I put together some Q&A to answer some of the most frequently asked questions about what happens after the contract is written.
Q: Do I have to be in town for the inspection?
A: If you can’t be there during the inspection your agent will be there for you.
Q: What if they don’t accept my offer? Can I counter their counter offer?
A: Negotiations go on until both parties give up and move on. Sometimes your first offer is not what the sellers are looking for so we may have to continue negotiations or you may decide to move onto a different home. That is why it’s very important to consider making a strong offer the very first time.
Q: What if I can’t come back for the closing; can I do that from another area?
A: You can certainly do it from anywhere in the country. The title company will email you a closing packet that you can print and take to a notary if necessary. The title agent will advise you on closing instructions.
Once this is done, you will overnight the full package back to the title company so they can process it the next day. Be prepared to do a wire transfer to send the closing costs to the title company a few days in advance to insure you get your keys immediately. Once they receive everyone’s signatures and the money has cleared their bank they will record the deed and the home is yours.
Q: How will I get the key if I’m not here for the closing?
A: Once the funds have cleared your agent will go over and get the keys to your new home. Note: I can hold on to them until you come to FL, I can give them to a friend/relative or I can mail them to you. The choice is yours!
Q: What is an “escrow”? Do you help me with all the steps?
A: Opening escrow refers to the process of giving the title company copies of the contract, the earnest money check as well as anything else important that contributes to a smooth closing. Yes we help you with all the steps.
Q: What if I change my mind? Can I get out of the contract?
A: Writing an offer for a property is a serious purchase so the first thing you should do is make sure you want this home. Sometimes this means “sleeping on it” to make sure you’re happy.
As for getting out of the contract, you will need to follow the letter of the contract which does have several options for you to get out. A couple of options are the home inspection which you have up to 15 days to have completed, the CC&R’s and By-laws of community and there are several others that your agent should clearly explain before you ever sign the offer.
Q: Who are the utility companies?
A: Each community or home can have different utility companies, all of whom we are familiar with. About 7 days prior to closing we will send you the list for your home. You’ll contact them about 2 days ahead of closing to have them transferred into your name.
Q: Can I do any work on the home before the closing?
A: This is a big NO! In the contract it explains that you cannot work on, move anything in or in no way use this home as your own. I often hear “I need to store a few things in the garage” but that is not an option.
If you have anymore questions about what happens after the contract is written please visit http://www.haleyswats.com