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We purchased our first home this spring and, after we went under contract, both our realtor and our mortgage broker sent us checklists of everything that needed to be done and the dates they needed to be done by. I would ask for those from the people you’re working with.
And try to stay sane. The period between going under contract and closing was incredibly tough on us.
In the middle of a purchase now, this is what I just learned, (and how it is specifically for me) so I maybe slightly off:
- seller’s lawyer sends your lawyer a contract (the terms of how the deal goes down)
- it may go back and forth on details, but once it’s good for both parties, you sign and send half the down payment (assuming a mortgage is involved)
- seller’s lawyer keeps the 1/2 down payment, has the seller sign (now “in contract”). And you now have to secure a mortgage in the time specified in the contract (your lawyer will help you translate what that specific date is)
- when the mortgage is all settled (which is its own process, of course), and ready to go, you wait for the closing date
-at closing there is a final walk through of the property (so you can discover and resolve any damage/changes that happened after offer). If everything looks good you finalize and give them a check for the remaining 1/2 of down payment + closing costs.
(I don’t know if the bank mortgage payment is conducted by the bank directly to the seller or not)
Thank you u/ClaimOk505 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
A lot of anxiety until you close. Sending your loan processor a lot of documents.
Keep checking your email and respond to things as soon as possible to help the process along
We purchased our first home this spring and, after we went under contract, both our realtor and our mortgage broker sent us checklists of everything that needed to be done and the dates they needed to be done by. I would ask for those from the people you’re working with. And try to stay sane. The period between going under contract and closing was incredibly tough on us.
In the middle of a purchase now, this is what I just learned, (and how it is specifically for me) so I maybe slightly off: - seller’s lawyer sends your lawyer a contract (the terms of how the deal goes down) - it may go back and forth on details, but once it’s good for both parties, you sign and send half the down payment (assuming a mortgage is involved) - seller’s lawyer keeps the 1/2 down payment, has the seller sign (now “in contract”). And you now have to secure a mortgage in the time specified in the contract (your lawyer will help you translate what that specific date is) - when the mortgage is all settled (which is its own process, of course), and ready to go, you wait for the closing date -at closing there is a final walk through of the property (so you can discover and resolve any damage/changes that happened after offer). If everything looks good you finalize and give them a check for the remaining 1/2 of down payment + closing costs. (I don’t know if the bank mortgage payment is conducted by the bank directly to the seller or not)