Wednesday, January 27, 2021 / by Jack Campbell
Congratulations! You just got your offer accepted!
Here's what you need to know right now.
You're moving on to the next phase of the process. It changes the way things work operating mostly Monday-to-Friday, nine-to-five. This is primarily when lenders and escrow companies are available. We're also introducing to you Helena who is our team transaction coordinator. She is our in-the-office paperwork person who helps to make sure all the i's are dotted and the t's are crossed. Keep an eye out for the information she'll be sharing with you. It's really important. Just as important as what's coming from your agent.
Most Importantly Don't Worry.
We're going to guide you through the whole process. We'll let you know what you "should-do" and what you "shouldn't-do". Speaking of that, what should you be doing right now?
- The escrow company will be reaching out about your earnest money deposit. Typically most contracts allow you 3 business days to deliver those funds to escrow by check or wire.
- Reaching out to your lender. The timeline starts the moment the seller accepted your offer. Time lost at the beginning with the lender sometimes creates stress at the finish if anything unexpected occurs. Best to be on top of this. The lender will likely need updated information like bank statements, most recent paystubs, etc.
- Be patient for disclosures and coordination of the home inspection. It typically takes 5-7 days to get these from the seller. Once we have them together we will send them in a DocuSign for electronic signatures to streamline it for you. The seller disclosures will include anything the seller shares which typically includes Natural Hazard Disclosures, Transfer Disclosure Statement, Seller Property Questionaire, and other disclosures the seller makes regarding any modifications or problems they had during their course of ownership. We'll also be collecting information about the property title history as well as your lender will be preparing an appraisal if one is required. We'll also be in touch directly to coordinate a physical inspection.
Again Congratulations! Enjoy this part of the process!