Real Estate by Debbie Reynolds: Buyer Wants to Know What Happens After the Contract is Accepted

Buyer Wants to Know What Happens After the Contract is Accepted

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.

Clarksville TN Home for sale

All sales need a home inspection regardless if the buyer is getting a loan or not. Don't cut corners and eliminate this step.

    1. 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.

    2. 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.
       
    3. 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.

    4. 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.

    5. 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.

    6. 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.

    7. 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.

    8. 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.

    9. 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. 

    10. 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.

    11. 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.

    12. 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.

 

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Buyer Wants to Know What Happens After the Contract is Accepted.

 

For Clarksville TN real estate, contact The Real 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 7 commentsDebbie Reynolds • April 21 2018 01:42AM

Comments

Hi Debbie, this is a well written blog with the necessary steps for a buyer who has a house under contract.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) 5 months ago

Hi Debbie ,Great blog, with details well covered.  A buyer with you is in excellent hands.  Tks for sharing with us in Ar Land.

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) 5 months ago

Debbie, Buyers can print this blog and keep it as a reference during the transaction. 

Posted by Steffy Hristova, Tempe AZ Realtor - Your Home Close to Your Work! (HomeSmart Elite Group Tempe AZ Tel: 480-966-9353) 5 months ago

This is excellent information for not only Clarksville TN buyers but also those in my area and others as well.  Thanks, Debbie.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 5 months ago

Debbie, great list, and even those Sellers that have sold a home previously forget how the process unfolds!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 5 months ago

This is important information to share with home buyers. 

They will be in very good hands when they use your professional real estate services.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 5 months ago

We have a booklet that we wrote that outlines the steps in buying a home in Wisconsn...we give it to everyone...first timers, new comers to the state...or people who just have not bought and sold for a while...great tool.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 5 months ago

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