The Money Factor

Dated: June 16 2018

Views: 736

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Well you did it, the finances are in order, you found the house and you are ready to sign that contract. Congratulations! Without being flippant, you have now entered the proverbial thunderdome. After your home inspection is complete the next stage of the process is all on your lender’s side of the operation.

Before you start any loan paperwork:

  • Home inspection. As soon as all parties have signed the purchase contract for the home, the home inspection period begins (usually less than 14 days).

  • Your Realtor will have a contact for home inspections or you can research one on your own. Every day counts so work quicky (or do it before you’ve found the house).

  • After the home is inspected, and you have been made aware of any problems that would adversely affect your ability, or interest in, purchasing the house, you now have a decision to make:

    • Take the home “as-is”

    • Cancel the contract and get your escrow deposit back

    • Request that the seller fix or concede on price to address the areas of concern. Your Realtor can review with you the types of issues that will likely get a seller to agree to repairs if they weren’t expressly pointed out before you were under contract.

  • After all of the home-related issues and any concessions are agreed to you can now confidently move forward to the loan portion of the process.

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Here are some simple steps to ensure a speedy contract to close process:

  • This step in the home purchasing process can take about a month to complete from date when the contract has been executed to the day the closing paperwork is signed at the title agency.

  • At this point, being in direct contact with your lender is crucial. Stay on top of the situation and do what your lender requests of you, as quickly as possible.

  • To keep the process moving swiftly, make sure to adhere to all deadlines and get your financial items in order as needed.

  • Remember that there will be hoops to jump through, they will be big hoops and little hoops and some of them may potentially be on fire, but to make it to the finish line you have to jump through them all. Keep your eye on the prize and you’ll make it to closing day on your new home just fine.

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If you have questions or concerns during at point, reach out to your Realtor (house and contract questions) or to your lender (money questions). Do not hesitate to ask them to explain anything and everything in detail. They should be intimately aware of all of the steps and have experience in dealing with potential pitfalls. This process can be nerve wracking and emotionally demanding, but ultimately is worth it in the end when you get the keys to your new house!

Happy House Closing!

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Brian Jacobs

Mr. Jacobs has been in the industry for the better part of two decades starting in the mortgage industry growing his own Mortgage Brokerage which he then sold in 2006, since obtaining his Real Estate ....

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