The time between the option period and closing.
- Once past the option period, the home moves into Pending status. At this time, the buyer needs to have been coordinating with the loan officer to make sure they have all the necessary supporting documentation. This can be a stressful time as the loan officer has to abide by many government regulations. Buyers that are organized and provide the necessary documents during the pre-qualification phase will have a much easier time. Some of the documents that the mortgage company will need in addition to a copy of the executed contract:1. Last 2 year’s W-2’s
2. Last 30 days pay stubs
3. Last 2 years complete tax returns (All pages and all supporting schedules)
4. Last 2 month’s checking/savings account statement (All pages, Pdf’s preferred)
5. Copy of Driver’s Licenses
6. Copy of canceled earnest money check
7. Name and phone number of your insurance agent.
- Ask your loan officer if the appraisal has been completed and to provide a copy. Make sure the value has met the contract price and that the square footage is what you expected. Square footage will often vary from the posted amount in the MLS but the difference should be minimal. If the appraisal comes in below contract price, it may be necessary to re-open negotiations with the seller on the contract price.
- Receive the title commitment from the title company and make sure there are no issues in relation to receiving the title on the property. Title insurance ensures that you purchase the property free and clear of liens.
- Review HOA documents if applicable.
- Coordinate with utility companies to have utilities turned on for the day of closing. Find home insurance and provide the contact information to your loan officer. We recommend requesting at least 3 quotes to save money as home insurance rates vary from company to company and change frequently throughout the year.
- Coordinate with a locksmith to have your new home re-keyed. (If you choose Nations Home Warranty, this service is available for a service call fee. Ask your Scott Real Estate, Inc. Agent about a coupon for a free service call.