Congratulations! You are Under Contract! Now What?
Often contracts are accepted verbally by the seller’s agent first while signatures are gathered from the sellers. It can take 1 – 2 days for all parties to sign and return the contract so be patient. 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 asap. Once a signed contract is received, several things need to happen:
1. The contract needs to be sent to your mortgage lender. Again, if I are your Realtor, I will 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. Some mortgage lenders joke it’s like getting a financial colonoscopy. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better.
2. You need to schedule the home inspection. This needs to be done asap.
3. You need to write and wire transfer earnest money. I will send you secure instructions on how you will transfer the money, and once it is received, send you a Confirmation of Receipt of Earnest Money.
4. Review HOA Documents If Applicable, and Any Other Concern
I will be sending you a document in Dotloop entitled Buyer Due Diligence Checklist. It provides a comprehensive list of areas you may want to investigate during this period, ranging from HOA CC&R, to hazardous waste, to whether your intended use complies with zoning regulations. Please review this document carefully and determine what you would like to do beyond a home inspection.
If you have questions about any issue relating to the Buyer Due Diligence Period, please call or text me at 801-734-5819 or email me at firstname.lastname@example.org
After the above items have been done, I will email you every few days with an additional next step. 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.
Questions? Call us at 801-734-5819 or email me at email@example.com