Congratulations on having an accepted contract on a house, but now what?
Oftentimes contracts are first accepted verbally by the Seller’s agent while signatures are gathered from the Sellers. It may even take 1 – 2 days for all parties to sign and return the contract so be patient. Until we have a fully-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:
- The contract needs to be sent to your mortgage lender. 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.
- You need to schedule the home inspection. This needs to be done ASAP.
With contracts, there is a very important term: “Time is of the essence”. The intent of this term is to keep both parties accountable throughout the real estate transaction. With specific deadlines and consequences laid out, the buyer and seller can move towards a successful closing day together.
After the above items have been done, we’ll email you every few days with an additional next step. Think of it as our friendly way of keeping you on track to ensure a smooth transaction and to help you make sure everything gets done on time.
Call/text Uptown Realty Group at (740) 590-4882 or email firstname.lastname@example.org