My offer was accepted. Now what?
Congratulations on having an accepted contract on a house, but now what? Contracts can be agreed upon verbally by the Colorado seller’s agent but nothing is final until the contract is MEC (Mutually Executed Contract) and signed by all parties. It can take 1 – 2 days for MEC, so it is important to be patient during negotiations. Once a signed contract is received, several things need to happen:
The contract needs to be sent to your mortgage lender. If we are your Colorado Realtors, we’ll take care of this. This lets your mortgage lender know that you’re under contract and starts the process of approving you for your mortgage (remember, right now you’re only pre-approved). Be sure to respond promptly to your mortgage lender. They will ask you to fill out a lot of paperwork. Mortgage lenders take an in depth look at your finances, so be prepared to provide them with any information they may request. Unfortunately, it’s not optional; it’s required and the quicker you can fill it out and get it back to them, the better. Also, read this quick two page document regarding the mortgage process
You need to schedule the home inspection. Click here for our list of recommend home inspectors. This needs to be done asap.
You need to write and drop off the earnest money check. Typically the earnest money check is made out to the title company and is either in the form of a personal check or a certified check (we’ll let you know which one you need). It can also be wired, but be advised this can sometimes take up to 24hrs to reflect. Usually it is dropped off at the title company's office within 3 business days of contract acceptance. When you drop it off make sure you ask for a receipt. Hold on to the receipt and bring it with you to closing. Click here to read more about the earnest money check
After the above items have been done, we’ll email and call you with the next steps and provide you with a weekly update as the transaction proceeds. This will ensure a smooth transaction and make sure everything gets done on time.
Questions about Colorado Real Estate? Reach out to the Appreciate Realty CO agent you are working with directly or Call us at (303)956-4948 or email us at hello@appreciaterealtyco.com