Things to do now that you are under contract.
I find it interesting that so many times not only new buyers are looking for advise on what to do once they are under contract but seasoned buyers are asking the same question as well. This is a nervous place to be. One of which puts you between the contract and home ownership. For all you Montrose, Colorado and surrounding county buyers, here are some easy to follow steps that can help you make this process less daunted.
1. Call your lender.
This is a chance to communicate with your lender and ask for an estimate of costs and house payment as well as down payment information. During this conversation you can make sure they have a copy of the contract that your agent should already sent right after the contract was signed by both parties.
Make sure you are diligent about getting your lender any required information. When you are behind at getting your lender requested information many times this prolongs the loan and also the contract!
2. Set up your inspection for the property if you so choose.
Call inspectors and get a quote for their services. Most will charge by the square feet of the home. Make sure you have the correct address, square feet and who the listing agency is for the inspector. The listing agency is important because they will be calling there to set the appointment. Know your costs and be prepared to pay at the time of inspection. Always tell your inspector that you would like the report emailed to your personal agent.
3. Review all your documents that are given to you by your agent.
Speak up if you do not understand any document. Also save a file with all the documents that you have signed. You could either do this on a file on your computer or with a paper file and copies.
4. Always be in contact with your lender.
Keep on top of the needs of the lender to satisfy your loan requirements.
Make sure you communicate with your agent if you are behind on any of
the required documents. They may need amendments to the contract in
order for you to timely submit information.
There you go….. This is a start to what to do while you are under contract.
I have also included the following from Leslie Gore Realtor:
BORROWERS TEN COMMANDMENTS
1. Thou shalt not quit your job.
2. Thou shalt not change your employers.
3. Thou shalt not incur new debt such as purchasing a new vehicle.
4. Thou shalt not charge up your credit card balances.
5. Thou shalt not make a large deposit to or withdraw from your bank
6. Thou shalt not change your mind after locking in a rate.
7. Thou shalt not spend your down payment money.
8. Thou shalt not schedule a vacation prior to closing.
9. Thou shalt not file for divorce prior to closing.
10. Thou shall be going forward in good faith once the contract is signed.
If you follow these simple rules your loan process should be a smooth one!