Searching and finding the right house to buy can be an intense process. Depending on your needs you could be very busy looking at homes, and a lot of them. It seems like you’ve been doing nothing else in ages and then you find it. Your dream home. Then it’s deciding on details of your offer, written contracts, negotiating and writing earnest money checks, you quickly move on to home inspections. At the same time you talk with your attorney about what he recommends, you renegotiate if there are inspection issues; all in all it’s a very busy time and you do all this while working, taking care of kids and trying to have a life.
Then it happens…NOTHING. Nothing is happening or at least it feels like that. It’s a quiet time now and you might start to get a little worried. What should you be doing, it cannot possibly be nothing. In fact it isn’t nothing but at this stage it’s also not a lot.
- If you are a cash buyer the next thing is closing. Until nearer the date there isn’t much to be done. Your attorney is taking care of the legal stuff.
- If you are applying for a mortgage, that’s likely the next contingency date. Your loan officer will be doing their due diligence on you and the house, getting an appraisal. It’s likely you might get asked for some up to date pay slips or bank statements and at some point they will discuss locking your mortgage rate.
All this can take a while and a couple of weeks with NOTHING for you to do can seem like an eternity after all that activity a couple of weeks back.
If you are applying for a mortgage hopefully the final approval comes by the due date and then like a cash buyer you’ll be ready to close. WAIT! there’s another period of inactivity. This can be short while your closing is scheduled. Or it might be a month away! It all depends on how far out your closing date is. In which case you’re going to have another period of NOTHING.
So don’t worry if it feels like you should be doing something and NOTHING is happening. Things are happening, they just take a little longer than the frantic start to the process. Before you know it, we’ll be taking a final walk through your new house and on our way to closing your home purchase.
Then the fun begins…it’s time to move in.