What Happens After You Go Under Contract to buy a home

Real Estate

What Happens After You Go Under Contract to buy a home

Wow! You just got your offer accepted to buy a home! You're so excited, but now what.

Well, there are three major deadlines in the contract to maneuver thru.

The first one is the Inspection. Since this is most likely your biggest purchase so far, you want to make sure you're not buying a lemon. So you hire an inspector to come in and inspect the home with you. (more about that later)

After you make it thru the inspection, you'll have an appraisal done. Assuming you are buying the home with a mortgage, the mortgage lender will order the appraisal. They want to make sure that they are not loaning you $450,000 on a home that's only worth $400,000. (more about that later)

The third major hurdle is the Loan Objection Deadline. That deadline is normally about 4 weeks from when you go Under Contract. The Colorado Real Estate contract reads that " this Contract is conditional upon Buyer determining, in Buyer’s sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the sole benefit of Buyer." So if you're unhappy with your loan, you have the ability to terminate the contract.

Then the reward for having enough money for a down payment, going thru all of these steps, and being able to qualify for a mortgage is that you make it to the closing table to become a homeowner!!!!!

Whenever you are ready, here’s some ways that I can help with your real estate goals:

1) Free Access to search the Denver MLS for all homes currently on the market: Denver Home Finder Service Property Search

2) Join me for a home tour - Home tours are Monday thru Saturday at 2:00 pm or 6:00 pm - choose your tour here

3) Request a specific search that sends all the homes that meet your parameters as soon as they come on the market - that way you can beat others to the best homes. Send me an email with "specific search" in the subject line and your wish list - Price range, school district, style, minimum number of bedrooms, etc. - Vickie@DreamsCanHappen.com

4) Receive a Home Loan Report –There are so many different loan programs. Do you need 20% down payment to purchase a home? Are there special programs for first time home buyers? What does CHFA mean? What's the difference between a FHA loan and a Conventional loan? Send me an email - - Vickie@DreamsCanHappen.com with "Home Loan Report" in subject field and I'll send it right over.

Also….check these out??

Denver Home Finder Service

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