What Happens After You Go Under Contract?
Here’s what buyers need to know after their offer has been accepted.
Once a homebuyer’s offer on a home has been accepted by the seller, it becomes a contract. If you’re at this point in the process, congratulations! There are five things that you need to do now:
1. Send your contract to your lender. You’ll want to lock in your interest rate as soon as possible. And don’t forget that in the DMV market, we have seven days to fill out the application with the lender, so be sure to take care of that ASAP.
2. Interview inspectors. If you have any contingencies in your contract, especially home inspection contingencies, make sure to interview two or three inspectors before choosing one you’re comfortable with. Keep in mind that inspectors can only inspect what they can see, so they can’t tell you much about anything that’s obscured in the home.
"Delaying the process could jeopardize your earnest money deposit."
3. Shop for homeowners insurance. This type of insurance can vary dramatically from one company’s policy to another. As you’re shopping, always defer to your lender and find out what their requirements and guidelines are.
4. Remember your deadlines. When your lender asks for paperwork, submit your documents in a timely manner, as you don’t want to delay the process. If you do, you might be putting your earnest money deposit in jeopardy.
5. Switch all utilities to your name before closing. Ask your agent who the utility companies are so that you can call them and start switching. This process differs between jurisdictions, so ask your agent about any requirements.
If you have any further questions about what comes next in the homebuying process or real estate in general, don’t hesitate to reach out to me. I’d love to help you.