Delaware County, Pennsylvania Real Estate Blog: Pennsylvania: Media

You're under contract, now what?

 

Are you a buyer and really looking forward to being in a new home?  Well be sure to read this post so you can ensure you go to settlement and do not create problems that can prevent you going to settlement.

Thanks to John Meussner's solid advise you will be on your way!

Thank you John!

 

You're under contract, now what?

 

 

     You've found a home, worked up an offer, and came to an mortgage financingagreement with a seller.  Once the contract is executed, it's such a relief, and you're almost there when it comes to owning your new home.  In the next few weeks, there are several steps to take (the sooner the better) to make your life easier as you prepare for owning your new home.

 

1) Have your mortgage financing lined up

 

     This should ideally have been done prior to putting in offers, but in case the financing isn't in place, this needs to be worked on immediately to ensure you'll have funds available to you on settlement day.

 

 

2) Freeze your finances

 

     This is not the time to move money around.  If you have to move money around to get ready for settlement, be sure to keep a detailed paper trail, and explain your plans for shifting funds to your lender BEFORE you do it.  Many times, people make the process more complicated or open a can of papertrail worms by moving money around.  This can often be avoided with advice from a good mortgage banker.

 

 

3) Don't buy the furniture

 

     Or any other major purchase for that matter.  Sure you can plan on all of the things you'll want to buy after settlement, but it's a bad idea to do so before getting the keys to your new home.  For one, opening new credit accounts (but it's a 0% financing offer!!!  I know, don't do it.) can have a negative effect on your credit score and your debt to income ratios.  During the mortgage process is NOT a time to buy a new car. 

     Credit & mortgage qualifying aside, you don't want to buy new things for a new home before you're 100%  certain you'll be moving in.  Appraisals, inspections, and walk through's all need to be completed, and all can lead to potential deal breakers.  You don't want to be stuck with new home decor & nowhere to put it.

 

 

4) Move quickly

 

     You may have some time before settlement, but it's best to get everything from the mortgage process to inspections done as soon as possible.  As you approach the settlement date, the more things that aren't completed add unnecessary stress to what should be a very happy experience.

 

 

5) Trust the people you're paying

 

     Another way to avoid stress is to avoid micromanaging.  You're paying a Realtor, a lender, inspectors, and other professionals throughout the process.  You should trust the professionals you've hired (or the recommendations of someone you trust) to do their jobs and to make the process as seamless as possible for you.  If you don't feel you're getting a level of service that allows you to relax, speak up!

 

 

6) If you have questions, ask

 

     The professionals you are working with have likely been through this process many, many times before.  You haven't.  No question is dumb (and likely, we'll have heard it before), and we want you to be informed, in the loop, and aware of what's going on.

 

 

John Meussner

NMLS# 138061

Visit My Website!

 

****************************************************************

Doug Durren and Gloria Todor, Realtors®, SRES® 

CENTURY 21 ABSOLUTE REALTY
512 Baltimore Pike, Springfield, PA 19064

GloriaTodor@Century21.com

Gloria 484-431-3686

610-328-4300 x131 Office

 Serving Delaware County, Montgomery County, Chester County, Pennsylvania & Surrounding Areas 

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You're under contract, now what?
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