Even in the best of times, it’s a little nerve-racking to put a property under contract – let alone a property that you may have only stepped foot in for 60 minutes, if at all. But, there are some things you can do to set your mind at ease and make the process go smoothly.
1. Add a Walkthrough Contingency
First, if you aren’t able to see the home prior to submitting an offer, build into your contract a “walkthrough” contingency. This guarantees you the option of walking through the property before actually closing on the home. This contingency is very broad; if you walk in the home and don’t like what you’re seeing or feeling, you’ve got an option to back out.
2. Use Video Conferencing
Second, be ready to communicate via video conference with your Realtor to review your contracts and use electronic signature programs. It might be a while before we’re allowed to sit in an office across the table from one another, so be prepared to do strategizing, goal setting, and document signing virtually.
3. Confirm with Your Lender
Finally, make sure that your lender knows that you’re under contract and has received all your contracts electronically. In this day and age, most lenders are running an all-digital operation, but in the event your personal mortgage broker is working from home and doesn’t have access to the same office equipment they normally would, it’s always a good idea to double-check.
- Make sure your contracts include a walkthrough contingency
- Brush up on your electronic communication
- Keep in close contact with your lender and verify they’ve received everything they need