What Happens After the Contract Has Been Accepted?

The Steps from Contract to Closing When Buying a Home

Many Clarksville buyers ask what happens next after the contract has been accepted. Once the contract has been signed by all parties and binded, much of the work is now turned over to the lender. Clarksville TN homes sell for cash or new financing. Very few are actually cash sales but these generally have quite closing dates. The period for financed purchases take longer from 30 to 45 days.

Contract to Closing When Buying Your Clarksville TN Home

If a buyer is securing a mortgage, these would be the steps to get to the closng table. Some of these same steps apply for cash sales, too.

1. The buyer should immediately contact their lender and set an appointment to complete the loan application. Clarksville TN loan officers will require an upfront application fee to cover the cost of the appraisal and other out of pocket expenses. These amounts vary from $350 to over $500. Cooperate with the lender by providing all the documentation being asked for and do it promptly.
    
2. Coordinate with your agent to get the home inspection ordered. Purchase contracts have time limits for these to be done and you need to be aware the clock is ticking. Most home inspections re completed within 7 to 15 days. Have all necessary inspections done during this period such as termite, HVAC, septic, home inspection, swimming pools, well water or structural. 
   
   
3. Repair issues are negotiated during the inspection period unless the property is sold as is and the inspection is just a matter of information.  Inspection contingency periods allow the buyer to cancel the sale if the inspection findings are unacceptable to the buyer.
   
   
4. Meantime, the lender has ordered an appraisal of the property. This is to evaluate the home's value using market data and property data to see if it will support the loan value. The appraiser works for the lender in this case.
   
   
5. The lender is continuing to work behind the scenes processing the loan and verifying information furnished by the buyer. Caution to Buyers: Make no big purchases, open new accounts, make any large irregular deposits to accounts or change jobs during this period processing period. Your credit report, job status and bank account can be rechecked before the closing to see that the picture is the same as it was at loan application. 
   
   
6. Buyers should be diligently researching and securing  homeowners insurance for the property. The lender will need this information to finalize the closing paperwork.
   
   
7. A few days before closing, a walk through (final inspection) is set so the buyer can check out the house before closing takes place. The purpose is to see that it is in the same condition or better than when the contract was signed.
   
   
8. At least 3 days before closing the buyer is sent a Closing Disclosure detailing the expenses and monies that will be needed for closing. The buyer needs to acknowledge receipt of this disclosure. This is part of the new TRID regulations for closing procedures.
   
9. Now the closing can be set and buyer makes arrangements for funds to be wired to the closer. It is best to always wire the funds so you can be assured the closing will proceed without any delays. At this time I also recommend contacting the local utility companies to arrange the utility transfers for the closing day.
   
   
10. I make sure the buyer understands the closing statements before going to closing and also that all bills pertaining to the sale are turned in to the closer. I will explain the closing process, how much time it will take and what you need to bring to the closing. We will decide on a time and place to meet. You will receive the keys to your new home at the closing. I love going to closings with my clients and seeing all the smiles and feeling the excitement of the day.
    

CAUTION: I do recommend that you have the locks changed for security purposes. Also beware after the closing you will get lots of solicitations for services like security systems, water softeners, lawn services, window treatments, etc. These vendors are getting your information from public records.

There is a scam going on asking if you would like to order a certified copy of your deed. It comes in a very official looking envelope and has a fee of $75-$100 associated with it. DO NOT SEND THEM MONEY. You will receive your original deed from the closer a few weeks after the closing as all fees have already been paid at the closing table.

What Happens After the Contract Has Been Accepted?

When you need a Clarksville TN Real Estate agent to guide you through the buying process, think of me. Then when you are ready to start the search, contact Debbie Reynolds at 931-320-6730 or click on this link and start your home search now.