Buying a home in Greenwood Village CO - WOOHOO You are under contract! - Part 7

You are buying a home in Greenwood Village CO and have just heard from the sellers that they have accepted your offer. This is exciting! Thousand and one thoughts fly through your head. When are we moving? How will I set up the furniture inside the house? (even better) I need to buy furniture! What happens now?

This is part 7 of 7 part series about Buying a home in Greenwood Village Colorado

Note! In some other parts of the country the Under Contract period is referred to as "under agreement" or "in escrow".

We have Lift Off
You are under contract! Your offer was accepted by the seller. The seller via the listing agent send over signed copy of the contract - at this point we have a fully executed contract (in a normal sale - not a short sale etc.)
The Ernest Money has to be delivered within a time specified on the Contract to Buy and Sell Real Estate. Once the Ernest Money is delivered you are now officially under contract and on your way to owning a home in Greenwood Village CO.

At this point there are many things to do and get done. Remember the Dates and Deadlines from Dissecting the Offer - part 5?

In general this is the order in which different items are or need to be completed before the closing.

1. Deliver Ernest Money

2. Exchange and sign other documents (if it wasn't already done) - e.g. disclosures, addendum etc.

3. Send Lender/Loan officer fully executed offer and counter (if applicable)

4. Schedule an Inspection - you - the buyer will do that and it will have to be schedule to be completed before the date specified in the contract

5. Review other applicable documents e.g. HOA documents

6. Receive Title information

7. Call and set up home owners insurance - if the property can not be insured - there is a deadline by which you have to object by

8. Order and complete an appraisal - your lender will order this and coordinate the whole process

9. Make sure all loan conditions are met - your lender will be asking you to provide any additional documents, etc. sometimes quite frequently while in this under contract period.

10. If survey is required then it will be schedule and completed according to the dates and deadlines as well  (we do not see many surveys done at all)

Then finally once everything is in order it is time for the closing, which typically occurs 30-45 days from the date of the contract.

This is a generalized chain of events, many involve much more detail, but that could be another series all together.

 
This is the Final Part of 7 part series of buying a home in Greenwood Village. Below you'll find links to the previous parts of this series.

Buying a Home in Greenwood Village Colorado - Series
Part 1 - Buyer's Checklist / Wish list
Part 2 - Buying with cash or getting a loan?
Part 3 - Ready, Set, Go - Looking at Homes
Part 4 - Let's write an offer!
Part 5 - Dissecting the offer
Part 6 - A Counter Proposal

Brian Burke

Kenna Real Estate
303.995.4220 Office ext 701
Homes@kennarealestate.com

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Disclaimer: Kenna Real Estate does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Copyright 2009.© Kenna Real Estate. Rita Burke. All Rights Reserved. Aug 26th 2009. "Buying a home in Greenwood Village CO - You are Under Contract!"