What happens once I ratify a contract?
Posted on Thursday, July 12th, 2007 at 6:16 pm.Once you ratify a contract, we will work with you to make sure the inspections get done and all contingencies are released. The main job you as a buyer have is to get your loan paperwork done (i.e., send in your paystubs, pick your loan program - 30 year fixed vs. ARM, etc.) Below is a copy of an email we sent a client who had just ratified a contract, so you know what to expect (as always, client names changed for privacy!):
From: "Daniel R. Odio - 202.250.3846" <Daniel@DROdio.com>
Date: July 12, 2007 6:55:48 PM EDT
To: Jack & Jane
Cc: TraciSubject: Jack, Jane - RATIFIED contract + next steps
Jack, Jane,
CONGRATULATIONS!!! We did it! What a week, eh?
Here's what's going to happen next:
1) You have to send the earnest money check to Traci at National Title (1516 P Street NW, Washington, DC 20005). I'm cc'ing her on this email. You can also call her at 202-466-6206 with questions. National title is going to do the title search and will be the "quarterback" that brings everything together. And Traci is absolutely great, so feel free to ask her any questions. And if Jack won't be in town on Aug 1st, she can help you get a Power of Attorney done so you can sign for him. Traci - I've attached a copy of the ratified contract for this property. It's closing on 8/1.
2) Jack, Jane, your main job right now is to get your loan done. Let me know which lender you want to use and I'll send them a copy of the contract. You should decide which lender you want to use within the next day or two, so we can try to get the appraisal done ASAP.
3) You will also need to get hazard insurance. I'm going to introduce you to Max Olson of Nationwide as a suggested vendor, but the choice is yours.
4) I'll introduce you to Ken Cornwell, the inspector, so we can coordinate a time for the inspection and he can give you pricing.
That's basically it. I am 100% available to answer questions and help you through the process, so call me with any questions!
Regards,
DROdio
____________________________________________________
Daniel Ruben Odio-Paez
Owner and Managing Broker, DROdio Real Estate, Inc.
Registered Securities RepresentativeToll-Free, Direct to Me: 1-877-437-6346
Private Fax: 703.997.8872
Email: Daniel@DROdio.com
AIM: DROdio
Web: www.DROdio.com
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