Congratulations! We’ve scoured the Tampa Bay area and found the home of your dreams and your offer has been accepted. Now What?
Here is an overview of what will happen from the day your offer is signed and becomes a contract until closing. Keep in mind this in an overview, your actual contract may vary in the timelines. I will always go over all of the dates with you to be sure you meet your contractual obligations.
Effective Date- The effective date is the date the contract was signed by the last person, it could be the seller or the buyer. All steps from now start counting from this date. If you are buying the home we most likely used the “As-Is” contract which uses calendar days but if we sold your home we are most likely using the CRISP 14 contract which uses business days. Don’t worry, it’s my job to keep them straight.
Escrow Deposit- You will need to make your escrow deposit within a few days of the contract being signed. Typically this is wired from your bank to a title agency to hold, but each case varies.
Loan Application- You will have already spoken to your lender and received a pre-approval letter before we began searching for a home, but now you have to actually apply for a mortgage on the property you have chosen. Typically this must be done within 5 days.
Home Inspection- Buying a home is a big investment, naturally you want to protect that investment by having the home inspected by a professional. You have about 10 days to have an inspection, review the findings and ask for any concessions or repairs from the seller if needed.
Title Insurance Commitment- The title company will review the history of the property and ensure there are no liens on the home. The commitment will come at least 5 days prior to closing.
Appraisal- Your bank will order an appraisal to evaluate the home’s market value based upon it’s size, condition, location and appeal.
Home Warranty- Most likely we have asked the seller to offer a home warranty to help protect your investment. If they cannot purchase one you can do so yourself.
Final Walk Through- Just before we attend the closing you and I will have a final walk through of your new home. We want to ensure it is in good condition, the seller has completely moved out and all agreed upon repairs have been made before you sign at the closing table.
Attend the Closing- This is everyone’s favorite part of the transaction! We will go to the title company and finalize the transaction and you will now be a HOMEOWNER! Congratulations!!!
Again, this is an overview of what happens. There are many things that can and do happen along the way, but we will work closely together to ensure the transaction goes as smooth as possible.
Kelly Harden, REALTOR®
CENTURY 21 Shaw Realty Group