After your inspections and the option period has ended, you may think there is nothing to do until closing. However, there’s a lot going on behind the scenes with your lender and your Realtor and the title company. Here are a few things that have to be taken care of. If you want to stay in the loop on how the transaction is going – here are a few questions to ask….
Has the appraisal been ordered? Did the house appraise? Was the appraisal reviewed?
Are ratios and credit scores still within guidelines?
Has the lender received an automated loan approval?
Is there anything you need from me before you can submit to processing/underwriting?
Do you have any concerns about getting approval and the date of the closing?
Has the loan been approved by the underwriters? Are there any conditions that need to be met?
Have you received the survey? Any problems on the survey?
Have tax certificates been ordered?
Do I need to do anything else for my homeowners insurance?
Are there any exclusions on the title commitment?
When do you expect to receive a clear to close?
When will instructions/documents be delivered to the title company?
There are many other things you could ask about, but this is the big stuff that is getting taken care of during the waiting period after you go under contract.
Still waiting for a response to my last comment from the Appraiser Special radio show Sunday…