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What happens when I go under contract when buying or selling a home?

When buying a new home, there are numerous steps to complete once you are under contract. But, don’t worry, we are here to guide you through the process!

  1. Inspection – Once you are under contract, we’ll work with you to ensure that you complete your inspection. If you don’t know which inspector to use, we can provide recommendations. Once the inspection is complete, we will review it with you and send an inspection objection to the listing agent within a specified time frame. This simply means that if there are items brought up in the inspection report that you want to see addressed or determine that you don’t want the house at all, this is when we would address those issues. If you do want to move forward, the listing agent will review the objection with the sellers and provide an inspection resolution to address any concerns you have as the buyer.
  2. Title and HOA Review – You will receive a copy of the title and Home Owner’s Association (HOA) rules and guidelines for review to determine if you have any objections to buying. Any objections will be submitted by the objection deadline outlined in the contract.
  3. Appraisal Deadlines – This is an area that we take care of for you by working with your lender to ensure the appraisal is completed prior to the deadline. Unless there is an issue with the appraisal (i.e. it comes in too low or there are conditions), you don’t need to worry about this phase.
  4. Survey Deadline – If a survey is required, we will help you ensure it is completed within the proper time frame and review it with you to determine if there are any objections.
  5. Loan Objection Deadline – We will work with you to ensure you have been cleared to close from your lender on or before the loan objection deadline. If you find out you don’t qualify after the loan objection has passed, you will be in danger of losing your earnest money (note, it’s always a good idea to get pre-approved for a loan prior to putting in an offer!)
  6. Settlement Statement – You should receive a settlement statement from the title company a day or two before your closing date. Make sure to review it so that you understand how much money you need to bring to closing. We’re happy to help answer any questions you may have and your loan officer should be available to assist you as well.

The whole process to close on your new home usually takes at least 24 days. Typically closing time frames are 30-45 days, depending on what you and the seller agree to. We’ll be there to assist you every step of the way!

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