Everything you need to know before signing a contract
Updated: Aug 15, 2020
Before we place an offer on a home, you'll need to get pre-approved by your lender. This gives the seller the security that you can afford to follow through on the purchase of your new property and makes your offer more appealing than any without the accompanying reassurance.
Once the financing is in place, and you have negotiated on the sale price, the concessions and any other inclusion you wish, we make sure it is all in writing on the Real Estate Purchase Contract.
If it's not in writing, it's not enforceable.
Double check the deadlines. You will have the opportunity to do your due diligence for your own peace of mind that the home will meet the standards you expect. You can hire any kind of professional you wish to inspect the property and verify everything is up to snuff. Once the due diligence deadline passes, and you haven't made any changes or requests in writing, you agree by default that you are pleased with the condition of the property.
Notice the finance and appraisal deadlines. Your lender will send an appraiser to the home to determine the value of the property. Your ability to receive lending is dependent upon the appraisal coming in at or above the sale price of the home. If it does not meet the needed value, you can end your contract prior to the deadline and receive a refund of your earnest money deposit.
Finally, a few days prior to settlement, you will need to re-qualify with your lender once more to verify your ability to close.
On closing day, you will meet with the title officer and sign on your new home. Congratulations!