Step 7 to Buying a Home: You Have an Accepted Contract – Now What?
Congratulations on having an accepted contract on a house, but now what? Often contracts are accepted verbally by the seller’s agent first while signatures are gathered from the sellers. It can take 1 – 2 days for all parties to sign and return the contract so be patient. Until we have an executed contract (which means everything has been signed by both the sellers and the buyers) we do not have an enforceable contract. Therefore, it’s urgent that a signed contract be received by all parties asap. Once a signed contract is received, several things need to happen:
1. The contract will be sent to the title company. I will take care of this for you. The earnest money check will need to be made out to the title company. Once the contract is processed at the title company, you will receive an emailed copy.
2. The contract needs to be sent to your mortgage lender. Again, I will take care of this for you. This lets your mortgage lender know that you’re under contract and starts the process for getting you approved for the mortgage (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. They will ask you to fill out a lot of paperwork. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better.
3. You need to schedule the home inspection. This needs to be done ASAP. See Step 8. After the above items have been done, I will be in touch with you every couple of days to advise you what happens next. I want to help you make sure everything gets done smoothly and on time.
Questions? Call me at 830.305.5248 or email me at email@example.com