So, You're Finally Under Contract...
You've found the home of your dreams, the seller has accepted your offer, and now all that's left to do is pick up your keys...right? Once you go under contract, there are a few more steps you'll need to take before heading to the closing. Here's a quick breakdown of everything Albuquerque buyers need to know—and if you have any questions, feel free to contact us!
The 10 Things Buyers Should Do After Going Under Contract
1. Get in touch with your team
While it may be tempting to make a post on social media or contact your loved ones after your offer is accepted, your first phone call should always be to your real estate team. Now is the time to start setting dates for inspections, taking the next steps with your lender, and ensuring that everything goes smoothly before the closing.
2. Get your earnest money to your agent
If you haven't already done so, send over your earnest money to your agent. Failure to do so could result in the termination of your contract. These deposits will also allow you to inspect your future home and continue the buying process.
3. Contact your lender
After your offer is accepted, contact your lender again to begin the formal application for your loan. Your lender will likely give you a long list of documents to send over, such as W2s, the purchase agreement, your social security number, and other tax-related information. Make sure to be patient with them and provide everything in a timely manner!
4. Schedule a closing date and time
Here in New Mexico, you're able to set a specific date and time for your closing in advance. Settle on a date that works for you, your agent, and your attorney, but also remember to be flexible with the seller. It's best to work around their schedule, if possible.
5. Have a home inspection
Even if you're buying a brand-new home, you'll want to have an inspection to uncover both large and small issues before moving in. Your agent should be able to recommend a qualified inspector who will thoroughly check over the property. Be on the lookout for big-ticket fixes—anything having to do with the HVAC, roof, foundation, electrical, or plumbing could cost a lot to repair.
6. Have an appraisal
If you're taking out a mortgage, your lender may order an appraisal to see if the amount of money they're lending you is more or less than the value of your home. If the appraised value is around the same as your offer, you can proceed to the next step!
7. Request repairs
If your inspection uncovered some problems, you have a few options. Most buyers request money off the price of a home to cover repairs, but some may also ask the seller to make fixes before the closing. If a seller refuses, be sure to talk it over with your agent. Many deals fall through at this step, so you'll want to really think things over before you negotiate!
8. Get homeowners insurance
Now it's time to shop around for the right homeowners insurance policy. Get in touch with an insurance agent or do some research online to learn more about your options. It's best to compare as many quotes as possible, especially if you want great coverage without a hefty price tag.
9. Turn on utilities and change your address
The last thing you want to do is move into your new house without electricity or running water! Spend some time turning on your utilities a few days before the closing. You should also notify your bank, doctor, post office, and other important contacts of your address change.
10. Close and move in
It's time for the moment you've been waiting for! On a pre-determined day, you and your team will meet for the closing and sign the final paperwork. Don't forget to bring your driver's license and a cashier's check or a wire transfer to pay for your new home. After the title has been transferred and the deed is recorded, you can finally move in!
Have Questions?
The Albuquerque real estate market has never been hotter, and we'd love to help you find the home of your dreams! Contact the Feils to get the ball rolling on your next move—we have years of experience and plenty of resources to guide you through every step of the process!
Need to sell before you buy? We can help with that, too!