I have A Fully Executed Contract. Now What?

Congratulations on having an accepted contract on a house, but now what? Often contracts are accepted verbally by the seller’s agent first while signatures are gathered from the sellers. It can take until the next day for all parties to sign and return the contract so be patient. 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 contract. Therefore, it’s urgent that a signed contract be received by all parties as soon as possible. Once a signed contract is received, several things need to happen:

I will send out an email to you detailing Next Steps. This will have your timeline with all due dates from your contract as well as who to send the deposit money to and by when.
The contract needs to be sent to your mortgage lender. Again, if I am your Realtor, I’ll take care of this. This lets your mortgage lender know that you’re under contract and starts the process for getting you approved for the mortgage (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. They will ask you to fill out a lot of paperwork. Some mortgage lenders joke it’s like getting a financial colonoscopy. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better. Also, I need you to read this quick two page document regarding the mortgage process.
You need to schedule the home inspection. Click here for a list of recommend home inspectors. This needs to be done asap.
You need to write and drop off the first earnest money check. Typically the earnest money check is made out to the seller’s agent’s brokerage and is either in the form of a personal check or a certified check (I’ll let you know which one you need). Usually it is dropped off at the seller’s agent’s office within 2 business day of going under contract. When you drop it off make sure you ask for a receipt or scanned image if you did not already send me a photo of the front and back of the check. Please text me after you’ve dropped off the check to let me know it has been done.
If you go after normal business hours or if the office is very small, there may not be a receptionist. Instead the door may be locked. If this is the case, look near the front door for a drop box where earnest money checks can be safely left.
As a reminder, your earnest money check amount will be deducted from your final down payment and typically needs to be dropped off within 2 business days after contract execution.

Questions? Call at 215.767.7150 or email me at Shaina@MontCoLiving.com