I’m under contract, now what? You’ve found yourself your dream home, so what do you do after you have made an offer and it has been accepted? You’re under contract, but still have several weeks before you get to move in. So, what’s next?
ASAP and Within Deadlines
The first thing you want to do is coordinate delivering your earnest money and option fee (if you have an option period) to your agent. While meeting with your agent, verify that he or she has provided your lender and the title company with a copy of your executed contract. Postpone all major purchases and do not use your credit cards while you are under contract and during your home purchase.
Next, set up an appointment with your home inspector. You should do this as soon as possible. If you have an option period, you will want this completed before that time frame has expired so that you may be able to cancel the contract if necessary. If your home inspection has items that need to be addressed, get with your agent as soon as possible to negotiate any possible repairs and/or costs. You will need to take care of this within your option period.
Approximately 30 days before closing
It’s time to start deciding what you will be moving. Have things you don’t want anymore but are too good to throw away? Have a garage/yard sale. Donate items that don’t sell and remember to get receipts for those items that you have donated that may have some value.
Are you moving yourself or will you need a moving company’s help? It’s best to get a jump on this because most moving companies are three to four weeks out when scheduling your move.
Start packing! Pack up things that you won’t be using every day.
During this time, your loan officer will be asking you for documents that his or her underwriter is asking for. Even if you have provided these items previously, go ahead and send them again. I know it feels like you are sending things over and over again and it can get frustrating, but these documents are important to the loan approval process.
If you are a first time home buyer and do not already have homeowner’s insurance, it is time to start looking for insurance to cover your home. Ask your agent, friends and family for recommendations. Get several quotes and find out who is willing to provide you with the best coverage and a decent price. Once you have chosen your insurance company, ask your insurance agent to send a copy of the declarations page to your lender. If you already own a home and are selling, you can ask your insurance company to cover your new home.
About two weeks out
You don’t have much time left, but your lender has said that all of the documents that he needs are in to the underwriter and the appraisal has been ordered. Everything looks good. At this point, you should start packing up the rest of your home. Confirm the date and time of your move with your moving company. Make sure you have labeled your moving boxes so that your movers will know which rooms they need to be carried to.
Usually during this time frame you will also get your closing date. At this time, you may wish to put in a change of address with your post office, send change of address notifications to your bank, subscriptions and billing companies and finally, set up connection dates for your utilities.
Closing Day
Your title company, lender and real estate agent should have gone over your settlement statement/closing disclosure prior to closing. This information tells you all of your fees and costs and gives you your bottom line number for the funds you may need to bring to closing. Most title companies/attorneys will accept wires and cashier’s checks, but always verify which will be best for your closing. Also bring along your photo identification for your closer. Most lenders require several documents to be notarized and your closer will need to see identification to verify you are you.
Once you have signed all the documents and the loan has funded, you will get your keys! If you don’t get multiple sets, don’t forget to make new sets for family members. This is the most exciting period of time because you officially get to move in! When you get to your new home, you might wish to set up your bedding first. You never know when you will need to take a break and won’t it be nice to be able to lay down and rest for a few minutes when you do!
Have an essentials box to bring with you during your move. Put in toilet paper, paper towels, garbage bags, scissors, dish soap, towels, a flashlight, all purpose cleaner, a small tool kit, paper plates, cups and cutlery, snacks and drinks and if you have pets, some pet food. You never know how fast you will come across these items during your unpacking, and it’s always nice to have them on hand during an emergency.
Before leaving your old home/apartment, don’t forget to shut and lock your windows and check for any items that may have been left behind.
Congratulations
Congratulations are in order! You’ve made it through the process and are now in your new home! Don’t throw away your real estate agent’s number. Once you have settled in, you may realize that there are still questions that you have. Your agent wants to stay in touch with you and will be happy to answer any questions. If you had a great experience with your lender and your agent, please don’t forget to leave a review for them. It definitely helps other people when they are trying to figure out who to use, to see positive reviews for someone they are considering hiring.
Congratulations on the purchase of your new home!
