From Offer to Keys
Ladies and Gentlemen, tighten those belts and be sure to keep your hands and feet inside the boat at all times! (That last part I had to say over and over again when I worked at Walt Disney World one summer for a college internship!)
Yes, this could indeed be the bumpy part of the voyage, but here's the good news -- WE'VE. GOT. THIS. Hopefully, you've read/heard in a few places my motto is "Minimize the Surprise." That means I communicate a lot (that's a nice way of saying wordy, chit-chatty, talk too much . . oh dear. I've done it again, haven't I?). I would much rather you say, "Okay! We've got it!" versus, "Celia, you never told us that."
Making an Offer
This is where Celia's experience can REALLY make a difference! A few examples:
1) You've decided on a new construction community and fallen in love with an inventory home. Celia knows the Builder very well and she knows the end of their fiscal year is coming up which means the Builder is more likely to make deals!
2) You want to make an offer on a resale and in talking with the Listing Agent, Celia learned there are others interested, too. That conversation with the Listing Agent she'd done business with before provided insight as to what might appeal the most to the Sellers (it's not always the highest-priced offer!). We made an offer allowing for a lease back of the home until the Sellers new home was ready - everybody got what they wanted!
While there are several documents submitted to a Listing Agent for an offer, the actual contract document is full of VERY important and detailed information, well beyond just the amount you're offering to purchase the property. It also includes these important elements: 1) address (better make sure we all know what we're buying!) 2) attorney handling the closing 3) how are you paying 4) earnest money deposit, when it will be received and who is holding on to it during the transaction 5) will any personal property come with the sale of the property 6) any contingencies like financing, appraisal or termite inspection 7) due diligence and termination fee 8) special terms 8) expiration of the offer itself.
In addition, there is usually a residential property disclosure (initially completed by the Seller) to initial, and possibly a bill of sale for personal property such as furniture or a golf cart.
**If there is one thing I BEG of you, please do NOT sign offer documents on your phone. Take the time to review them where you can really see them. South Carolina is a "Buyer Beware" state - the responsibility is considered yours.
We're Under Contract! NOW WHAT?!?
The first few days after going under contract are pretty busy, but fear not! Celia takes the lead by getting the word out on your behalf (sending copy of ratified contract to your lender and attorney - Celia can offer suggestions for these) and making sure you know EXACTLY what needs to be done. If you haven't already given the earnest money funds, that's the most important step for the Buyers as there is a deadline to those funds being sent (being wired is usually the fastest way to make that happen). Also, the window of time to inspect the property starts the moment the ink is dry for both parties, so the inspection is also scheduled hopefully within a week of the contract being signed.
Inspections are a case-by-case basis and can require some delicate negotiation or in most cases, be worked out very easily. Of course, if a property was sold "as-is," you as the Buyer can still get an inspection, but it would be for your own knowledge as the Seller has basically communicated they will not do any repairs with the "as-is" designation.
Once the due diligence period has ended, the focus is on the loan (if paying cash, the focus may be on furniture shopping!). Any documents that haven't been turned in at this point most definitely need to be taken care of. The appraisal has been ordered and it usually takes about a week - 10 days to get back the report. Thankfully, in our market, I've only had one house not appraise (and there was a very interesting reason that happened!)
Just before closing!
Exciting! Stressful! Exhausting! And why haven't you heard how much you're supposed to wire to the attorney's office??This information comes about one-two days before closing - it RARELY comes any sooner and if you can remember that, it will save you a few days of worry. They send a draft of the settlement statement to both agents and the paralegals o both sides review as well to see if anything's missing (example - agreed upon credit of $2000 towards closing costs). Once that group has reviewed, the updated statement is sent to the actual clients to review. The figure on that settlement statement is the one to use when you head to the bank to wire any funds. Again, the good news -- the overall wiring process from one financial institution to another takes a matter of hours, so if you do not live locally, you can still do this the day before closing and the funds will be where they need to be in time for closing!
Closing!!
Best tip I can give you . . . If this purchase is for your primary home, do yourself a huge favor and if both possible/affordable, give yourself a gap of time between the closing of your former home and when you actually move in to your new home (stay at an airbnb or vrbo for a few days). That way, if there are any unforeseen delays of a few hours or a day for your closing, it is not creating a domino effect of terror. If you have that new home empty for a few days to accept deliveries or paint rooms the colors you want before it's full of boxes, you'll be amazed at how sane you'll stay!!