Congratulations – You’re Under Contract!
Now, the real work begins …
You have an accepted contract on a home – this is when it gets exciting! Please know during the under contract phase I will stay in touch with everyone involved to be certain they take care of their tasks in a timely manner, and deadlines don’t sneak by unaddressed.
The people we must rely on to do what they are supposed to do include the sellers, their agent, closers, title reps, your lender, inspectors, appraisers, underwriters, you, and me.
There’s usually a rush of activity while we get through inspection and appraisal – most transactions have a bump or two from inspection issues, most appraisals are close but OK.
Then your lender will finish working up your file. The lender may require more documentation from you,
then more,
and then a little more.
It’s vitally important to get those docs to them asap – within an hour or two if possible! During this phase many buyers start to feel frustrated because it’s so complicated. It helps to remember the lender is on your side – they want you to get this loan too!
The ‘under contract’ phase can be stressful, as many things can go wrong. Some can be resolved, but some are deal killers. For instance:
- Someone changes their mind
- Someone gets ill, divorces, or dies
- Loss of job or job transfer
- Financing falls through or interest rates change
- Extra documentation is required, and is difficult to obtain
- Liens, judgments, or other clouds on title
- Short of down payment money
- Low appraisal, appraisal conditions
- Issues found during the inspection phase
- Ego battles
I mention these things not to worry you, but to make you aware of the challenges we face every day, and so you can alert me if you see any potential problems. You can rest assured that I will closely monitor all aspects of the transaction.
Remember - I’ve never had a closing fail!
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I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver. Read what past clients have said about me.
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Copyright © 2013 Joetta Fort, The DiGiorgio Group
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