Congratulations on having an accepted contract on a house, but now what? Sometimes contracts are accepted verbally by the seller’s agent first, while signatures are gathered from the sellers. It can take one to two days for all parties to sign and return the contract, so be patient. Until we have an executed contract, (which means everything has been signed by both the sellers and the buyers) we do not have an enforceable contract. Therefore, it’s urgent that a signed contract be received by all parties ASAP. Once a signed contract is received, several things need to happen:
- The contract needs to be sent to your mortgage lender. This lets your mortgage lender know that you’re under contract and starts the process for getting you approved for the mortgage (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. They will ask you to fill out a lot of paperwork. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better. Also, I'll need you to read this quick two page document regarding the mortgage process.
- You need to schedule the home inspection. Click here for my list of recommend home inspectors. This needs to be done ASAP.
- You need to make your Earnest Money Deposit. The earnest money deposit is made with the title company, and can be completed via check, mobile deposit, or wire transfer. If using a wire transfer, be extremely cautious, as wire fraud is a growing concern in real estate transactions. Always verify wire instructions directly with the title company using a trusted phone number before sending any funds—never rely solely on emailed instructions. Deposits are typically expected within three to five days of a fully executed (signed by both parties) Buy-Sell Agreement. Be sure to check your specific Buy-Sell Agreement for the required timeline. Please note your Escrow File # or the address of the home being purchased to ensure proper credit of your funds.
Once the deposit has been made, the title company will email receipts to both real estate agents, confirming that the deposit has been received and that this step of the contract has been fulfilled. Click here to read more about the earnest money deposit.
After the above items have been done, I’ll email you every few days with an additional next step. Think of it as my friendly way of giving you homework to ensure a smooth transaction and to help you make sure everything gets done on time.
Questions? Call me at 406-250-7506 or email me at jbrown@glaciersir.com
