4 Keys Steps For A Buyer Once Under Contract
4 Keys Steps For A Buyer Once Under Contract Want to know what happens after your offer is accepted by a seller? I’ve listed 4 of the big milestones below that happen in a typical transaction in Washington State. 1. Earnest Money: The amount stated in your offer to show earnestness. In a standard WA State contract, this money is due within 2 business days. This can be in the form a check, note or wire transfer, typically to the escrow company. 2. Inspection Contingency: The period of time stated in your offer for you to bring a licensed inspector in to fully inspect the home. Many are choosing to waive the inspection, but there are safe ways to be competitive without waiving this! Standard timeline is 10 days, but each contract is different - follow the days stated in your contract. 3. Financing Contingency: The period of time stated in your offer to receive loan approval from a lender. There is not a cut and dry answer, but a typical loan process is 30 days from start(pre-approved) to finish(final loan approval). During this time you will be providing bank statements, paystubs and any clarifying information that the lender and underwriter need to approve you for your loan. 4. Signing Appointment: Your signing appointment will take place once you have received final loan approval. You will either meet a notary at the escrow office or your home. Your signing package will include items like the loans documents and the title. Want to know more? Send me a message today!