Steps for the buyer, once in contract:

Dan can of course help you through all of this, but for reference, here are all of the steps, in order.

1. Deliver signed contract to your chosen lender.

2. Schedule your inspection.  Here are a list of inspectors: (please use your own, if you have one in mind)

General Inspection Companies:  (Please have the inspector you hire, schedule directly with the listing agent or the showing service, -Not through Dan Wood, he is not representing the seller.)

If you're buying new construction, please have the inspector schedule directly with the builder sales representative.

Most listings are scheduled through a company called Showingtime.  Phone: 888-367-4009, or showings@showingtime.com, if not through the listing agent directly, who is representing the seller of the home you are buying.  Their contact information is on page 10 of the main contract.  Please pass along their contact information to the inspector you hire.

The inspector you hire, will need to schedule the inspection through either the listing agent or if new construction, the builder's sales representative.  

• https://www.littrell-home-services.com/

• https://www.austinpropertyinspections.com/

• https://www.acompleteinspection.com/

• https://www.tlcinspectors.com/ 

General Inspection PLUS Phase Inspections for New Construction:

• https://www.tlcinspectors.com/phase-inspection/

• https://carefulhomeinspections.com/phase-inspections/

• https://risaustin.com/new-construction-inspections/

If you want other specific trade contractors to review items in the home, it's totally okay to schedule them out to the property.  Ideally, it's best to get these reports at the same time as the general inspection, so we can negotiate everything upfront and not staggered, so please schedule these people during the same time as the general inspection or make arrangements with Dan.   We'll have better negotiation results, if we negotiate with the seller or seller's agent one time with everything included in one request to do repairs or give credit in lieu of repairs.

To see recommendations please click here.

3. Within 48 hours of all parties signing the contract, deliver the agreed on option fee and earnest fee directly to the title company.

   • Typically, this can be done by a mobile app that the title company uses.  Get with Dan and he will coordinate the with the selected title company to get you instructions on how and where to send the monies due.

   • These fees are listed on page 2 of the main contract in 5.A..

   • If no monies are delivered within this timeframe, the buyer will essentially waive their option period.  Meaning, officially, they will not have a way to terminate the contract.

4. Negotiate repairs from the inspection within the option period.

   • Option period is typically 7-10 days.

   • Option period ends at 5PM on the last day of option.

   • Option period starts the day after all parties have signed 

   • If you decide to terminate the contract, you'll need to do it during the option period.

     1. If you do it past the option period, you'll potentially forfeit your earnest money and get sued by the seller for specific performance, by not purchasing the home.

5. The title company or sometimes the mortgage company will order a new survey, if the old one can not be used.

   • Who pays for the new survey is listed on page 3 of the main contract.

   • If you're buying new construction, it's typical for the buyer to pay for this, so please skip "existing survey".

   • Existing Survey: If 6.C.1. is checked, keep in mind: Buyer shall obtain a new survey at Seller's expense no later than 3 days prior to Closing Date if Seller fails to furnish within the time prescribed both the: (i) existing survey; and (ii) affidavit or declaration. 

     1. In other words, the seller will be required to pay for a new survey, if 6.C.1. is checked and no survey & T-47 is provided in the time prescribed...

6. The title company will order HOA documents, once they receive the contract and are paid for the resale certificate, which is typically paid by the seller.

7. The mortgage company will order an appraisal.

   • If the appraisal, does not appraise for the sales price, there are these options:

     1. Seller to reduce to the appraised price

     2. Buyer to cover the difference in additional money from the buyer, due at closing

     3. Buyer to terminate the contract, based on the appraisal not meeting value

8. Final financing phase, the buyer completing any missing requests from the mortgage company and or processor from the lender.

   • Keep in mind, the mortgage broker seeks out a lender, for the best deal or loan terms, for you.  That lender will have an "underwriter" and it is possible that they may require items from you, not in a timely fashion.  That is no fault to the mortgage broker your hired or their processor who is working with them, but rather directly to the lender, from which they are using, in order to get you the best possible terms for your loan.  So sometimes, this happens, and it's no fault of your mortgage company.

9. Once we have what's called, "Clear to Close", that means the buyer has submitted all required items and the mortgage company is ready to send closing documents to the title company, and we could potentially close early.

10.  Close.  Sign closing documents.

11. Mortgage company receives signed closing documents and what we call, "fund" the transaction.

    • If parities sign late during the day or on a Friday, it is possible the the transaction will not fund, until the following business day.

      1. Meaning, if you close late on a Friday, it is possible you will not be able to take possession of your home until the following Monday.

    • Once "funded", keys are made available at the title company or if new construction through the builder's sales representative, typically.