You have finally found the home you wish to purchase and negotiated the sales contract. What’s next?
First we get a copy of the executable contract to your Lender and Title Company. You’ll begin gathering Lender requirements which should include two years’ tax returns, two months’ recent paycheck stubs and bank statements. Other items may be required depending on your type of financing and income sources. For example, if child support is going to be considered part of your income, you’ll need documentation showing consistent payment of that. The Lender will also order an appraisal on the property.
The Title Company will order the abstract for the subject property and verifying that the Seller indeed has the ability to convey a clear title to the new Buyers.
We will schedule inspections at the soonest possible date. We want time to discover what needs to be repaired, get bids and complete repairs prior to closing. In some instances, the needed repairs will exceed the cap negotiated in the sales contract – in that case, time is needed for Buyers and Sellers to further negotiate.
You’ll need to contact your insurer to get quotes for your homeowner’s insurance. That information needs to be sent to your closer. Now is a good time to shop for rates, particularly if the home you are purchasing has energy-efficient or safety features that may reduce your rate. Don’t forget to check the age and shape of the roof!
If all is on track, you’ll want to schedule your utilities to be transferred and contact your internet service provider. And now, it’s time to begin packing!
After repairs are completed, you may want to have your inspectors reinspect. You’ll also want to plan a final walk-through of your new home the day before or morning of closing.
It can be a fun and exciting time!! The better prepared you are, the more pleasant your home buying experience will be!!! Call me, and let’s buy a house together!
