Offer Accepted: Now What??

So you've submitted an offer on a house, and it has been accepted. Congratulations! Now, how do you make sure the deal closes on time, as painlessly as possible? If you have a good real estate agent, you can count on him to guide you through the process.
Visit my website's Lake Wylie area Preferred Service Providers to find recommended service providers. Read your purchase contract carefully, as it will contain key dates and action required. In general, though, this is what is required of the buyer:
1) If you're not paying cash, the first thing you need to do is apply for a loan! Loan application should usually occur within 3 days of signing the purchase agreement. It's best to contact at least three mortgage financing companies. The mortgage company is required to provide an "good faith" estimate of closing costs within 3 days of your application.

2) Select a closing attorney. Your real estate agent can send over required documentation that will be needed for the attorney to perform the title search and begin preparing closing documents. It is best to give the attorney as much time as possible, setting the appointment 3-4 weeks ahead of closing date. In today's market, loan applications can take a bit longer than they did a couple of years ago, especially for larger loans.
3) Schedule a home inspection, to be completed 2-3 weeks prior to closing. A home is one of the largest investments you'll make, so it is important to know everything you can about the condition of the house. If there are any necessary repairs or safety issues, you'll want to give the seller enough time to resolve these issues before closing. It is important to understand that "cosmetic issues" (paint peeling, worn carpet, rips in the wallpaper) are not required to be fixed by the seller, unless specified in the contract. Safety issues and other required repairs generally are the responsibility of the seller, unless otherwise specified in the contract (for instance, when a property is sold "as is"). You will want to attend the home inspection.
4) A wood-infestation survey (CL-100) is required by lenders. Some home inspectors can perform this duty, or can refer you to a qualified inspector. This should be completed 2 weeks prior to closing.
5) It is recommended that a survey of the property be made. The surveyor will verify property lines and make sure there are no infringements or other issues.
6) Occasionally there is need for a structural inspection, lead paint risk assessment (if property is built before 1978), well and septic inspections, or other environmental tests.
7) Your lender will set up an appraisal of the property.
8) Insurance: You will need to arrange for homeowner's insurance and let your lender know your provider information. Most lenders will pay the homeowner's insurance premiums out of an escrow account.
9) Home Warranty: Check the purchase contract for information about the home warranty. In some cases, the seller will provide a home warranty. For new construction, builders usually provide a year warranty. If no warranty is provided by the seller or builder, you may want to consider purchasing a home warranty to cover defects and repairs for a limited time.
10) Utilities: Contact utility companies a couple of weeks ahead of time to arrange services to be transferred to your name as of closing day.
11) Review HUD settlement statement: The day before closing, you should receive a copy of the settlement statement providing actual closing costs. You'll need to bring cash or a certified check covering the amount due from the buyer. Throughout the closing process, make sure there is good and timely communication between you, your lender, your real estate agent, and your attorney. Quick response to inquiries on everyone's part will help the closing go smoothly!
For all of your Lake Wylie Real Estate needs, visit my website. Sign up for free property updates, access buyer and seller resources, and explore homes and communities through virtual tours!