Real Estate by Debbie Reynolds

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?

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. 

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.