The Sales Contract Step

The email I sent to the agent last night wasn’t responded to, so I’m keeping her feet to the fire.  I called her up and said, let’s go.  She has an appointment first thing this morning, but then will be sending me the contract to sign and return to her.  She would then submit it to the seller.

In my packet from the mortgage company, I noticed that one of the things I had to submit with my application was a copy of the “earnest money” deposit check and a bank statement showing that the check cleared.  I didn’t know when that step happens.  I asked my agent and she said that it would happen after she found out who would be handling the transaction from the seller’s side.

I also contacted my mortgage agent and clarified what he meant by “giving consent” to the preapproval.  He just wanted to know if I should keep it active and that I was going ahead with the purchase.  Well, now I guess I am.  Who knows what tomorrow will be like, though.

At this point, it looks like the steps of action are:

  1. get sales contract
  2. sign and return it to the agent
  3. send a copy to the mortgage company
  4. start uploading supporting documentation for mortgage application
  5. write earnest money deposit check and submit it to agent (remembering to get a scan of it, front and back)
  6. wait for the check to clear and upload proof to mortgage company

There’s probably going to be a couple steps in between there, but that looks like one pathway I need to walk.

Researching this term, “earnest money”, turns up some good information and some good tips.  It’s basically saying, “I’m serious.”  Looks like I’ll be putting up maybe $500.