We found the home of your dreams…what’s next?

We’ve found your new home, negotiated the deal, now the real work begins!

As your Realtor, I will deliver the Earnest Money check to the Seller’s Agent – remember, this check will be cashed!  The funds you put down varies with the price of the home – good rule of thumb is 1% of the purchase price…$175,000 home = $1,750.00 Earnest Money.  Earnest Money is a deposit made to a seller showing the buyer’s good faith in a transaction.

I will notify your lender and provide them a copy of your Purchase Agreement. You will work with them to complete your loan process.  It is important that you respond to all of their requests as quickly as possible!  We cannot close on the purchase of your new home until they say we can!

It is important that you schedule a Home Inspection as soon as possible! The clock starts ticking immediately on our time to schedule, complete and request any inspection repairs, 12 – 15 days is standard for most Purchase Agreements.  I recommend Iron Gate Inspection Services, it is not necessary for you to be present for the entire inspection, but you should be there for the last hour so that the inspector can review the report and home with you, and as your Agent, I will stop by the Inspection as well just to make sure everything is going well.  We will work together to review the Inspection Report and formulate an Inspection Response. This is the second round of negotiations.  The key to Inspection Response negotiations is that we share the entire report with the Seller’s Agent and be reasonable in our repair requests.

Closing…finally! Again, until your lender provides “clear to close”, we are at their mercy!  We generally have an idea about when it will be, I will keep and eye process to make certain we are always in compliance with the Purchase Agreement.  I will notify you of when and where the closing will be scheduled and as we near the date…how much money you may need to bring to closing.

The most frequent questions I get about Closing are:

How long will it take to sign all the paperwork?
The closing itself generally takes from 30 to 60 minutes – sometimes longer depending on wire transfers and paperwork.

What do I need to bring to closing?
Buyers and Sellers both need a form of photo ID and any money you owe should be in the form of a cashier’s check – if over $10,000, funds are required to be wired.

As your Agent, it is my job to protect you, fight for you and navigate the process of purchasing a new home…and I am great at my job.  Contact me today and let’s get you a new home!

House shopping

Vicki Reed

Something to think about BEFORE you put your home on the market…

Whether you are thinking of up-sizing or down-sizing, have you thought about how you are going to pay for your next home?  For most of us, financing is necessary, but will you qualify for that next home?  BEFORE you decide to list your home, please, please get pre-qualified for your next one!

Lesson Learned…

Home was listed for sale at the beginning of September, Buyer made an offer on December 2, a little back and forth and they were under contract on December 5 with a close date of February 1.  As part of the Buyer due diligence, they had a home inspection by Iron Gate Inspection Services, Buyer’s Agent provided Inspection Response to the Seller‘s Agent and Seller quickly agreed to fix everything on inspection response.

Fast forward to January 18, 2 weeks before closing, Buyer receives a letter from an Attorney retained by Seller, that Seller is unable to secure a mortgage and Seller no longer wishes to sell their home and asked that Buyer give them “good title” and walk away.

Buyer retained an Attorney and by January 22, Seller was told they must close on the sale of their home on February 1 as agreed to in the contract.

What would you have done?  In this case, the Buyer was my client and we won and she will be moving into her new home this weekend, BUT, I also represent Sellers and this has changed MY listing presentation and I will be asking my Sellers to pre-qualify PRIOR to their home going on the market.  My goal is to Turn your Dreams into an Address…but I can’t do that without your due diligence, know your status before making a decision to sell, you don’t want to go from owning to renting.  The Shanley Team at Inlanta Mortgage is ready and willing to work through this with you and I’ve made it easy for you with a link on my home page (as well as in the right hand column of this blog post) directly to their application.  Also check out my post “Power of the Pre-Qual“…it’s not just for Buyer’s anymore!

Not sure of the current value of your home?  Visit my website and request a Current Market Analysis of your home’s value and let’s talk!


Vicki Reed