Once your offer to purchase a home has been accepted by the Seller, things will seem to move really fast in the first 10 days following acceptance. Here is a brief list of what you, as the Buyer, will be doing:
- Call the mortgage company to lock your rate
- Fax contract to mortgage company
- They will order the appraisal (and likely charge you for it)
- Call the insurance company and obtain a quote for homeowners insurance
- Provide this information to Title Company
- Call Home Inspection Company and schedule the inspection
Call your mortgage company and lock your rate. Rates change daily and it’s anybody’s guess what it will be the next day. Also, the loan officer will need the Property Address and closing date.
Next you’ll want to call your Insurance Agent and obtain a quote for homeowners insurance on the property. To obtain the best pricing you may want to consider using the same company as provides your auto insurance as many provide a discount for bundling both auto and home. If you have time, get bids from one or two other insurance companies for both your new house and your cars to be sure you’re getting the best deal.
Here in Dallas most contracts are written with a 10-day time frame to have an inspection and request any repairs be made. So, although you’ll be contacting the mortgage company and your insurance agent, you’ll still need to call Home Inspection Company and schedule the inspection soonest. A good home inspection can easily take two hours or more. It is best for the Buyer to meet the Inspector for at least the last 30 minutes as a minimum.
Appraisals are ordered by the mortgage company but typically the Buyer pays. The Appraiser will contact the Seller and schedule time to go out and appraise the property. You will write the check to the Appraiser or the mortgage company, estimated to be $450 – $600 here in Dallas. Some but not all mortgage companies will reimburse the appraisal fee at closing.
Security Company – If you use a security company, contact them as soon as possible for service to be available upon move-in.
Once an offer has been accepted by the Seller all the above actions go into motion quickly and it’s helpful if you know what to expect. The mortgage company will want all their paperwork completed within the first 7 – 10 days which is the same time you’ll be busy with home inspections and appraisals and getting insurance quotes. It will be a busy time for sure.
This is most of what you’ll need to know for a smooth process; hope it helps.
Realtor Brenda is a licensed real estate agent with Ebby Halliday Realtors in the Dallas/Ft Worth metroplex. Realtor Brenda is in Ebby’s Frisco office located at 1415 Legacy Dr, Suite 100, Frisco, TX 75034. Office telephone is 972-335-6564 and cell/text is 469-408-3148. http://www.realtorbrenda.com