Buyers and Sellers Next steps

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Here are next steps.

Turn in paperwork to your lender of choice. You can lock your rate or float the rate and try to get something better. If you are shopping lenders now is the time to choose because you will want to order appraisal once we complete inspection.

Due Diligence time. This is your “free look” period. You need to get inspection completed, get insurance quote, check neighborhood HOA docs, check neighborhood sex offender list, crime reports, radon/air quality reports etc. We can back out without penalty during this time. After this period, you could be subject to losing your earnest money if you back out. We do have appraisal clause, but that is different.

Call to get a quote on Home Insurance

You can choose any provider, but usually your best option is the same company as your car insurance. I am a big insurance shopper and constantly update my policy to save the MAXIMUM amount of money. I have never had to use insurance, so I like to keep my premium low. I personally have a $5,000 deductible.

I like AllState in Sandy Springs (ask for Kevin) 770-405-0713 tell them Steve sent you and you will get great service.

Next step.

We will need your earnest money of $xxxx payable to Matthews Real Estate Group according to contract timeframe.
This can be a personal check, or you can wire the money. Over $10,000 must be a wire.

Schedule inspection. You can typically order air quality and radon with inspection. Ask about getting a free wood inspection report. Sometimes they offer, sometimes they don’t, but always good to ask. If you want a “termite” inspection the cost ranges from $55-$75

• AmeriSpec - 770-935-4990
  https://www.amerispec.com
• BGP Inspections
  https://www.bpginspections.com
• Champia Real Estate Inspections   770.953.0767 www.champia.com
• ALPHA HOME SERVICES LLC
  www.alphahomeservices.com 770.751.0737 scott@alphahomeservices.com 
• Residential Inspector of America Marla Sinclair 
  Cell: 770-264-8288 
  Scheduling: 770-476-4963
  www.residentialinspector.com

If you would like to get a survey now is a good time. Please remember this is not required and can sometimes take up to 4 weeks to schedule. Here are a few to consider.

• https://boundaryzone.com
• https://geosurvey.com
• https://mcclungsurveying.com

Once you are completed with inspection and turned all your loan docs in you sit back and relax (or start packing). Once we are about a week from closing you will get a mad rush for updated paperwork to lender, schedule utilities, sign lender CD (closing disclosure), we will schedule walk through day of closing, wire down payment and head to closing. Closing lasts about an hour or less and you just need to bring your ID. 

We will review each step as they happen but wanted to give you a general overview.

Snapshot on offer

• Purchase price xxx,xxx.xx
• Seller paid closing costs xxxx
• Close date xxxx with possession xxx
• EM $xxxx due within xxx days - over $10,000 always must be wired
• xx-day inspection period ends at midnight no xx
• xx-day approval on loan 
• xx days for the appraisal (keep in mind this can take about 2 weeks to get back then another week for review - order as soon as you have inspection completed or sooner)

Here are next steps.

During the due diligence period we do nothing, remember the buyer can back out for any reason. If they find something wrong during the inspection, they have 3 options. For inspection on the xx please be sure all areas are accessible. Also, it isn’t uncommon for the inspection to be completed and the buyer to ask for an extension to review items. If it is an investors they always play by their rules so just be patient.  

1. Terminate
2. Renegotiate price
3. Negotiate repairs

We will cross that bridge as it comes.

Once Due Diligence is completed the next hurdle is the appraisal. We really don’t have any control as this is ordered by the lender. I do my best to provide a justification for our sales price. Most appraisals are coming in at contract price. 

After appraisal we will need to coordinate with the attorney on title and payoff. We will typically hear from the attorney requesting a “seller information sheet.” Please fill that out as soon as possible.  If you don’t want to come to closing, we can either do a mailout or power of attorney. Not a big deal. 

Please remember to continue to pay bills and keep utilities on, it is still your responsibility until we are finished with closing. After closing you can terminate insurance and utilities. 

Not to worry I am involved every step of the way and will make sure everything goes smoothly.

Looking for Attorney help with Property Management?

David J. Metzger

404-373-9304

dmetzger@williamsteusink.com

https://williamsteusink.com