After you successfully get a contract, what is next? As a first time homebuyer, the process will be new to you, and it can be stressful. A good Buyers Agent can review the main steps and options with you before you go under contract. The key areas are loan approval, repair negotiations, legal arrangements, utilities/insurance setup, and funding.
As the buyer, you must stay on top of gaining loan approval, providing required information quickly, paying required bank fees, and keeping in touch with your lender. Your agent will schedule the inspections called for by the contract and help you draft a repairs request. You will need a closing attorney, who will review the contract, initiate a title search, order a survey (optional), work with you to schedule the closing meeting, work you’re your lender to properly record all related costs, conduct the closing meeting including explaining lots of documents, record the deed, answer questions, and an abundance of other services. You will need to select a company to provide home owner’s insurance a couple weeks before closing, in order to allow the attorney and the insurance agent to communicate. At least a week before closing you will need to contact appropriate utilities and arrange for the electric, water, gas, cable, and other services to be turned on in your name.
Think of moving from the point of signing the contract to a successful closing as a project, and select a Buyers Agent who will act as a good project manager – one with the communication skills, work ethic, and attention to detail to handle all the things that come up.
For a more detailed discussion on this topic, please go to http://solonglandlord.com/steps-for-first-time-home-buyers-to-take/getting-a-first-time-homebuyer-from-contract-to-closing.