You Have a Contract, Now What Happens?

Reblogger Roy Kelley
Education & Training with Realty Group Referrals 16766

If this is your first home or haven't bought a home in a long time, you may not be familiar with all the steps involved after the contract is binding.  

Original content by Debbie Reynolds TN Broker: 208698

Congratulations, Your Offer Was Accepted

The work isn't over because there are a lot of hurdles to cross to get to the closing table. If this is your first home or haven't bought a home in a long time, you may not be familiar with all the steps involved after the contract is binding.  

If you are purchasing without a mortgage then you are closer to the closing than you might think. If you need a new mortgage, it will likely take several weeks. First ask yourself, have you been given a complete copy of the accepted contract?

What Happens Now?

Home in Clarksville

If you are getting a new mortgage.

  1. Contact the lender immediately and finish your loan application. Lenders in Clarksville TN require that you pay an application fee upfront to help offset the appraisal cost. The lender will be paid for their processing services out of the closing costs and by placing the loan with the investor.

  2. Documentation of assets, income and bank statements will be required. There will be a full credit report pulled and possibly past tax returns.
     
  3. Get your home inspection scheduled. Inspection periods are stated in the contract and this time frame must be adhered to or you will lose your inspection contingency.  All needed inspections such as termite, HVAC, septic, lead base paint, home inspection, etc. are to be done in this period. Home inspections are not mandatory but I highly recommend them.

  4. The inspector makes a list of recommended repairs. The home may be accepted in "As-Is" condition, you can ask the seller to do some repairs or decide teh home is not for you. It depends on what your contract says. that are reported are negotiated with the seller unless the property is sold as is. As a buyers agent I will help with this negotiation.

  5. Make sure the lender has ordered the appraisal. The appraisal is not an inspection. It is an evaluation of the property to determine what the market value is according to the recent past sales. This is the appraiser's opinion and he is not to be influenced by the buyer, seller, agents or lender. Obvious needed repairs may devalue the property or become a condition to be repaired for the loan to go through.

  6. Processing of the loan continues gathering all the needed information to get the loan ready for underwriting. Buyers: Do not make any large purchases or open new accounts. Make no large deposits to your bank accounts or change jobs or decrease your income in any way. Changes like this could be reason for disqualification. Cooperate fully with your lender.

  7. Make inquiries and find a home owners insurance company. The policy information must be provided early to the lender, well before the closing. Several days before closing contact the utility companies to arrange for the switch of utilities at the closing.

  8. Make sure you have a final walk through before the closing. This gives you one last chance to see if repairs are done and the home is in as good or better condition that when you contracted. 

  9. At least 3 days prior to closing, you will be given the final closing numbers.  Then a closing time is set. The buyer will wire funds needed for closing to the closing attorney or title company. Checks and cash will not be accepted. 

  10. I review the closing statements for accuracy and will talk with my buyer before the closing so you know what to expect.I review the closing process and where to meet for the signing. Buyers must bring photo identification to the closing.

  11. In Clarksville TN you are given the house keys at the closing. I still will recommend you have the locks rekeyed so you will be assured that you and only you has the keys to your new home.

  12. After the signing, congratulations are in order. You have bought a home. 

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You Have a Contract, Now What Happens? 

 

If you need a buyer's agent in Clarksville TN, you need an agent that knows the business and the area. I pledge to help you with your real estate purchase and help you through each step of the sale. I want to be your advocate and help you from start to finish. Contact Debbie Reynolds at 931-320-6730.

 Centruy 21 Platinum Properties2130 Wilma Rudolph Blvd.

Clarksville, TN 37040

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

Debbie Reynolds
"The Real Debbie Reynolds"

Check out all Clarksville TN Real Estate on My Website

                   
                   
931-771-9070 Office | 931-320-6730 Cell

Clarksville TN Homes 

                 

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Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a great post to reblog. I hope others will read it too 

May 18, 2018 03:12 AM #1
Rainmaker
2,810,669
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists

Roy, Buyers will like reading Debbie's blog post as it has lots of good information!

May 18, 2018 03:36 AM #2
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Roy - this is a great choice to re blog.  There is plenty to do between an accepted offer and closing.

May 18, 2018 03:50 AM #3
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the re-blog, Roy.  Debie wrote a great post with very useful information.

May 18, 2018 04:28 AM #4
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Please be sure to leave comments at the original blog by Debbie Reynolds

May 18, 2018 04:37 AM #5
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Hi Roy, I sure do appreciate the the reblog and all your efforts here in the Rain.

May 18, 2018 07:21 PM #8
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Thank you very much for your comments. It is always good to hear from you.

May 21, 2018 04:48 AM #10
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Roy Kelley

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