You're Under Contract...Now What?!
Stephanie Patterson June 17, 2020
Stephanie Patterson June 17, 2020
Congratulations! Your offer has been accepted and you're officially under contract. All the hard work is over right? You can sit back, pack a few boxes, grab a cup of Starbucks on your way to the closing in 30 days? WRONG! It's important you know the specifics of what is in your contract so you can have a successful closing. Join the Cole Team with Compass in our new Youtube Series as we walk you through the key points of the Georgia Real Estate contract and what you need to consider when you're purchasing and selling a home in Alpharetta, Milton, Cumming, Dawsonville and beyond.
What is Due Diligence? How does it affect you when buying a home? The first 10 or so days of your contract depending on what was negotiated is typically a time called due diligence. This is the time for you to do your 'due diligence' to make sure the home you are purchasing is in fact the home you think you're purchasing. This is the time to do things such as a home inspection, make sure the HOA will allow you to put in the fence you need for your pup, and make sure there are no new plans for a 24 hr dance club behind you. If any issues come up during this time and they cannot be worked out with the Seller you can typically cancel your contract and have your earnest money returned.
Do I need a Home Inspection before buying a home? The short answer is YES. Home inspections are used to provide an opportunity for a buyer to identify any major issues with a home before purchasing.
Do I have to have an appraisal? What happens if the home I'm buying doesn't appraise? If you are getting a mortgage to purchase your home, most likely your lender will require the home to have an appraisal.
What is the finance contingency? If you are getting a mortgage to purchase your property, your contract will most likely be contingent on the buyer receiving financing approval within a reasonable amount of time agreed upon by buyer and seller.
Do I need a survey on the home I'm purchasing? Imagine closing on your dream home with that perfect backyard for the pool you've always wanted, only to discover AFTER closing that there is a huge pipe going through your backyard that will make it impossible to build that pool!
What is included in the closing costs on the home I'm purchasing? Closing costs are the fees, taxes, and other charges associated with originating the mortgage loan and transferring the property from buyer to seller.
You've made it through inspections, appraisal, loan approval and your closing is scheduled! There's one last thing we need to do! Either a day or two before the closing, or even the day of the closing, you and your agent definitely want to visit the home before it's officially yours!
Congratulations--you've made it to Closing Day! Don't forget these few last minute details! Have you set up your utilities? Have you completed your change of address?
Discover the essential pre and post-move checklist to ensure a seamless and stress-free transition into your new home.
I'm so sorry for that title. Now that the wonderful Game Of Thrones series is coming to an end.
Easily increase your property's market value with home improvement services.
Teachers are invited to stop by for a complimentary drip coffee or cold brew.
The sellers accepted your offer, and the home is going through appraisal and inspection.
Schedule a call to learn more about what we do for your home.
Potential buyers near and far will be able to view your property as if they were there.
It’s important to know how much “home” your money can get you.
Be sure to check out South Forsyth’s premier Pet Care Destination for dogs and cats.
Your home deserves this kind of attention. With experience helping over 1,000 buyers and sellers, we know how to market your property effectively, find the right buyer, and guide you through the real estate process with ease and insight. Schedule a call with our team to discuss your property and discover how we can create the best selling experience for you.