Q: What Comes After Going Under Contract?
These are the steps that follow signing the contract for a new home.
After you go under contract for a new home, what are the next steps? What happens between signing and getting the home of your dreams?
First of all, if you’ve arrived at this stage, congratulations! Homeownership is a huge accomplishment. The very next step is to send all the paperwork to your lender and the title company. The lender will be in touch with you to gather more documents and verify the information you gave them during the pre-approval process, and we’ll order the appraisal.
Then we’ll meet with you and collect the earnest money (or trust money). It’s refundable to you at closing, but it’s held by a third party in the meantime to ensure the terms of the contract are met. Next, we’ll order all the required home inspections and wait for the reports. When they arrive, we’ll review the flaws of the house; we can ask for things to be repaired, replaced, or we can get you out of the contract if it’s bad enough.
At this point, the appraisal should be complete, and you’ll examine it to ensure the value supports the contract price. As long as the appraiser didn’t note any needed additional repairs, we’ll just be waiting on the final underwriting and title work to come back. After all of those things are complete, we’ll schedule a convenient time with the title company to meet with the seller to get the keys to your new home.
If you want to discuss this further or have any questions, give us a call or send an email. We would love to help you.