I have an accepted contract on a new home, now what?
Congratulations on having an accepted contract on a house, but now what?
Often contracts are accepted verbally by the seller’s agent first while signatures are gathered from the sellers. Until we have an 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 as soon as possible. Once a signed contract is received, several things need to happen:
1.The contract needs to be sent to your mortgage lender. If I’m your Realtor I’ll take care of this. 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.
2.You need to schedule the home, termite and any other inspection you wish to conduct. Click here for my list of recommend home inspectors. This needs to be done asap.
3.You need to write and drop of the trust money. Typically the trust money check is made out to the seller’s agent’s brokerage and is either in the form of a personal check or a certified check. Usually it is dropped off at the seller’s agent’s office within 1 business day of contract acceptance. When you drop it off make sure you ask for a receipt. Hold on to the receipt and bring it with you to closing.
After the above items have been done, I’ll email with additional next steps. Think of it as my friendly way of giving you homework to ensure a smooth transaction and to help you make sure everything gets done on time.
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