I have the pleasure of telling another agent that their counter offer was accepted by my buyers today. I love that! Next I need to send my buyers their to-do list! Negotiating the purchase agreement was fun, but now it’s time to move on to the next step.
So what to do next?
Set up your inspection– In our purchase agreement we said we would have that done within 2 weeks, response and all, so we better get moving! Call the inspection company of your choice (I can recommend several good ones) and schedule it for a time that is convenient for you. I will try to be there if I can, but this is for YOU. They will want you to pay up front for this, so bring your checkbook! Once we respond, the seller can start making repairs if needed.
Homeowner’s Insurance— Call your insurance agent and get this going too. We said it would be done within 2 weeks, and this gives us time to correct any unforseen problems. Typically, the insurance company will want you to pay a year in advance, so once again, be prepared to break out the checkbook. You will need to have insurance on the home before we can close.
Follow up with your Lender— At this point, you have already been pre-approved, now is the time for them to go a step further and get you REALLY approved. Your lender might need additional documentation like paystubs or bank account info. I will send your lender a copy of the entire purchase agreement, including all the counter offers and stuff, but the rest is up to you.
BE SURE you can still get your loan— Now is not the time to ruin your credit by going out and buying a bunch of stuff or opening up new lines of credit. Your lender will be checking your credit score again, and they do not want to see that you don’t qualify anymore because you decided to go on a shopping spree. While we’re talking about your credit, please don’t change your bank or your job, don’t let stores run a credit check on you, and MOST IMPORTANTLY don’t forget to pay your bills on time!
Save up some Money! — You are about to make a big down payment, so you might want to eat chicken at home for dinner instead of going out for steak! While your lender should give you a pretty close estimate of your closing costs, there may be some unexpected expenses, so it is best to save your pennies right now. If you don’t need it, you can blow it on new furniture or paint or appliances…. AFTER closing!