Welcome back to Crye-Leike Insights! We are here to share tips, stories, and wisdom from our Crye-Leike family. In this week's episode of Crye-Leike Insights, Laura Gaither, Managing Broker of our Bartlett, TN office, fills us in on what to expect after writing up a contract!
Congratulations! You contract has just been accepted on a new house! But, now what?
How long after accepting the contract is closing? Closing usually occurs 30-45 days after a contract has been accepted.
Why is my Realtor asking for Earnest Money? Earnest moneyis a specific form of security deposit made in some major transactions such as real estate dealings to demonstrate that the applicant is serious and willing to demonstrate an earnest of good faith about wanting to complete the transaction.
Do I need to order an inspection? Short answer: YES! "Some of the typical inspections are the home and termite, but there are many other inspections that you can have done. So, get with your agent and see if they can help you find the perfect inspector for you. Some things that you may wanna have looked at are pool inspection, plumbing inspection, HVAC, and there's so many more!"
What is a Resolution Period? Once theinspection has been completed,you'll compile a list of things that you may want theseller to complete prior to closing.During this time, you and the seller will go backand forth. Once you have negotiated anagreement on which repairs will be completed, thatwill complete your resolution period.
Will I get my keys at closing? Keys are not usually given at closing. Make sure you talk to your agent to better understand when possession will occur.