When both the Buyer and the Seller have signed the contract, it becomes fully executed. A copy of the contract is sent to the Buyers lender and the title company where the closing will take place.
The Buyer then must then apply for a loan application with their selected lender. Keep in mind that time is of the essence. Most contracts are dated for 30 days to close so you want to give your lender all the information they require to complete the loan process and to avoid delays.
Once the loan is in process, the lender will order an appraisal on the home to make sure the sale price meets the assessed value. Appraisers are independent from the lender and buyer so they can render a non-partisan opinion to the homes value. The appraisal will need to be paid at the time of service as well as any inspection’s that you have prior to closing.
It is best for the REALTOR to be present during these inspections to assure the quality of work is performed and to spot any potential problems.The Buyer must also coordinate with a selected insurance agent to obtain a home owners policy. This needs to be completed 10 days prior to closing to assure proper coverage has been obtained.