You put an offer on a house and you are under contract...Now what?
Here are 5 Do's when you are under contract on a house:
1. DO: Get an inspection!
As many as you can afford. Our real estate market in the Denver area is very competitive, but this is one area I advise my clients not to use as leverage to get an offer accepted. You want to know what problems your house may already have, or have in the future. Inspections include: General, Sewer Scope, Structural ( I have a rare free structural inspector!), Radon, Mold, etc...
2. DO: Act in good faith.
The goal of putting an offer on a house is to actually buy the house. Ask for items found during the inspection that affect function, structure, safety, and health. Cosmetic items are not a good reason to walk away from a house that you put an offer on. You saw these items when you viewed the house, and still put in an offer, so generally these are items you can change. This includes, paint, window coverings, carpeting, etc. Sometimes a seller will give a credit towards getting these replaced if they are in really bad condition. I am talking about if you just don't like it.
3. DO: Turn in all documents the lender needs in the timeframe they give you.
The number one way to delay a closing is to not submit requested documents.
4. DO: Pay attention to all deadlines on the contract you signed.
These are hard deadlines, and can be moved with amendments, but only before the deadline has occured. This includes: Earnest money, Inspection Objection, Property Insurance, Title, HOA documents, Appraisal Objection and Loan Termination.
5. DO: Get permission from you lender before you make any purchases.
This includes anything other than paying bills, rent/mortgage, insurance, grocery shopping etc. A good rule I advise my clients is that if it is over $300 make sure you ask!
And 5 Don'ts when you are under contract:
1. DON'T: Hesitate to ask your agent (me) any questions you have about the process, finances, purchases, dates/deadlines, etc.
There are no dumb questions and I would rather you ask a question 10 times, then fail to ask and lose the home of your dreams.
2. DON'T: Open a credit card, pay off a credit card, open a bank account, buy a boat, renew a lease on a car, buy a new car, co-sign on someone else's loan, buy your new furniture, file your taxes, and anything else you can think of that would affect your credit, or bank balance significantly.
If you need to do any of these things please make sure to talk to your lender or agent first!
3. DON'T: Walk away from a home just because the sellers won't fix every inspection item.
If the total of all the items is within an amount of money that you could easily spend (for example $1000 or less), or if it is cosmetic and can be changed or fixed later, or if it is something that can easily be repaired yourself or by a handyman, then it is better to keep moving forward with the transaction. No home will be perfect, and you put an offer on a home for a reason, so go with your first instict!
4. DON'T: Continue looking in your online portal, on zillow, at open houses, etc. after you are under a contract. Something better may or may not come along, but again you put an offer on this house for a reason. If you pull out because you have buyer's remorse, and then regret your decision later, there is usually nothing you can do about it.
5. DON'T: Forget to give your agents contact info at an open house or to a builder if you look at new builds.
You have an agreement with your agent and they are representing your best interests, so this will ensure that other agents do not hound you with phone calls, texts, or emails, trying to get your busines. Likewise, it is always beneficial to have an agent work with you on a new build. The builder contract protects the builder, not you, the homeowner. Your agent will do everyhthing they can to make sure your new build process goes through seamlessly.
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