Contract to Closing When Buying Your Clarksville TN Home

Many buyers want to know what happens after they have reached a contract agreement on a Clarksville TN home. The period from contract to closing can be very short if it is a cash purchase or several weeks if a new mortgage is being secured. Let's assume that the buyer is securing a mortgage for their new home.

Contract to Closing When Buying Your Clarksville TN Home

1. Contact the lender and complete the loan application. In Clarksville TN the loan officer will require an upfront application fee to get the appraisal started. The lender will need documentation from the buyer so be willing to provide what is needed.
    
2. Schedule the home inspection. Many Clarksville TN sales contracts call for the inspections to be completed in 7 to 15 days. This is the time to get all needed inspections per the contract; termite, HVAC, septic, home inspection. 
   
   
3. Issues that show up on the inspections are worked out during this period unless the property is sold as is.  This is a contingency period and the buyer can choose to cancel the sale if the findings are not acceptable.
   
   
4. The appraiser comes to evaluate the home. He is looking for market data and property value to substantiate the loan. The appraiser works for the lender.
   
   
5. The lender is continuing to process the loan and verifying income and assets. The buyer should make no big purchases, open new accounts, make any large irregular deposits to accounts or change jobs during this period. It could change the financial picture so much the buyer could be disapproved. Provide the lender any addtional information needed.
   
   
6. The buyer decides on his home owners insurance and has that information sent to the lender. Utility companies are contacted to arrange changeover on the date of closing.
   
   
7. As closing approaches, a walk through time is set for the buyer to check out the house before closing to see that it is in the same condition or better than when the contract was negotiated.
   
   
8. The closing time is set and buyer makes arrangements for needed funds to be wired to the closer, escrow company, title company or closing attorney. Many of the Clarksville TN closers do not accept cashiers checks and they will not take personal checks or cash. Be prepared.
   
   
9. As a Clarksville agent, I review the closing statements before closing to check for accuracy. Then I review them with my clients and explain the closing process; location, time and length of time needed, what to bring, what to expect.
   
   
10. After closing, you will be given the keys. I recommend changing the locks or rekeying the locks. Now it is time to move into your Clarksville TN home.

Contract to Closing When Buying Your Clarksville TN Home.

When buying Clarksville TN real estate, you need an agent that can be with you each step of the way. When you are ready to start the search, contact Debbie Reynolds at 931-320-6730.