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The Process, Step-by-Step
After you have an accepted offer, our Closing Coordinator Crystal Rodriguez will step in to help. Our whole team is here to support you, but she will be initiating, communicating, and coordinating much of the next steps. She will send you recommendations for real estate attorneys and home inspectors. These are people that we know will provide you excellent service. These decisions need to be made quickly after you have an agreed offer, and we want to help by offering a couple of options for you.
Once we receive the signed contract back from the sellers, Crystal will send you instructions for dropping off earnest money. Earnest money is a deposit of money to demonstrate that you have skin in the game and want to purchase the home. When you close, this money is included in your down payment. If you or the seller decide to cancel the contract, there are a number of situations in which you can get your earnest money back.
Attorney And Inspection Review.
You have a 5-day period in which to review the contract with your attorney and have an inspection done on the home. It is highly recommended to have the inspection done by a licensed inspector. After your inspection in complete, you will typically receive a full report of your inspection within 24-48 hours. After looking over this report, you can submit repair requests to the seller in your Attorney-Review letter. You will want to focus strictly on items that are true defects, not upgrades, improvements, or replacement of items that are still functioning as intended. (For example, an old furnace—age is not considered a defect.)
When you feel confident in your list of requests, you will send it to your attorney, and they will incorporate it into an attorney letter to communicate with the seller’s side. Once the draft is ready, the attorney will ask for your review and approval. You do not need to sign it or re-do the contract. The attorney letter is a legal document. There will most likely be negotiations back and forth regarding your requests, and once both sides have come to an agreement, attorney review will be concluded.
Working With Your Lender.
After the Attorney/Inspection Review period (or A/I for short) you will be working closely with your lender. They will also let you know the next steps in the lending process and what to expect, which includes an appraisal, homeowners’ insurance, closing costs, and more.