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Under Contract

Now is the time to do your due diligence – perform home and pest inspections, receive estimates for renovations, arrange insurance, and most importantly, get your financing in order so you are ready to close and take ownership of the property.

1. Receive Contract Confirmation

Shortly after your contract is bound, you will receive an email from us containing all the details of your offer and important dates and actions.

2. Follow EMD Instructions

This usually is sent via wire to either the title company or the Keller Williams office. We cannot provide wire instructions, but there are instructions in the email providing a phone number for the EMD holder so you can call and get wire instructions directly.

3. Confirm / Coordinate Inspections

If you’d like a home inspection, please reach out to a company ASAP once under contract and schedule it. Below are a few we work with regularly, if you are looking for a recommendation. If you are local, you and your agent can go to the house at the end of the inspection to speak with the inspector about his/her findings and communicate them to you. Otherwise, the inspector will call you at the end of the inspection, and present a thorough report to you via email afterward. If you’d like any other inspections (such as termites), the home inspector offers those services as well. You can coordinate that when the company reaches out to you.

 

Inspections and add-ons:

  • Most investors do not purchase radon tests for investment properties.
  • If you plan on living in the house, radon remediation is not very expensive and you can do the take-home test yourself for much less than what the home inspectors charge.
  • A sewer scope is most often only needed in older homes on lots with a lot of trees between the house and the main sewer line.

4. Complete Financing


Whether you are financing or buying with cash, now is the time to make sure your funding is lined up, this means making sure you have the cash to close ready as cash in your bank.

5. Arrange Insurance


All of our recommended insurance agents are able to quote from multiple insurance carriers so you get the best rate. They also both provide builders risk products that are perfect for renovation, fix & flip, BRRR type projects.
In some cases, if a property is in a flood zone it may be necessary to get a flood elevation certificate.

6. Turn On Utilities

You will want to ensure utilities are transferred to your name starting the day of closing. Some property managers have utilities in their account- if you are using a property manager, check with them about utilities.

7. Close!

This step for most of our clients involves coordinating with the title company to receive mail-away closing documents and meet with a notary to complete your purchase. If you are working with a property manager we can coordinate with them to get them keys to your property.