Dizzyblonde54
LIF Zygote
Member since 3/13 37 total posts
Name:
Dana
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Signed contract
Hi, I'm new on here. Just wanted to post that my fiancé and I just signed a contract on our house tonight! We r so excited!! We have been looking for a house since the hurricane when our apt was destroyed. We had a couple mishaps, but now it seems as if we are finally going to get our home!!
The sellers are supposed to sign the contract on Thursday. I've never done this before so my question is this: what happens now? What is our next step?
Anything anyone can tell me, I'd greatly appreciate it!!!
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Re: Signed contract
Once the seller signs the contract, you are "in contract." The house will no longer show as available on MLS and other real estate sites!
Then, your main job is to get your mortgage commitment. Ideally, you would have told your loan officer that you had an accepted offer and he would have told you what documents to start gathering and submitting for your loan application. The lender will need a fully executed contract, so when you get a copy from your attorney, make sure to send it to your contact at your lender.
Check the contract, or ask your attorney, how long you have to get a mortgage commitment. Typically, it's 45 days, but it could be less time (or more), so you want to know, in case the lender is slow and you need to push things along.
As part of processing your loan, your lender will order an appraisal of the property. But you won't be present for the appraisal. However, you should know when it is (your real estate agent will tell you) and make sure you follow up with the bank to know that everything came in ok with that -- usually no news is good news with the appraisal.
After you get your mortgage commitment, there are usually still things that need to be done in order for the lender to "clear your file" for closing -- usually you have to meet some conditions (provide updated financial info, get homeowner's insurance). You may want to start looking around for homeowner's insurance now, just to get some quotes, get an idea of who you may want to use. Also, make sure you don't make any financial changes -- don't change jobs, take out a new loan, make a big purchase, open/close a credit card, etc. -- at least not without talking to your loan officer. You don't want to do anything to jeopardize your loan!
Once you have a mortgage commitment and a closing date can be reasonably estimated, you will want the bank to lock your interest rate (usually banks give a 30 day lock... something longer will usually cost you in some way).
I assume you already did your home inspection prior to going to contract, as is typical on Long Island. If there were any negotiated repairs that the seller has to make, they should be done prior to closing.
While you are working on your mortgage, make sure your attorney orders title asap, and a new survey (if necessary), so that once the bank is ready to close, your attorney will be ready, too! Sometimes attorneys delay in ordering these things, and it is an unpleasant surprise when the parties need to wait to close (esp. if the bank has locked your rate and is ready to go).
On the day of the closing, or sometimes the day before, you will do a final walk through to reinspect the house before you close, just to make sure everything is as it was when you first saw it, and that everything's in working order.
Good luck!
ETA - Welcome to LIF! 
Message edited 3/29/2013 10:49:58 AM.
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