Buying

I have an accepted contract on a home, now what?

October 21, 2016

Congratulations on having an accepted contract on a house, but now what?

Often contracts are accepted verbally via the seller’s agent first while signatures are gathered from the sellers. It can sometimes 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 and returned to the parties) we do not have an enforceable contract. Therefore, it’s critical 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 am your REALTOR®, I will take care of this. This lets your lender know you’re under contract and starts the approval process for the mortgage loan (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. S/he will be asking you to fill out a lot of paperwork. Some mortgage lenders have joked it’s like having a financial colonoscopy. Unfortunately, it’s not optional; it’s required, and the quicker you fill it out and get it back, the better. Also, please watch this quick video with tips for what NOT to do between contract and closing!
  2. You need to schedule the home inspection. A list of recommended home inspectors is on my Real Estate Resources page. This needs to be done ASAP.
  3. You need to write and drop off the earnest money check.  Typically the earnest money check is made out to the seller’s agent’s broker—or sometimes the closing company. Click here to read more about the earnest money check

I’ll be emailing or texting you regularly with additional next steps. Staying on top of the process ensures a smooth transaction by making sure everything gets done on time.

Questions? Call or text me at (405) 585-6580 or email Steve@SoldonShawnee.com.