Real Estate by Debbie Reynolds: You Have a Contract, Now What Happens?

You Have a Contract, Now What Happens?

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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Comment balloon 13 commentsDebbie Reynolds • March 13 2018 12:29AM

Comments

Good morning Debbie. You have an accepted offer. Now, the real work begins when buyers and sellers think the transaction is on automatic. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker (Wayne M Martin) 3 months ago

Good morning - this is a very helpful list for agents to share with their clients - some people think all the work is done now! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 3 months ago

Good morning Debbie Reynolds ,

A great post with good steps of what to expect after you sign and get an accepted offer. Now the real work begins tn order to arrive at the closing table.

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) 3 months ago

Good morning Debbie Reynolds 

Thank you for sharing your information with us

Have a great day. 

Posted by Anthony Acosta - ALLATLANTACONDOS.COM, Associate Broker (Harry Norman, REALTORS® ) 3 months ago

Good morning Debbie Reynolds, real work begins after an accepted offer. You've provided a great list that would be helpful to all buyers and sellers.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) 3 months ago

Wonderful advice Debbie Reynolds and a must to go over with ones clients

Posted by Scott Godzyk, One of Manchester NH's Leading Agents (Godzyk Real Estate Services) 3 months ago

HI Debbie Reynolds - You made a lot of great points to cover witht the buyers. Before I write a offer I have to have a pre-qual in hand. Nothing goes forward without it! It has to be attached to the offer. This is always the first thing we discuss. 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 3 months ago

Debbie, yes the work begins once we have an accepted offer...and a good agent will walk their buyers through this process you have made here. 

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Perry Wellington Realty, Adam Conrad, Broker) 3 months ago

This is important information to share with home buyers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 3 months ago

Varies by state, but this is a good list of what to expect, surprised how many people are not aware of the process and what they need to do to set up utilities, insurance etc.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 3 months ago

Great list Debbie, I bet your buyers appreciate your abiblity to explain the process in a simple understandable way. 

Posted by Jim Cheney, Rincon Valley Realtor 707.494.1055 (Saint Francis Property Santa Rosa, CA) 3 months ago

You lay out the process and reasonable expectations for buying and financing perfectly, Debbie Reynolds ... much of which should be reinforced for the buyer's LO, as well.  Being prepared for and educated to the steps involved in buying and financing helps immensely ... your post promotes that well!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) 3 months ago

Thank you for sharing this. 

Posted by Golden1 Agents 3 months ago

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