Most Beacon Hill condo buyers are focused on competing for properties. What’s equally important is that you have a firm understanding of what happens once you’re in contract to purchase your Beacon Hill condo.
The first week to ten days after “ratification” (seller accepting your offer) are essentially a juggling act. Here are the five things you should be prepared to do:
1. Place your deposit into the escrow
You’ll need to wire in your good faith deposit (typically $1,000 ). You can write a check. Make sure that deposit money is liquid and able to be transferred within two business days of ratification to the listings brokers account associated with your escrow.
2. Submit outstanding financial documentation to your lender.
Your lender will invariably need updated financial documentation in order to get your loan package approved for your Boston Seaport condo. If you’re working within a competitive contingency time frame (who isn’t?), you’ll want to deliver those docs to the lender within a day or so of the request.
3. Conduct your inspections.
You’re going to have to quickly get inspections on the calendar if you didn’t pre-schedule them. This will require some flexibility and probably time away from work during the week. Once you have the inspections and review written reports, you’ll be asked to address the contingency—either removing it, or negotiating any items—as per your contractual deadline for your Boston Midtown condo you want to purchase.
4. Sign outstanding disclosures.
You may have signed a bulk of seller disclosures and reports up front, but there will be more. Be sure you set time aside to review what comes in.
5. Address your appraisal or loan contingencies.
Make sure you set time aside to review your appraisal (particularly to make sure that it has come in at value) and respond to any remaining conditions once the lender has reviewed all property and financial documentation. You’re aiming for a big thumbs up from the lender on all aspects of your loan so they can get loan documents to the title company for you to sign. You will have to ultimately sign and submit the loan/appraisal contingency removal form to the seller to officially clear your contractual obligation.