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What happens when your agent says you're Pending /Pending Sale/Under contract?

After going under contract on a home in real estate with Rip City Homes, the following are the typical steps:
 

  1. Earnest Money Deposit: You will need to provide an earnest money deposit, which is usually a percentage of the purchase price, to show that you are serious about purchasing the home. The earnest money deposit is held in an escrow account until the sale is completed.
    (click this link for more information on Earnest Money)

     

  2. Home Inspection: You have the option to conduct a home inspection of the property to identify any potential issues or needed repairs. Your Rip City Homes agent can provide you with recommendations for reputable home inspectors
    (or click this link for more information and referrals on Inspections)

     

  3. Appraisal: Your lender will order an appraisal of the property to ensure that the purchase price is in line with the home's value if you are financing. If you are purchasing the home with your own funds and do not have an appraiser you can reach out to your agent for a referral 
    (or click this link for more information on Appraisals)

     

  4. Loan Underwriting Approval: You will need to work with your lender to provide all necessary documentation for your loan approval, including income verification and credit history.
    (click this link for more information on Underwriting Approval)

     

  5. Contingencies: If there are any contingencies in your purchase agreement, such as a financing contingency or a contingency based on the results of the home inspection, you will need to satisfy these before the sale can move forward.
     

  6. Closing Disclosure: Your lender will provide you with a closing disclosure, which outlines the final terms and costs of your loan.
    {click here for more information on Closing disclosures)

     

  7. Signing Closing Documents: You will need to attend the closing, which is typically held at a title company, escrow office or set up via the title company with a notary at your home. At the closing, you will sign all necessary paperwork, pay any remaining closing costs. This signing typically takes place 3-5 day prior to closing and getting your keys.
    {click here for more information on Signing Closing Documents)

     

  8. Funding: Once all of the final documents have been signed by both parties (buyer/s and seller/s) your lender will fund your loan. This typically happens the day of closing.
    {click here for more information on Lender Funding)

     

  9. Recording: The last step in the process before homeownership is recording. This is when the title company submits all documentation required to the County in which your new home is located. Once the county acknowledges the transfer of title you are officially the homeowner! 
    (click here for more information on Recording with the County)

     

  10. Getting your Keys! Even if you're transaction is recorded with the county, you must still follow the deadline listed on your Residential Sales Agreement UNLESS you have been given permission otherwise by the sellers via your agent.
     

The process and deadlines slightly vary between Oregon and Washington but your Rip City Homes agent and Rip City Homes Transaction Coordinator will be guiding you every step of the way. Overall, going under contract on a home in real estate with Rip City Homes involves working closely with your agent and lender to navigate the various steps involved in finalizing the sale. With the help of experienced professionals, you can successfully complete the transaction and move into your new home.

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