AFTER THE OFFER IS ACCEPTED
There are several hurdles to cross before the closing. You need to keep up with all the details that are swirling around you at this point and keep everything on schedule.
l. The Loan Application:
If this is a cash sale, then skip to #3; otherwise, the buyer will initiate the loan application, usually within three to five days after the contract is fully negotiated and signed.
2. Credit Report:
Although a simple “online” credit report may have been performed already on the buyer, the lender will order a special “home mortgage credit report,” which derives data from several sources. If there are any problems, your agent will be notified. Some credit problems can be worked with, while others can’t. It usually takes anywhere from five to 10 days to obtain a home mortgage credit report.
3. Inspections:
If the buyer used an “inspection contingency clause,” which usually provides for either a 10- or 15-day inspection period, an appointment will be made either with you or your agent for the home inspection service to perform the inspection. The inspection process usually takes two to three hours, and the buyer may accompany the inspector. The home inspector will bring a bag of many gadgets and will inspect everything from the roof to the electric circuit box.
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