I expect that most Virginia Realtors explain the process of buying a home to their clients before they begin to look at property. The excitement of 'househunting' often keeps many buyers from really focusing on the steps that come after the contract is
signed. I thought it might be worth a quick review of what happens after you have a ratified contract. Keep in mind that, while most contracts follow a prescribed process, each contract is unique and can have different contingencies.
So both parties have signed the contract and all negotiations--to this point--have been resolved. What happens next?
- Your Realtor will send a copy of the contract to your Lender
- Your Realtor will send a copy of the contract to the Settlement/Title Company
- Property Inspections will be scheduled and then will take place (Home Inspection, Radon, others as described in the contract)--Contingencies to the contract
- A property Survey will be ordered by the Settlement/Title company and executed.
- The documents (Home Owner or Condominium Documents) will be ordered and reviewed--Contingency to the contract
- Information Sheets will be distributed to the buyer and seller from the Settlement/Title Company. These must be completed and returned.
- Pest inspection will be ordered and executed
- Title search will take place
- Appraisal will take place--Contingency to the contract (in most, but not all, cases)
- Loan will go into Underwriting for final approval-- Contingency to the contract (in most, but not all, cases)
- HUD-1 will be prepared and reviewed
- Pre-settlement walkthrough will take place and any necessary repairs, as determined by home inspection, will be verified
- Home Owners Insurance will be purchased by new homeowner
Each of these steps takes scheduling and monitoring. Most people feel like the hardest part about buying a house is to find the right one. I hope that this list has given you an idea of what to expect in the time after the property has been identified and before you receive the keys.
Comments(4)