Worst case scenario –\u00a0if you don\u2019t get it the deposit in within 3 days, the listing agent can send a 2 day notice to perform to make the deposit. If you don\u2019t get it in, the seller can cancel you. That almost never happens.<\/em><\/span><\/p>\n <\/p>\n 2. Notify your lender<\/strong><\/span> – Loan approval takes a long time. Most likely you will have 21 days to get it. You want to make sure your lender knows you got accepted and to get the ball rolling. Your agent should really do this for you, but you want to make sure it\u2019s done.<\/p>\n Worst case scenario – You delay the loan approval process which may cause you to miss the loan contingency deadline and could result in cancellation by the seller.<\/em><\/span><\/p>\n <\/p>\n 3. Set up inspections<\/strong><\/span> – It\u2019s up to you to do any and all inspections you would like during your contingency period. The default days to complete inspections is 17 days, although listing agents are frequently reducing it to 10 days. In practice, your agent should help you with this process, but ultimately, it\u2019s your call to order the inspection you would like. Worst case scenario – You wait too long and don\u2019t get your inspections done in time and have to ask for an extension, accept the house without all inspections completed, or risk getting cancelled by the seller.<\/em><\/span><\/p>\n <\/p>\n 4. Contact Insurance<\/strong><\/span> – If you\u2019re buying a townhome or condo, the HOA usually provides exterior insurance and you would only need to get the equivalent of renter\u2019s insurance which is a quick and easy process. However if you need to get insurance for the structure, you\u2019ll want to start that process early on. Many insurance companies have stopped writing fire insurance policies for many homes in Westlake Village and the surrounding area. You\u2019ll want the extra time to shop around.<\/p>\n Worst case scenario – You wait too long and have to settle for insurance that may be more expensive than necessary.<\/em><\/span><\/p>\n <\/p>\n 5. Contact moving companies<\/strong><\/span> – Some moving companies need a decent amount of lead time to schedule your move. Plus you\u2019ll want some time to shop.<\/p>\n Worst case scenario – You can\u2019t move in!<\/em><\/span><\/p>\n <\/p>\n 6. Register your kids for school<\/strong><\/span> – Once you get into escrow, you\u2019ll want to start the registration process to make sure your kids are ready to start school once you move. Most schools accept the escrow instructions as sufficient evidence.<\/p>\n
\n(Read:\u00a0Which inspections should I get?<\/a>)<\/p>\n
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