Buying Step 24: Celebrating Progress
Step 24
Congratulations on having an accepted Purchase & Sales Agreement on a house, but now what? It can take 1 – 2 days for all parties to sign and return the Purchase & Sales Agreement, so be patient. Until we have an executed Purchase & Sales Agreement (which means everything has been signed by both the Sellers and the Buyers), we do not have an enforceable Purchase & Sales Agreement. Therefore, it’s urgent that a signed Purchase & Sales Agreement be received by all parties ASAP. Once a signed Purchase & Sales Agreement is received, several things need to happen:
- DEPOSIT THE EARNEST MONEY – The Earnest Money deposit for the purchase typically needs to be delivered to the Title & Escrow Company within 2 business days by 5:00 pm or you are in default and the Seller can terminate the agreement. Wire transfers can take 24 – 72 hours, so get on it, ASAP! Please text us once done so we can notify the Sellers.
- SCHEDULE THE INSPECTION – We need to get any and all inspections completed, satisfied, and released per the Purchase & Sales Agreement. Ideally, the Inspection should occur within the next 2-3 days. The Home Inspection must occur quickly as it often takes the Inspector 1-2 days to write the report after the inspection. Once the report is written, we still need some time to review the.
Legally we are not supposed to steer you to a Home Inspector. We gave you instructions to interview Home Inspectors previously. Let us know who you want to use so we can schedule it and scheduled promptly and works for all of our schedules & the Seller. Plan to bring your checkbook or credit card to the inspection to pay the Inspector.
Plan to attend to the end of the Inspection, which will take approximately 2 hours for a condo and 3 hours for a single-family home. Inspectors usually only work Monday – Friday and do not work evenings or weekends, so you will probably need to arrange to be off work for the Inspection. Wear comfortable clothes which can get dirty as the Inspector may want to show you something in the basement, on the roof, etc.
We will send an email to you within 24 hours of Mutual Acceptance with the important deadlines we need to adhere to. These can include:
- Mutual Acceptance: xx/xx/xx
- Buyer’s deadline to deposit Earnest Money (by 5:00 pm): xx/xx/xx
- Buyer’s deadline to submit loan application: xx/xx/xx
- Buyer’s deadline to waive title contingency: xx/xx/xx
- Seller’s deadline to satisfy inspection contingency: xx/xx/xx
- Seller’s deadline to provide well report & septic maintenance records (if applicable): xx/xx/xx
We will send the Purchase and Sales Agreement to your mortgage Lender. This lets your mortgage Lender know that you’re under Purchase & Sales Agreement and starts the process of 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.
Contact us for an updated list of recommended Home Inspection referrals at:
andi@andidyer (dot) com
Questions? Contact us at andi@andidyer(dot)com or 360-734-6479.
