You have signed the purchase agreement, now what to expect?
A congratulations is in order on this milestone in your real estate journey.
- DO NOT QUIT YOUR JOB, TAKE A NEW POSITION OR ACCEPT A PAY INCREASE…SERIOUSLY. It can cause issues with your loan.
- If there is an inspection contingency, contact a home inspector to complete the home inspection within the timeframe agreed to on the purchase agreement.
- Send the accepted and executed (signed by all parties) purchase agreement to your lender ASAP.
- Lender will order appraisal, underwriting for the loan and reach out to the local title company to start title. – Appraisal reports can take 1 to 2 weeks for completion after the appraiser has been to the property.
- If appraisal comes back with work orders, usually on VA or FHA loans, buyers and sellers will need to negotiate as to who will pay for any repairs.
- Order home owners insurance. Some insurance agents will stop by and look at the property.
- Local lenders in the Grand Forks and East Grand Forks will schedule the closing.
- If you are moving to another city or state, your agent can put you together with a referral agent to take care of your needs in the next market.
- Buyers will schedule a home inspection within the agreed to timeframe. Be ready to review the inspection contingency removal immediately when agent received from buyer’s agent.
- Buyer’s lender will order appraisal. Appraisal reports can take 1 to 2 weeks for completion after the appraiser has been to the property. If you are at home during appraisal, please give appraiser space and answer any questions they may have. Buyer’s own the appraisal report. Sellers will typically only find out appraised value if it is LOW.
- Listing agent will request you to complete a payoff authorization of there’s a current loan attached to your property.
- Listing agent will reach out to the closing company with accepted purchase agreement, payoff authorization and request title work, if not started.
- If there are any title problems, the real estate agent will connect you with the title company. This is RARE when it happens but it can happen.
- After appraisal report is received by buyer’s lender, buyer’s agent will contact listing agent to say “Value is Good.”, “There are work orders.” or “We have a problem.” Value is good means home appraised and there are no issues. There are work orders typically on VA or FHA loans. We have a problem usually means value came in under accepted price or home doesn’t qualify for the type of loan option.
- Insurance agents may stop by the home and take a look before giving the buyers a home insurance policy.
- REALTOR® may put a pending or sold sign on the property after the appraisal has been completed.
- Buyer’s lender will schedule closing time based on everyone’s schedule. If you cannot attend the closing, please tell your agent ASAP. We can arrange to have your paperwork taken care of via FedEx or e-mail and sometimes having a limited Power of Attorney sign on your behalf. Just let your agent know so they can “make a plan.”