Buying a home can be exhausting. You may have looked at several houses, worked hard to get your pre-approval, gone through negotiations, learning new real estate terminology, contracts, and disclosures. Finally! All done with that. Now we can relax right? Not just yet! Now that your home has gone to contract you will most likely speak a little less to your Realtor and more to your attorney and lender. Even though you may speak a little less to your Realtor, he/she should still be working behind the scenes on your transaction. He/she will communicate weekly with your lender and attorney to make sure you are on target and there is nothing needed in order for your home to close on time.
One of the questions I always hear after we have a signed contract is “What is next?”. The most important to get you started will be to get the earnest money turned in. After that your Realtor will send copies of the signed contract to your lender and attorney. You should touch base with both your attorney and lender. Your attorney will review your contract and discuss any changes he/she may want to make in the attorney review period. If he/she does want to make changes a letter will will be sent to the sellers attorney requesting those changes. Your lender may have additional documents you have to sign in order to process the transaction so be sure to contact them to follow up.
While your attorney is reviewing the contract you can get your home inspection (by an Illinois licensed home inspector) done. After the inspection is done and you have received all reports you will discuss the items needed for repair with your Realtor and attorney to decide what items are important to you to have replaced/repaired.
Close to Closing
After agreement on inspection issues your attorney and lender will continue to process the transaction to the closing table. You will receive further instructions from both your lender and your attorney what needs to be done for closing. When receiving wire instructions by email please call your lender to confirm the destination before wiring funds. Best wishes for a smooth process and happy closing day 🙂