Contract signed and accepted? What Happens Next?
We've looked at all the homes for sale in NW Indiana and have finally found one that meets all your criteria. Contract signed and accepted? What happens next? I've prepared a list to give you guidance and eliminate some of the surprises.
1) First you'll want to choose an inspector and set up the appointment for the home inspection.
2) Second, call your lender and make an appointment to complete the loan application. Don’t delay in getting all the information back to her.
3) Call your insurance agent for home owners insurance. Most people pay their insurance with their mortgage payment and you may be required to do this as well.
4) Take a breath!!
5) If you plan to secure money from friends or family-now might be a good time for that.
6) Attend the home inspection. The inspector will evaluate the current condition of the appliances and physical condition of the home. He will give you and your agent a full copy of the inspection report. You are expected to pay the inspector at the time of service.
7) After the inspection you and your agent need to go over the report. Remember-major defect and the definition: a condition that would have a significant adverse effect on the value of the property, that would significantly impair the health or safety of future occupants of the property or that if not repaired, removed or replaced would significantly shorten or adversely affect the expected normal life of the premises.
8) Seller’s response-if we need the seller’s response-this is the next step. They are required to respond in a reasonable time-usually 3 days.
(9) After the inspection issues are resolved comes the hardest
part-WAITING.Waiting for the title search to be completed. Waiting for the loan to be processed-waiting for it to go to underwriters to be sure everything is good-waiting for it to come out of underwriters with a stamp of approval-waiting for the days to drag by until it is finally time for more action.
(10) Do not decide to buy any thing for your new home. Now is not the time to take advantage of those tempting deals at the big box stores. Pay all your bills on time and keep your credit spotless. Your mortgage company will run your credit again right before closing. You want it to be as good as it was when you were approved.
(11) Finally we get the magic words-CLEAR TO CLOSE-this means it is time to set a closing date. As closing date approaches your agent will schedule a final walk through.
(12) Call all utility companies to change the billing to your name as of day of closing or day of possession if not day of close.
(13) Just before closing-hopefully the day before but sometimes not until the day of-your agent will call you with the Hud information. The Hud is what we call the closing statement. It defines the expenses for both the buyer and seller and tallies credits and debits on both sides. Usually the buyer has to bring funds to closing for completion of the sale and this is the information your agent will provide for you.
(14) Contract signed and accepted? What Happens Next? Go to closing. Sign your name-lots!! Get the keys. The home is yours!! Congratulations!
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Marilyn S. Tolhuizen, N W Indiana Real Estate Specialist
McColly Real Estate, Realtor, GRI, ePro
Crown Point, Munster, Dyer, St. John, Schererville, Winfield, Merrillville, Hobart, Portage, Hammond, Cedar Lake, Lowell, Lake of the Four Seasons, Demotte, Hebron, Wheatfield