Here are the next steps on our way to closing:
STEP ONE - LENDING (disregard if you are a cash buyer)
- You likely already have a pre-approval and are working with a lender but keep in mind that just because you have the pre-approval, this does not mean you are finished with the lending process. We will get a copy of the contract sent to your lender and they will get the next steps in the lending process going. If you decided to change lenders, please let us know ASAP. We have provided a list of lenders below if you want to shop your lender and rates.
- You Have A Financing Contingency In Place. The Contingency Starts on The Effective Date of the Contract (page 8) and goes for the length of days quoted on page 2 of the financing addendum.
- TIME IS OF THE ESSENCE! If your lender asks you for additional documentation, please get it to them promptly. Not doing so will put you in jeopardy of running out of your financing contingency time and put your earnest money at risk if you don’t get final approval.
- If you have questions about your estimated closing costs or your estimated monthly payment….please call your lender directly.
**Reminder not to send your banking information via email or phone EVEN IF IT LOOKS LIKE AN EMAIL FROM YOUR AGENT OR TITLE COMPANY. Wire Fraud is a top security risk at this time.
***When you are packing, please do not pack any financial documents you may need and run any additional lines of credit like a new card or car loan by your loan officer PRIOR to opening the line of credit.
STEP TWO - INSPECTION(S)
- We highly encourage you to get a general inspection and a termite inspection. Furthermore, you may need a pool, well, septic, HVAC, roof, and/or other inspections as deemed necessary by your general inspector.
- We will need to know who you hire and what date and time it is scheduled so we can let the seller know.
- You need to utilize your option period to schedule inspections, review reports, request repairs, and CONFIRM that the repairs you would like done are signed off for by the seller.
- Please practice due diligence during the inspection period by understanding your report and going over any and all concerns with YOUR INSPECTOR. We can assist you in negotiating repairs or even money in lieu of repairs, however, our scope of understanding all items on a report is limited and should be discussed with the inspector.
STEP THREE - INSURANCE
- It's a great idea to start getting insurance quotes during the option period. This way you have time to shop insurance quotes and better understand the cost.
- Please discuss the importance of flood insurance with your insurance agent, even if your new home is not in the flood zone. Sometimes simple drainage issues can cause major flooding issues during big rain events such as hurricanes and tropical storms.
- (HURRICANE SEASON) It is important that you get your insurance binder issued right after the option period is over to insure your policy is in place should a hurricane or other tropical disturbance enter the gulf before closing. If the binder is not issued and a disturbance enters the gulf it will delay your closing until after its over and as you know if you are local to the area, those disturbances can come in one right after another during peak season.
STEP FOUR - HOME WARRANTY (if applicable)
- There are many home warranty companies to choose from. Please look through the options and choose the company and plan that you feel fits your needs best.
- Make sure you are choosing a plan that includes all of your new homes features such as pool, hot tub, additional guest house, septic, well, and additional appliance coverage.
- If you are purchasing new construction, you do not need to worry about picking a company or plan. The builder will have their own home warranty and you will get that information at your builder walk through or closing.
PLEASE REFER TO THIS LIST FOR INFORMATION REGARDING UTILITIES, CLOSING AND POST CLOSING. (COMING SOON)
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