Considering Buying a Home? Contract to Close!
So you’ve done all of the preparation work, you’ve checked out some amazing homes with your Realtor and you’re ready to make an offer! Your Realtor will help guide you through your offer and any negotiations that may be needed to get your offer accepted. Many people think that this means they own a house ~ not so fast. Once your offer is accepted you begin your contract period, it will still be about a month, or possibly more, before that home becomes yours.
The first phase of your contract period is called the Option period. This is the time frame where you have the home and property inspected. Licensed professionals will be hired to come and look at the structure, the roof, the foundation, and check all the fixtures and appliances that will remain with the property. They will also check out the heating and cooling systems as well as inspect for wood destroying insects. It can take a couple of weeks to get all of this done, as well as get all of the reports back. If the reports look acceptable to YOU (the buyer) then you get to move forward and officially put the home Under Contract.
While the home is under contract appraisals will be done as well as a survey, if one is needed. If you are obtaining a loan to purchase your home the lender will request copies of all of these reports to ensure the home they are making a loan on is as valuable as the money they will be spending. All of the information on the home will be put together with any information on the buyer that they need, and they will being finalizing the loan. This process can take a few weeks as well. Once this is complete and everyone has agreed on any negotiations, amendments and changes that may result from the contract period you will be ready to Close on your home!
Your Realtor will help you stay on top of all of the information, timelines, dates and changes during the contract to closing process. A date will be set when your offer is made on the home, but that may change a little bit during the contract period. You will have a time and day where you get to come to the title company offer and sign an awful lot of papers. This is the final lap of your race, when you leave the title company you will no longer be “the buyer” ~ you will be “the owner”.
I would love to help you go from Buyer to Owner! Contact me today to see what I can do for you!
Michelle Peacock '94 | Realtor®
O: 979-703-1979 | C: 979-220-8033 | F: 979-703-1980
1580 Copperfield Pkwy, | College Station, TX 77845
Your source for Bryan/College Station Real Estate