In a Seller’s Market, it is imperative that you, the Buyer, act swiftly to ensure there are no glitches or hitches in your deal. Successfully closing a real estate transaction requires planning and attention to detail, and as you begin your home search, you’ll want to be prepared for what to do next once the Seller accepts your offer.
- Deliver the Earnest Money. A copy of the earnest funds, and sometimes the actual check, may be delivered at the time an offer is made. If the actual earnest funds have not been delivered at the time of contract acceptance, there is typically a deadline of 24 hours or so by which to deliver funds to the title company or the Seller’s representative – whomever has agreed to hold title funds.
- Schedule the Property Inspection. It’s a good idea to consider inspectors before you find the home you want to purchase so you are ready to rock-n-roll once a contract sticks.
- Communicate with your Lender. Send them a copy of your accepted contract, and respond to all of their requests for documents or information in a timely manner.
- Your Lender will order the Appraisal. Once the Inspection is complete, your lender will order the Property Appraisal. Your job at that point is to wait for the results to come in; the majority of the time, a property will breeze through the Appraisal without a problem. If something does come up, you’ll work through it with your Realtor.
- Review the Title Commitment. If there are any sticky wickets with your property’s deed or other aspects of title, this is where you’ll find out about them. Review the Title Commitment carefully and ask questions of your Realtor, the title company rep and if necessary, a licensed Real Estate attorney.
- Secure Home Owner’s Insurance. You’ll want to have a policy in place from the very moment you own the home, and once you have selected a policy, you’ll need to forward this information to the title company and your lender.
- Schedule the Closing. As soon as you’ve checked most or all major contractual obligations off the list, schedule your closing with the title company.
- Complete the Final Walk Through. The final walk through should happen as close to closing as possible, but with a little wiggle room should an issue arise. I once had a client discover damage to the roof after a major storm just a few days before closing during the final walk through, and this gave the Seller time to handle the insurance claim and have the issue repaired before my client, the Buyer, took possession of the property. Don’t skip the walk through – this is your last chance to ‘kick the tires’ and double check that agreed upon inspection items have been completed to your specifications.
- Close on your New Home! You should plan to close on your home purchase at the scheduled date/time, but it is also wise to be flexible – sometimes issues pop up at the last minute (such as a loan not funding on time) that force a closing to postpone for a few days. This can be frustrating, but with a qualified Realtor by your side, this is a situation you can navigate successfully. Patience and a cool head will help you win the day. And the majority of the time, closings happen as expected and on time.
Are you ready to begin your home search, or maybe you’ve already found “the one,” and you need an expert negotiator to help you secure your next home with the best possible terms? Give me a call. I’ve been helping Buyers and Sellers succeed in Denver Real Estate for over 21 years, and I’d love to help you land your dream home.
The Meyers Group