Under Contract!  Now what?!

Congratulations, you are on your way to owning your very own home! Follow these suggestions (and your Realtor's advice) so that contract and closing will go as smooth as possible

Turn in that EMD!

The Earnest money deposit check will be cashed. Assuming the sale goes through, this money will be applied to the purchase price of the home. In VA , Clients have 2 days upon Ratification (All Parties Sign) to get the EMD check into agreed upon escrow account.  If for any reason the sale is not consummated, you may be entitled to receive all of your deposit back, less standard cancellation fees. In certain instances, the seller may be able to retain this money as liquidated damages in the event of buyers default

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Lets Schedule your Home Inspection!

Whether you're buying or selling a home, having a professional home inspection from a leading home inspection company will give you peace of mind and assist you in a fair and smooth transaction. Most Real Estate transactions include a 10 Day home inspection , which allows a buyer at buyers expense to have a licensed home inspector review the condtion of the home and request repairs of the buyer.  Brian Barham- VA Home Solutions  Home Inspections is a great go-to!

Schedule an Inspection Here!

Upload your Documents to your Lender!

Now time for you to officially qualify for your loan to purchase the property. This process can take anywhere from 30 days to 60 days depending on the type of loan you are applying for (e.g. Conventional Loan, FHA Loan, VA Loan). The lender is going to ask you for several items. In the State of Virginia the buyer has 6 days to apply for a loan once under contract to purchase your new home! 

Connect with your lender

Order the Apprisal!

The lender will schedule an appraisal on the property to determine the current value. You, as the buyer, are expected to pay the lender for the appraisal as well.  If the appraisal comes in at or higher than the purchase price, you are good to go to proceed with the transaction as is without disclosure of the Value If the appraisal comes in lower than the agreed purchase price, the seller will need to either 1) drop the purchase price to the appraised value and continue with the transaction or 2) they can decide to back out the deal because they do not want to accept less than what the original agreement is for.

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Apply for Homeowners insurance &  Set Up Utilites

To close on your loan to purchase your home, you need to secure homeowner’s insurance. Inquire with a couple different companies to see which will provide you with the best rate. A good place to start is the same company who you have your car insurance and/or rental insurance.  Also It's now a good time to go ahead  schedule your move and Utilities!  If your buying a condo or in a home owners assocation our team will provide you with those documents to review

Connect my utilities

Closing Time!

 Before we get there! we have to do a walk thru to make sure the seller preformed the agreed upon repairs!  most the time  seller will provide written recipts for the work that has been corrected this will be a time to review those documents  and request Oh, the Day you have been waiting for! Today is the day you get the keys and all that hard work pays off!  a Couple things Make Sure you review your HUD Documents  4 days in advance  from your lender. The lender and title company will provide you with the correct down payment to submit by wire or certified check to bring to closing! Whats next! its time to enjoy that beautiful new home you just bought and start moving those things you have been putting off for weeks !  

Schedule my mover!