Buying a HomeHome Purchase Prep 101Millennials in Real Estate

“I’m Under Contract…Now What?”

By January 10, 2021 No Comments

Congratulations, now that you are under contract you are much closer to changing your address!

During this time it is my top priority to make sure any questions my clients have about the home, the neighborhood, financing, or the home buying process, in general, are answered.

Here are a few more things to keep in mind:

Due Diligence Period: This usually refers to the time after signing a contract that the buyer has the right to inspect the property and make a decision whether they want to buy the property or lease the property or otherwise go forward with the transaction. As a new buyer, you have the right to have the home you’re purchasing inspected at your expense. Here are a few inspectors that I recommend:

My preferred inspectors are below:

Protect your credit: If you are getting financing, please be sure to talk to your lender before making any financial decisions that may change your credit or your available income. This does not mean you cannot buy groceries, but it does mean you should consult with your lender before you apply for any additional credit, such as an auto loan, credit card, mortgage, or any other major debt.

Provide documents: Your lender (if you are financing this home) may request various documents that will be required for them to underwrite and fund this loan. It’s likely that you have already provided some of these documents, but there is a good chance the lender will need others. It is very important you get these documents to your lender as quickly as you can. One of the most common delays in closing is a delay with the loan.

Take advice wisely.

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