What Happens After You Sign a Santa Cruz Real Estate Contract?

Posted by Lauren Spencer on Wednesday, October 10th, 2012 at 1:01am.

Buying a new home isn’t a sprint; it’s a marathon. When you find the Santa Cruz real estate of your dreams and place an offer that is accepted, don’t assume the marathon is over -- there are many more miles you must travel before closing.

Here are four steps to take after the contract is signed:

1. Be prepared for your earnest money or escrow deposit to be cashed. This money can be anywhere from $1,000 to three percent of the price of the home.

2. Go over disclosures with a fine-tooth comb. Your agent will help you identify any red flags. Then you want to familiarize yourself with the home’s history, zoning district and past building permits. Ask questions about anything you don’t understand.

3. Negotiate with your bank. It’s time to lock in an interest rate with your lender. You might have gotten pre-approved beforehand, but now you actually need the loan.

4. Schedule a property inspection. Attend the inspection, and come prepared with a list of questions for your home inspector. The point of this appointment is not just to highlight major issues, but also to familiarize yourself with the short and long-term maintenance of your new Santa Cruz real estate.

Don’t get derailed by unexpected costs and time-consuming tasks that come after you sign a contract. You’ll want to be mentally and financially prepared so that you can close smoothly and move into your new Santa Cruz real estate quickly.

If you’d like more information about what happens before closing, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my homepage at www.MySantaCruzRealEstate.com.

Links:

Disclosures

Building permits

List of questions for your home inspector

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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