Crucial Steps: The 'Under Contract' Phase in Home Buying πŸ‘πŸ”‘

Dream home found. βœ…

Inspection completed. βœ…

Appraisal glowing. βœ…

Ready for the keys? Not so fast! Before closing, remember the importance of the "under contract" phase. Like a recipe, skip a step, and the result changes. Each home buying step matters! πŸ‘πŸ”‘

Before you officially buy a new home...

"Under contract" means both the buyer and seller agreed on the sale terms and signed a contract. After that, the buyer goes through an appraisal and inspection. Once those are done, there's a waiting period. The lender takes charge during this time, communicating with the buyer until closing. After getting the appraisal, the buyer's file goes to the "underwriting" stage, where bank underwriters check if all loan conditions are met.

Documents You Need Before Closing

When getting a mortgage, your bank may ask for some additional documents. Here's what you should have ready:

Bank Statements: Keep updated bank statements handy as the closing process takes time, and your lender may need the latest information.

Pay Stubs: If your income changes during the home buying process, your lender will ask for updated pay stubs.

Gift Letters: If you're getting money from family or friends for the home purchase, your lender will guide you on how to explain this to the underwriters.

Explanation Letters: Lenders might ask you to write letters explaining certain aspects of your financial history, such as past credit issues or employment gaps.

Home Insurance Info: It's a standard requirement to have good home insurance. Take the time to find the best policy during this phase.

Here's the lowdown about the home closing timeline

It depends on two things:

  • What the bank needs from you.
  • How quickly you can give them what they want.

Now, it's important to know – you're in control here! Your agent and lender will help, but it's up to you to provide the necessary documents on time.

If you're quick with the paperwork, you might close in 30 days (that's the dream!). Realistically, it often takes around 45 to 60 days. Once the lender gives the final nod with "CLEAR TO CLOSE," you're good to go, and your dream home is officially yours! πŸ₯³

At the closing

You sign papers, pay your down payment and closing costs with a certified check to the title company. Closing costs cover fees like lender fees, appraisal, and title company fees. 

Your earnest money is credited, reducing the total due. Your lender gives you an estimated out-of-pocket cost beforehand. The whole process takes about an hour, and once it's done, your homeownership is officially recorded! πŸŽ‰

Ready to Begin Buying a Home? I understand it might seem like a lot by now. Reading all this information at once can be overwhelming, but that's okay. That's why it's crucial to team up with a local agent who is well-established in your area and truly knows their stuff! πŸ‘πŸΌ

Recent Blog Posts

Stay up to date on the latest real estate trends.

Discover Georgia: Unique Experiences That Enhance Your Lifestyle

Georgia is not just a place to liveβ€”it's a destination brimming with unique experiences.

Discover the Safest Cities in Georgia: Ideal for Your Next Home

When looking for a new home, safety is often a top priority.

Discover Georgia's Hidden Natural Gems: 14 Breathtaking Spots for Family-Friendly Day Trips

Georgia, often overlooked for its natural beauty, is home to some of the most stunning landscapes in the country.

Top 6 Lake Getaways in Georgia

Looking for the perfect getaway? Georgia's lakes offer stunning scenery and a variety of activities for all types of travelers.

A Patchwork of Fields: Relishing Georgia's Rural Landscapes

Georgia's allure extends far beyond its bustling cities, beckoning those seeking solace and tranquility amidst its rural landscapes

Sunny Summers: Escaping to Georgia's Beaches and Lakes

Georgia's warm embrace extends beyond its southern charm to include some of the most inviting beaches and lakes, perfect for those considering a move or a summer retre… Read more

Embracing Retirement: Discover Georgia's Senior-Friendly Communities

Retirement marks a new chapter in life, a time for relaxation, exploration, and embracing all that life has to offer.

Exploring the Perks of Moving to Georgia: Embracing the Peach State's Appeal

Considering a move to Georgia? You're not alone.

Farm-to-Table Dining: Georgia's Culinary Delights

Georgia, a state rich in agricultural bounty and culinary tradition, offers a unique farm-to-table dining experience that attracts food enthusiasts from all over.

Work With Ansley

Born and raised in the peach state, I take pride in what I do and genuinely enjoy helping my clients. Let me be your go-to gal in real estate and help you personally through the process!