One of the GREATEST feelings for me is when I get to hand over the keys to my clients new home! We’ve talked about how to find your next home and writing up a Purchase and Sale aggreement (SEE LAST BLOG), now comes the hard work and patience it takes to go from a P&S agreement to closing! The following is a quick run through/timeline of the process so you can familiarize yourself ahead of time.
So far, we have talked to a lender and got qualified for a loan, decided how much you can/want to spend on your new home, decided what features are most important to you in your new home, signed up for new listings to be sent automatically to be emailed to you as soon as they hit the market, found a home you want and have written a Purchase and Sale contract for the home…..What’s next?
1: TIME FOR ME TO NEGOTIATE!
One of my main jobs as your representative is to negotiate the contract to our desired terms. From price, Closing Date,
inspection reports, etc. I work for you to get you your desired and acceptable outcome.
CONGRATS! ONCE THAT IS DONE, WE ARE IN ESCROW!!
2: KEEP TRACK OF SPECIFIC TIME LINES!
Once we have come to mutual acceptance, there are several addendums that must be satisfied
in specific time frames in order for them to be considered legally binding.
That can include your Financing Addendum, your Inspection Addendum, Optional Clauses,
your Form 17 “sellers disclosure statement” and more!
3: ASSIST WITH INSPECTION MEETINGS, APPRAISERS AND REPAIRMAN!
4: After all the Addendums have been “satisfied” and taken care of in their timely manner….
The Seller has repaired any buyer requested issues on Inspection report,
the Lender has done their appraisel, the Title Co. has taken care of all escrow duties,
and our lender has provided all info required for loan approval etc,
I like to take buyers to the home about a week before closing to do a final walk through to make sure everything is done in a satisfactory manor so there will be no last minute issues.
5: WHILE THIS IS A VERY BRIEF EXPLANATION OF THE WORK THAT HAPPENS BETWEEN SIGNING A PURCHASE & SALE CONTRACT AND CLOSING ON YOUR NEW HOME, IT’S IMPORTANT TO GET AN IDEA OF THE PROCESS AS A BUYER. BELOW IS A HANDY CHART SHOWING THE PROCESS FROM BEGINING TO END.
Thanks for taking a look at this quick post. Of course the actual work is much more labored and time consuming (which is a reason most escrow time periods last 30-45 days). I am sure there are many questions you have, so please don’t hesitate to ask in the comment section below. I will be happy to answer any of them.
In my next blog, I will take a sellers point of view to show the timeline from listing the home, until closing. Be sure to check back soon for that! In the meantime, don’t forget to sign up for automated email listing alerts! Enter your preferred area/price/bed/baths etc and listings that match your criteria will be emailed automatically to you as soon as they hit the market!
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