Home Selling in Albuquerque>Question Details

Loquacious_e…, Other/Just Looking in Albuquerque, NM

what is the next step, after a purchase agreement is offered and accepted by both parties?

Asked by Loquacious_eagle, Albuquerque, NM Tue Jun 2, 2009

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Follow what you laid out (or should have laid out) in the agreement regarding inspections. Buyer should order and coordinate all desired inspections and then submit repair request to you by deadlines (you may need to negotiate repairs). You need to find a title officer who will conduct the final closing of the transaction and record documents for you. I can recommend Margaret Coplen at First American Title who I refer all my FSBO clients to (505-888-8205). Congrats on selling and best of luck to you in finalizing the sale!
1 vote Thank Flag Link Tue Jun 2, 2009
In our situation as a FSBO seller, the buyer then ordered an inspection, and since there weren't any issues he submitted a copy of the contract to the lender. The lender ordered an appraisal. The house appraised and we went to closing. For us, it was an extremely simple process. I hope it goes as well for you. Good luck.
1 vote Thank Flag Link Tue Jun 2, 2009
After a purchase agreement is accepted your earnest money check will get sent to the title company where it is deposited and held in escrow until closing when it is applied towards your closing costs. The title co. will also start researching the deed, restrictions, covenants, liens etc.. in order to insure the title for the property.

If your are getting a loan for the property they will start the loan process by ordering an appraisal, survey or improvement location report and getting the necessary documents together for their underwriters.

There are many delivery dates in the purchase agreement . These include a delivery of the seller property disclosure. This disclosure is very important. Make sure it is accepted and signed by both parties.

Other dates include inspections, insurance application, home owner or condo association documents etc...

Your Realtor will make sure all these dates are met.
Web Reference: http://www.BuyRedRiver.com
0 votes Thank Flag Link Fri Jun 19, 2009
This is why it is important to hire a Realtor! The New Mexico Purchase agreement (The offer, the contract, etc) is like a guidebook to the transaction. Everything from the terms to the inspections and most other aspects are laid out for both parties to know what is going to happen and when...
0 votes Thank Flag Link Thu Jun 11, 2009
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