for you to interview me to be you Realtor. After buying and selling so many of our own investment properties, I’ve learned that everything works out without need to panic.
The closing process is smoother for you if a real estate agent is handling all the details in the background. As they guide the process, you just provide the information they request. This is where the real estate professional really earns their commission, and the peace of mind is worth it.
What you can expect …
Here are some of the major steps that will happen after signing a real estate contract, but this varies from one sale to the next, so it’s not exact:
- You apply for financing
- Lender orders an appraisal and termite inspection.
- Lender will order a property survey.
- You/your realtor arrange for a home inspection. Based on that report, you decide if you are still going to buy the house (if you included an inspection contingency in the contract).
- You will finalize your financing, which fulfills the “mortgage contingency” clause that may have been in the contract. Your interest rate is locked in.
- The title company completes the title search, notifying you if it has a clear tile or if any liens or debts need to be cleared up by the seller prior to closing.
- You/your lender will conduct any other test required, such as radon gas or lead paint testing.
Hope this helps you see what’s ahead. What surprises have you had while buying a house? Share in the comments below. It might help someone else!