What to Expect Once You Have a Contract?
It may have taken you a long time to find a home and now you are probably feeling a sense of relief. But, now is not the time to relax. Many things have to be accomplished between now and the time that you move into your new home.
Home inspection. In most cases you will have five (5) business days to inspect the home. It is best that you contract a licensed inspector as quickly as possible and schedule an appointment with him to walk through the house. Allow at least two hours of your time to accompany the inspector.
The purpose of a home inspection is to reveal serious problems that may exist in the structure that the average homebuyer may not notice upon the initial tour. The inspector will be able to give you a thorough assessment of the home's condition. If the inspection reveals major flaws, you as the buyer may choose one of the following options:
- You may elect to buy the property as is.
- Request the seller to make repairs.
- Re-negotiate the purchase price.
- Rescind offer and void the contract.
Your lender does not routinely require lead paint and radon gas tests, but you may want to arrange for these tests at your own expense. Check with your inspector prior to the inspection date to see if he can perform these tests for you.
Financing. Finalize your choice of bank or mortgage company. It is important to provide the financing institution with any forms they ask for as quickly as possible.
Insurance. Be sure to research insurance companies well in advance of closing. Provide financial institution with a copy of your insurance policy at least 1 week prior to closing.
Termite, Gas Line, and Septic Inspections. These inspections are completed after you have financial approval and are usually the responsibility of the seller. A buyer is normally only notified if there is a problem with one of these inspections. This is one of the last stepping stones before closing.
Possession & Moving into Your New Home. You'll need to coordinate with the sellers on when they will be vacating, how to obtain keys and when to change utilities into you name.
Unforeseen or Unexpected Challenges. Sometimes the buying process isn't as smooth as you would like it to be. If you have a smooth transaction from acceptance to closing, you are very fortunate. Be prepared for minor setbacks because more often than not there are challenges. Try not to let these challenges get to you. Remember the Realtor® does not have control over every aspect of this process, but will work with you and do everything in his/her power to make this a smooth transaction.