Our contract to purchase has a number of timelines that we must accomplish specific action items within, we will list them here along with some additional TO DO's. These should all be accomplished in the first 5 days after the seller has accepted our offer.
1. Provide your lender with a copy of the completed contract.
2. Complete all the forms the lender requires and supply them with all the documents they request within 3 days.
3. Contact Home Insurance Companies and identify who you want to do business with. We recommend that you do this in the first 5 days as Hurricane season can Freeze insurance policy generation and delay closings. The Insurance Company may require a 4 Point Inspection (see the Blog) make sure of this before you order your inspections (the inspector can provide it to you) but you must ask.
4. Contact and schedule a Home Inspection, Termite inspection and any other inspection you and your lender may require (some require and we recommend a Septic inspection). Do you need a 4 Point?
5. Assure your Escrow deposit has been turned in within the time limit on the contract. Call us if you are unsure of that time frame 407-718-0984.
6. Review all inspection reports, define and priorities repairs needed, discuss with us within 24 hours after the report has been delivered to you. Remember the seller is not required to do all repairs.
7. Your lender should provide you with a Good Faith Estimate of all the fees you will have in your closing within 2 days after you provide them with the contract. (very important so you understand all your closing costs we suggest getting a second opinon from another lender).
8. So what happens if the house does not appraise? All parties have options.
1. Seller or Buyer can walk away.
2. Seller and Buyer can come to an agreement on a new Sales Price (usually the apparised price).
3. Buyer can purchase the home at the agreed upon price if they have enough down payment.
If we have a Home Owners association do we have a copy of their Restrictions? Do they require approval?
We are a team of Real Estate Professionals dedicated to your success.
We also request that you share our name, phone, web site and email with any friend family member or fellow worker who is looking to buy or sell Real Estate in the next six months.