See What Happens in Clarksville TN
Buyers want to know the next steps after the seller has accepted the offer. New buyers especially need to know what to expect. They have no idea and don't want to ask dumb questions.
If buying using cash and no financing, the period from contract to closing could be very short, just a few days. If financing is needed, it may take several weeks. The sales contract serves as a roadmap to the closing with the steps spelled out.
All sales need a home inspection regardless if the buyer is getting a loan or not. Don't cut corners and eliminate this step.
- if getting financing the buyer should contact the lender and complete the loan application process. Loan officers and lenders in Clarksville TN collect an application fee upfront to cover the cost of the appraisal and out of pocket expenses. The lender's processing fee and other costs are collected at the closing.
- The lender must verify assets, income, credit history and bank statements of the buyer for the last couple of years and may even ask for past tax returns.
- Schedule your home inspection. Our contracts have an inspection clause and you do not want to leave this out. Inspections can be done in 7 to 15 days of the accepted contract date. Inspections such as termite, HVAC, septic, lead base paint, home inspection, structural and any others inspections deemed necessary.
- Structural issues and repairs issues must be negotiated between the buyer and the seller. Even selling as is can give the buyer reason to terminate the contract if the repairs are too severe. As your buyer's agent I will help with this negotiation.
- A buyer may accept as is, compromise with seller or cancel the sale if the inspection clause has been completed at the time of the offer.
- The lender orders the appraisal. This is a third party assessment of the value of the property by a licensed appraiser. An appraiser compares the sale property to other sold similar properties to establish market value. The property must stand as good collateral for the loan. The appraiser works for the lender and the buyer will receive a copy of the appraisal.
- Processing continues on the loan. Buyers should provide all requested information that is the lender needs. if may seem intrusive but it is necessary to validate whether the buyer will be a good credit risk. Buyers must not make large purchases or open new accounts during this loan processing period. Wait until after the loan closes. Large deposits to accounts or change jobs also can cause problems and be cause for loan denial.
- The buyer contacts a home owners insurance company and gets the binder to the lender for the closing. Buyers take steps to contact utility companies to arrange for the switch of utilities on the day of closing.
- A final walk through is done before closing to verify repairs were doone or the property is in the same or better condition as of the day of contract. d.
- A closing time is set and arrangements are made by the buyer for closing funds to be wired to the title company or closing company. Most Clarksville TN title companies or closing atttorneys do not want to accept cashiers checks over $5000. They do not want personal checks or cash either.
- The final Closing Disclosure is sent 3 days prior to the closing for the buyer to sign that that it has been received and accepted. As a buyer's agent I review the closing statements also and answer any questions that might arise. A closing time and place is set.
- I attend the closing with the buyers. Buyers are to bring an photo id. At the closing is when the house keys are given to the buyer. I still recommend to the buyers that they have the locks changed on their new home, just in case.
For Clarksville TN real estate, contact The Real Debbie Reynolds at 931-320-6730.
2130 Wilma Rudolph Blvd.
Clarksville, TN 37040
it would be my pleasure to assist you!
"The Real Debbie Reynolds"
931-771-9070 Office | 931-320-6730 Cell