The Process After You Go Under Contract to the Closing Table

     What happens after you go under contract on a home? Most people are confused about what happens next. The process is almost the same regardless of how you're purchasing, with a loan, or with cash. One is a little quicker than the other and may require fewer steps but for the most part, it stays the same. 

    So once you go under contract, your due diligence period begins (unless you opted out of a due diligence period). The due diligence period is for just that, the Buyer to do their due diligence. At this point, if you haven't already, you need to research your schools, neighborhood, etc., and make your home inspection. While home inspections are not required, they're highly recommended! Home inspections will let you know if there are any minor or major repairs that need attention and it's a useful instrument to use when negotiating with the Seller's to make the repairs or if the Seller won't be making any repairs, you can know what to budget for in the near or distant future. 

    At the same time, you want to reach out to your lender and let them know you are under contract and provide them with a copy of the Bound contract so they can have all the details, such as when the financing contingencies and appraisal contingencies expire. Your lender will also make a formal application with the actual address that you are purchasing and will get the ball rolling on the loan. They will order the title with the attorney, and schedule the appraisal. 

    If you're purchasing with cash, all you may be required to do is provide proof of funds and just wait for the attorney to have the title ready to close unless you are requiring an appraisal, then you'd be waiting on the appraisal and the title. An all cash sale is quicker to close simply because you don't have to wait for a loan approval which can take several weeks. 

    As we discussed earlier, a title needs to be ordered through the closing agent or closing attorney. You will want to reach out to them to let them know that you are under contract so they can also get the process started in their office. Titles can take a while to be examined so the sooner you notify the closing agent or attorney, the faster you can get to the closing table. 

    Remember to keep track of your deadlines. Once all diligences are satisfied, the title has come back clear or has been cleared, it is now time to close!