Contracts signed. What's next

Hello!

Our offer was accepted on a perfect house this weekend and we had out inspection Tuesday and everything was great!

Faxed over all contracts signed

Just curious what's next and anything we should know/tips/advice

We are moving to farmingdale from queens so we don't know much about the area besides the great schools

Thanks! I know I'm jumping the fun but I like to be prepared lol

Contracts signed. What's next

Once the seller signs the contracts you can start the mortgage application process. You may want to get a pest inspection and a radon inspection (if there is radon in the area) if you have not already done so. The best advice I can give is document everything in writing even if you have a phone conversation send an email to the person/people involved recapping the discussion. I had issues with my mortgage processor and this really cover my @ss when she pulled the "you never told me..." Card to try and coverup a mistake she made.

Contracts signed. What's next

Gina you are going to be near me. Right now it's all about your mortgage company. They will drive you nuts. Ask for the same papers a million and one times. If you want fm me which side of town you are on and I can tell you stuff close to your house. Not sure if you drive yet so I can tell you stuff close.

Re: Contracts signed. What's next

Contracts signed. What's next

We had to give all our documentation to our mortgage broker, and then it's really a waiting game on your part. The bank will ask for more paper work here and there, seemingly random pita stuff. And then you'll close. There was really nothing else left to do on our side other than give them the paper work they asked for.

We went into contract December 20 I believe, on or about day was February 1, and we closed march 8.

Re: Contracts signed. What's next

As others have said, the next step is for the sellers to sign the contract, and at that point, you will be in full contract! (Just fyi - attorneys usually wait for your down payment check -- to be held in escrow -- to be received before releasing the fully executed contract back to your attorney... you mentioned signed contracts were faxed to the sellers attorney, but I assume the original and the down payment check is in the mail?).

Once you are in full contract, you start the mortgage application process, but while you are waiting, now is a good time to talk to your loan officer to find out what documents you will need and get them in order. That way, when you get the fully signed contract, you can submit everything asap.

Then, the bank works on processing your loan, and they will order an appraisal to be done on the house. You usually have 45 days in the contract to get your mortgage commitment, and once you get that, it's usually about just satisfying minor conditions (updating pay stubs, providing proof of homeowners' insurance, etc.).

While you are going through the mortgage process, your attorney should be ordering the title report (I would make sure that is done sooner rather than later). Sometimes things crop up there --- old mortgages from previous owners that haven't been satisfied, C/O issues, etc. -- that need to be cleared up or addressed in some way prior to closing. Also, if your attorney needs to order a new survey, make sure that is done earlier in the process once you are in contract.

Nothing's worse than being ready to close and then finding out that you need to wait on the title report or survey!

Congratulations on finding a house!

Contracts signed. What's next

The mortgage company wanted EVERY pay stub as we went forward, and EVERY bank statement. Every month until we closed. Its a PITA. So just know as it all comes in you have to keep track of it.

A GREAT program to download is CutePDF. Its free. If you have any document scanned into your computer you go to print. One of the choices is CutePDF. Instead of printing on paper, its prints to your computer as a PDF. So its easy to get all your docs to the bank in PDF format.

And obviously you know do NOT open ANY credit cards at all. We were shopping when we bought our house. the lady at Pottery barn was like "Nah, it wont affect your mortgage at all if you open up a credit card before closing." We knew better.

Contracts signed. What's next

Others said it perfectly. Also, to add, if you end up depositing checks or cash in just about any amount more than like $200 that ISN'T a payroll check they will want a letter from the person giving you the money explaining that it is a GIFT (or reimbursement) and that it is NOT expected to be paid back - we had a few issues with this as DH had been given cash from his grandmother's estate and reimbursement from his mother for cross country airline tickets he paid for. We ended up holding onto our Christmas gifts that year until the day we closed because we didn't want to deal with trying to explain it all.

Re: Contracts signed. What's next

Thanks everyone!

We have a pre approval already and the bank has a million papers they asked us for so not sure if that helps

We actually just got a call from the lawyer asking us to come in Monday and sign more stuff lol

Alli I'm gonna message you later! Would love to hear about good places in the area!

Re: Contracts signed. What's next

Re: Contracts signed. What's next

Everyone else covered the important things but I just wanted to say Congrats! You give me hope