Once you have found the property you love, we will write a purchase contract. While most of the contract is standard there are areas we can negotiate.
What to offer on a property depends on a number of factors including its condition, length of time on the market, available inventory, and seller’s motivation. We will help you decide what the current market value is based on data, and determine what price makes the most sense to offer. Keep in mind the list price and market value can be two completely different numbers. Some homes are overpriced and others are underpriced to draw interest/multiple offers.
This is a deposit that is paid upfront (typically within 3 days of acceptance). This payment is a credit towards your final funds to close. Most sellers expect the earnest money to be 1% of the purchase price. If the contract is terminated due to any contingencies within the timelines provided, you get your earnest money back.
Although there is no set rule, most contracts with financing require 30-45 days from acceptance to closing. This allows ample time for loan approval, survey, title search, and home inspections. If you are flexible on the closing date you can often make your offer stronger than other buyers without raising the price.
Sometimes sellers are willing to leave appliances other than what is standard such as a refrigerator or washer and dryer. In other cases, sellers may select a different offer because they want to keep their personal property. The same is true with a home warranty. Some sellers are willing to offer a one year home warranty and others are not. We can help guide you in this decision.
Once your offer is signed we will submit it to the listing agent. The seller will either accept, reject, or counter offer with changes. When a counter offer is presented we will work together to negotiate on your behalf ensuring your goals and best interests come first.
Earnest money must be delivered to the title company. Typically, this is due within 3 days of the acceptance deadline. The check can be mailed, dropped off, or delivered electronically.
The next step to begin obtaining your final loan approval. Typically, this is due within 30 days of acceptance. If your lender is not able to issue the loan commitment by this finance contingency deadline they must provide you with a loan denial letter.
Once your contract is accepted we will order a title search to insure you are able to obtain possession clear of any liens and order a survey if you request one. If any issues are discovered we must notify the seller typically within 25 days.
Once your contract is accepted it is in your best interests to order any and all home inspections as quickly as possible. After your inspections are completed and you have reviewed the reports you have three options. (1) notify the seller you are satisfied with the condition of the property (2) notify the seller you wish to terminate the contract (3) notify the seller you are willing to close upon satisfaction of requested repairs/monetary adjustment. Typically this notice must be submitted within 1O days of acceptance. In the case of option number 3 above, the parties typically have a total of 1O days from receipt of notification to come to a written agreement.
Typically within10 days of acceptance you must notify the seller if you are unable to obtain homeowner insurance on the property.
The final walk-thru is to be scheduled within 4 days of closing. This is where we verify the property is in the condition it was when the offer was written, and all required repairs have been completed in a professional manner. We will also obtain paid receipts and lien waivers for any work that was required.
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Delmar Mortgage
NMLS # 1669251
E-mail: abaker@delmarmortgage.com
Phone: (314) 458-5566
