Congratulations on having an accepted contract on a house, but now what?
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:
The contract needs to be sent to the title company. If I am your Realtor, I’ll take care of this for you. A processor will be assigned to your file and will get the title search ordered.
The contract needs to be sent to your mortgage lender. Again, if I am 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. 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. Also, I need you to read this quick two page document regarding the mortgage process.
You need to schedule the home inspection. Click here for my list of recommend home inspectors. This needs to be done asap.
You need to wire or drop off check for the earnest deposit. Typically the earnest money check is made out to the title company and is either in the form of a personal check, certified check or wire transfer. The contract specifies when the deposit needs to be submitted, usually 3-5 days after ratification. When you drop it off make sure you ask for a receipt and please forward me a copy so I can let the sellers agent know it has been deposited.
After the above items have been done, I’ll 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 me at 202.821.5145 or email me at [email protected].