Proceed to Closing :-)
Yipppeee! The Seller said yes! Now what? Here are the next steps with explanations below:
- Pay close attention to EACH deadline.
- Be diligent with your inspections and investigations.
- Don’t change your loan qualification status prior to closing.
- Be prepared for delays and snafus.
The more long-winded explanations ——
- The timelines begin the day that both parties have agreed and signed the Purchase Agreement. Be sure to complete your tasks on time or the Seller will have the right to cancel the contract.
- Inspections should include a) property survey markers, b) septic/sewer and other utilities, c) zoning and CC&R’s (covenants and restrictions), d) physical inspection of the house by a professional inspector.
- Don’t change your loan status. There are too many sad stories of people buying a new car or changing jobs in the middle of a transaction without thinking about the possible impact on their ability to complete their property loan.
- BE PATIENT!!! We’re all having to learn patience in this new market climate. Transactions are becoming more and more complicated. There are more and ever-changing rules along with more and more parties in the loop. Experience tells me that closing will happen, but the delays and snafus can be frustrating.