Vicki Aubry, Realtor, ABR, SRES, Berkshire Hathaway HomeServices
“Congratulations, your offer is accepted! You thought your agent was working hard for you to find you the right house and that was true, but now the real work begins to keep you on track and get you closed!
The dates you negotiated on your offer are now binding to both you and the seller.
Be sure the home inspection is scheduled immediately (7-10 days) after your offer is accepted.
Also, your agent should be bugging you to fill out the mortgage application as it takes time to gather the millions of documents they will ask for and then even more after that! The “commitment date” on your offer is the date upon which your lender must agree to grant you the mortgage – usually 3-4 weeks after the offer accepted date.
After the home inspection you normally have 48 hours to request any items from the seller and for any that are agreed to your agent must notify your attorney to incorporate into the Purchase and Sale Agreement you will be signing in just a few short days! Tired yet?
While this is going on, the listing agent has met the appraiser at the property so the appraisal can be turned around in time for the lender to finish underwriting your loan and grant you your commitment letter on time. If your closing is a bit longer than “normal” you might have a week or so of downtime, but it would be a good idea to get your homeowners insurance as you will need a binder for the first year’s insurance to bring to closing. Tired yet?
You will also need to notify the utility companies, hire a mover and do your change of addresses so your mail isn’t floating around the universe! Now the bank attorney is calling with your final numbers so you will need to get a bank check for closing tomorrow on your way to your final walk-thru to check the house. Tired yet? Tomorrow you will sign more paper than you ever thought possible, get keys and be the proud owner of a great new place!”
Wow, I wrote that about a few years ago when things were a lot easier. Now, your agent must never take their eye off the ball even for one second. Lending, of course everyone knows by now, has dramatically changed. I recently learned the hard way that a pre-approval is only as good as the program the lender put the buyer into. And with the frequent elimination of programs, a buyer who qualified under one program all of a sudden does not qualify under a new program, so frequent communication with a trusted lender is of utmost importance!
So, too, are realistic dates on an offer. A 30-day close is almost impossible unless you are paying cash. It is more like at least 30 days for a commitment letter and better to plan a closing 45 days out minimum under most circumstances to be sure all of the documentation required by the lender is given sufficient time for review?and more review?and more review?
As of Oct. 1, yet another new set of guidelines will take effect for anyone applying for a mortgage after that date. I can’t wait to see how much fun this will be?fasten your seatbelts!
In spite of this, it’s still a great time to buy! Rates are still good so give me a call and let me help you in!
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