I'm Under Contract... Now What??
1. If you are a buyer, and you are going to hold your earnest money with your closing attorney, you will need to choose that attorney asap. If you have an attorney you prefer that is great! If not, may I recommend Eva Clement with Eva Clement Law, or Beth Cramer with Goosmann Rose Culvard and Cramer. We will need to drop off your earnest money, along with a copy of the contract to this attorney. We will need to send the due diligence check to the seller's agent as well (assuming there is a due diligence fee).
2. If you are obtaining a loan, it is likely you already have a pre-approval letter. It is very important that you get all of your documentation to your lender in a very timely manner. Loans take time to process, and often times closings occur within 30 to 45 days. This means being organized and timely will help ensure a smooth lending process. If you don't have a lender you prefer, I recommend Bill Baggett with American Securities, or Cameron Lewis with Acopia. Both have excellent loan processors and are great to work with. If you need more creative financing you can always try local banks and credit unions as they often have the ability to do in house loans.
3. Schedule your home inspections. Your options are home/pest/radon/well/septic/survey/appraisal. Based on the intial findings there could be additional inspections like HVAC/structural/electrical/plumbing. All inspections should be done within your due diligence period. If you don't have an inspector you know or trust, I recommend Jon Woodward with Asheville Inspections, or Austin Boleman with Affordbale Home Inspections, or anyone with with Quality Home Consultants. Once inspections are complete we will put together a Due Diligence Repair Request that will ask for the repairs you as they buyer would like to see the seller perform. As with the contract, this is a negotiation process.
4. Your lender with be in constant communication with you during this process. They will order the appraisal for you. Once we get loan approval we will move to Clear to Close. During the contract period your attorney will be doing deed and title research, and will coordinate your closing with the lender. Three days before closing we will receive the Closing Statement to review together so that you will be prepared and know exactly how much money you will need to close. You can either do a wire transfer, or a certified check. You will also need your photo id as well.
5. You will need to obtain home owners insurance, as well as turn all utilities on in your name. If you have a relationship with an insurance provider then use them. I suggest shopping quotes, and I like to recommend Michael Ditto with Liberty Mutual. More than likely if you are in the city your utilities will be:
* PSNC Gas
* City of Asheville for water/sewer/trash/recycling
* Charter or ATT U-verse for Cable/Internet/Phone
6. Don't worry, I will be here every step of the way orchestrating a smooth and successful contract to close. I will help make the proper introductions, show up for all inspections, and help you navigate the lending and closing process.
Happy Closing and New Home Ownership!