Home Buying in Union City>Question Details

May, Home Buyer in Union City, CA

can you help me what the next steps are after an offer has been accepted?What should an agent do?

Asked by May, Union City, CA Tue May 5, 2009

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Answers

5
May:

Your agent should be providing you with complete details about what needs to happen next. The following are included:

Immediately:
• Deposit earnest money in escrow (Your Good Faith Deposit)
• Send signed contract docs to escrow and your lender
• Order Roof, Property, Termite, and other inspections
• Confirm that lender ordered Property Appraisal
• Confirm that HOA package has been ordered

Mid-Point Meeting (timing depends upon contract):
• Review disclosures, Reports and HOA docs (if applicable)
• Finalize any requests for repairs or other documents
• Remove any remaining contingencies
• Arrange for homeowners insurance
• Arrange for movers
• Final walk through of property to verify condition and repairs

Sign documents at Title Company
• Provide balance of down payment and closing costs
• Loan funding
• Recording of title
• Receive keys from your agent
• Move In!
Web Reference: http://www.carlmedford.com
3 votes Thank Flag Link Wed May 6, 2009
May,

once your offer has been accepted, you start your inspections and work to get your loan approved. These items need to be completed within the time frame you agreed to in your contract to buy the property. Your agent (the Buyer's Agent) should be helping to coordinate the inspections and keeping in contact with your lender to monitor the progress of your loan approval. Experienced buyer agents will have a list of preferred inspectors that they trust will do the most compentant job.

After the inspections (roof, pest, home chimney and any others you request) have been done, you'll review them with your agent. If need be you'll negotiate any repairs needed on the property with the sellers. Once you are satisfied you'll remove inspection contingencies and similarly you'll remove your loan and appraisal contingencies when your lender has assured you everything is okay on your loan approval.

I hope this was helpful.

Good Hunting for your new home!
Web Reference: http://sunilsethi.com/
0 votes Thank Flag Link Fri Jun 19, 2009
Hi May, the deadlines of your transaction, and the duties of both Buyer/Seller, are clearly spelled out in the Residential Purchase contract you signed. While your agent is ultimately responsible for managing the transaction, at the same time he/she should have also provided a summary of these key dates to you, in my opinion. You have every right to obtain a copy of the contract you signed and explore these timelines and duties yourself.

In addition, you can refer to the following chart that outlines the "typical" cadence of a transaction from the viewpoint of both Buyer/Seller:

http://docs.Steven-Anthony.com/CARTimelineChart.pdf

Best, Steve


Best, Steve
0 votes Thank Flag Link Wed May 6, 2009
May,

once your offer has been accepted, you start your inspections and work to get your loan approved. These items need to be completed within the time frame you agreed to in your contract to buy the property. Your agent (the Buyer's Agent) should be helping to coordinate the inspections and keeping in contact with your lender to monitor the progress of your loan approval. Experienced buyer agents will have a list of preferred inspectors that they trust will do the most compentant job.

After the inspections (roof, pest, home chimney and any others you request) have been done, you'll review them with your agent. If need be you'll negotiate any repairs needed on the property with the sellers. Once you are satisfied you'll remove inspection contingencies and similarly you'll remove your loan and appraisal contingencies when your lender has assured you everything is okay on your loan approval.

I hope this was helpful.

Good Hunting for your new home!
Web Reference: http://sunilsethi.com/
0 votes Thank Flag Link Wed May 6, 2009
An agent should do his or her job to the best of one's professional ability.
0 votes Thank Flag Link Wed May 6, 2009
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