So what happens after you go under contract for a house? From the time that you sign the papers, to the time that you actually get the keys? Well, let me explain it to you.
Hi I’m Marcie Billen and I’m a realtor here in Norman, Oklahoma with Ruya Team Realty and Keller Williams Mulinix. These posts about the real estate process can be really tedious; they’re not always a ton of fun, but of course, it gives you a lot of information and I have created some videos about the actual transaction process. I’ve linked some of them here: Home Buying Steps, When to Walk Away After a Home Inspection, How to Cancel a Real Estate Contract.
You sign the contract, then what?
Once we actually sign an offer or a contract, meaning that the buyer and seller have both signed the offer on the house and everyone’s in agreement that we want to move forward and try to close on the house. What happens after that? Well, this is what my conversation typically looks like with a buyer, especially, and of course, with the seller:
“Remember how we rushed, rushed, rushed to make sure that the terms were right, and everything made sense to you? We made sure everything in the contract was signed, and I had you do that really quickly? Well, now everything slows down a LOT.”
Here’s why – typically you have 30 to 45 days to close on your house, and a lot of things happen during that time period.
Lenders
If you’re getting a loan to purchase a house then of course, you’re going to have a lender who’s involved with the purchase of that house. That means they’re going to need information from you, so they’re going to be talking to you a lot. If you have a lender you’ve been working with to get your pre-qualification letter and things like that, and you’re not super happy with them because they don’t communicate, or the vibe’s just off, then it may be time right when you go under contract on a property, to switch to a lender that you’re gonna love. That way, there’s a lot less stress for you whenever you’re purchasing the property. Lenders should be in contact with you through like emails, phone calls, maybe even text messages and, just remember they may not be easy to get a hold of during the process, either, which may slow things down.
Title Company
Another party that’s involved once you go under contract is actually a title company. In Oklahoma, we use title companies in order to close a property. Title companies actually processes the abstract; makes sure that everything looks good, and helps you with the title insurance that you’ll need on the property. Now title insurance is actually a choice; you don’t have to have it, and that’s something that the buyer has to pay for. If you have questions about different closing costs and things like that, then check out this post about who pays what during the process to purchase a house in Oklahoma. Typically, the title company actually communicates with the realtor a lot more than they’re actually going to communicate with you, as the buyer or the seller. They communicate a lot with the lender too. So can you tell that there’s a lot of people involved in this transaction?
I’ve named the lender and the title company as general parties that help with the contract to close process, but let’s go deeper. You really don’t just have the lender, but you’re probably also going to have his or her assistant, you’re definitely going to have a processor for the lender, you’re also going to have the underwriter, and then you’re also going to have the appraiser. At the title company, you have the attorneys, and then you also have the closer, and then their processor, and maybe an assistant thrown in there as well. After you go under contract though, your realtor who’s working for you, is actually the one who’s leading this entire process. They should be making sure that everyone’s in communication with each other so that you can close on time and get into your house, or get out of your house, if that’s the case.
Inspectors
You’re realtor should also help connect you with the inspectors that you’re going to be using during the inspection period and TRR (treatments, repairs, and replacements) process of the contract. For example, a home inspector, maybe a pest inspector, and any other professional that’s going to come out to make sure the house is right for you and to help you decide if you’re okay with the condition of the house. If those reports come back with any repairs, your realtor will help you negotiate those and then coordinate with the inspectors and contractors to get those done before closing.
Everyone’s contract to close process looks a little bit different as they’re purchasing a house. It depends on many things like what type of loan, where their property is, what happens with the appraisal, what happens with the inspection; all these different types of things, but understand that there are a lot of people involved in actually getting your house to the closing table. Whenever you sign an offer or a contract, we all do the best we can in working together to make sure that you can actually close on your house. And this is why I ask my clients to take great care in who they’re choosing to work with during this process, because we don’t want a closing that usually takes 30 days to turn into 60 days. For more information on the six steps to buying a home, click here.
If you have questions about your real estate goals for this year, I would be happy to connect with you and see how I can help! Feel free to text, email, or call me!
