This is an exciting and sometimes stressful moment for most buyers. You've taken a big step forward in buying your new home. Often, the seller's agent will verbally inform us that your offer has been accepted while they gather signatures from the sellers. This process can take 1-2 days, especially if the sellers are traveling or have relocated out of state. Please be patient during this time. Until we have an executed contract, which means everything has been signed by both the sellers and the buyers, we do not have an enforceable agreement. Therefore, it’s crucial to receive a signed contract as soon as possible.
Once a signed contract is received, several steps need to be taken:
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Send the Contract to the Escrow Company:
- In Northern California, the seller and buyer use the same escrow company, which is typically pre-opened by the seller. You can find the escrow information in the disclosure package in the preliminary title report. If I am your Realtor, I’ll handle this for you.
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Send the Contract to Your Mortgage Lender:
- Your mortgage lender needs to know that you’re under contract to start the approval process for your mortgage. Remember, you are currently only pre-approved. Be sure to respond promptly to your mortgage lender's requests for paperwork. If I am your Realtor, I will take care of sending the contract to your lender.
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Schedule a Home Inspection (if applicable):
- If your offer is contingent upon a home inspection, you need to schedule it as soon as possible. If I am your Realtor, I will arrange this for you.
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Transfer the Earnest Money Deposit (EMD) to Escrow:
- The earnest money deposit is usually 3% of the purchase price and must be transferred within 1 business day of contract acceptance. Ensure you have these funds available and ready to wire. If you need to sell stock or move money from another account, please do so in advance. Read more about EMD here
Next Steps
After these initial steps are completed, my team and I will email you every few days with additional next steps. Think of it as our friendly way of giving you homework to ensure a smooth transaction and to help you make sure everything gets done on time.
Questions?
Feel free to call us at 408-649-8351 or email me at anna@annafinerealestate.com. I am here to guide you every step of the way.
