Your Offer Was Accepted
You’ve negotiated price and terms and the Seller accepted your offer or you accepted their counteroffer. You are now officially Under Contract. So, the clock starts ticking. There are many deadlines that are set in the real estate purchase contract involving your home loan, real estate inspections, appraisal, and disclosures. Time is of the essence and you will now work with your Realtor and other professionals to buy this home.
First, your earnest money check is deposited right away. Also, your Realtor distributes the accepted Real Estate Purchase Contract to you, his office, the Seller’s Realtor, the lender and the title company.
Then, the Buyer goes to the lender on the first business day after the contract is signed if all the paper work isn’t already done. Application and information the lender requested is done at this time. Ask your lender what you need to bring to this meeting.
Some of the typical items your lender will request are:
- Originals of your pay stubs for the last 30 days
- Most recent W-2 s for the last 2 years
- 3 most recent months of bank statements
- Mortgage or Rental History for the last 2 years
- Statements for all outstanding loans & credit cards (account numbers, payment & balances)
- If you're Self Employed: Profit & Loss statement, tax returns last 2 years
- Sales Contract.
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NEXT….
- Hire Your Inspectors
- Examine the Preliminary Title Report
- Check on cost and availability of home owner’s insurance.
- Your Realtor will guide you through the rest
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