|
|
| |
|
|
|
Step 1
|
|
|
|
Step 2
|
|
|
|
Step 3
|
|
|
|
Step 4
|
|
|
|
Step 5
|
|
|
|
Step 6
|
|
|
|
Step 7
|
|
|
|
Step 8
|
|
|
|
Step 9
|
|
|
|
Step 10
|
|
|
|
|
|
 |
Step 1: We're ready to buy, but where do we start? |
|
The place to start is the buyer orientation meeting. This meeting is crucial to insuring a smooth transaction. During the meeting we will discuss things such as:
• Buyers new home requirements
• Buyers representation
• Pre-qualification
• Area information
• Answer any other questions you may have about buying your new home.
|
|
Step 2: Should I get pre-qualified with a mortgage company? |
| |
Getting pre-qualified for your new home loan is essential and serves two main purposes. First it lets you know what your loan limits are so we don't look at homes outside of your means. Second, by having a letter of pre-qualification from the lender when we submit an offer, the seller knows you are able to close on the transaction, which makes your offer stronger than one that may not be accompanied with a letter. Click here to go directly to the pre-qualification page.
|
|
Step 3: With so many homes available, how do I find the right one? |
| |
Now the fun begins. After the buyer orientation, I will have a good idea of what you are looking for and we can look at the pace that best meets your needs. For relocation buyers that have to find a new home now, we can search the Multiple Listing Service during the interview and set an appointment to see the homes that meet your criteria. For the buyer who has a little more time to look, we can enroll you in my Email Listings Program, where I will send you an email of new listings that meet your needs as they become available. If it's a home you want to see, we can set an appointment to view it. Click here for information about my Email Listings Program.
|
|
Step 4: We found the right house, now what? |
| |
After identifying the right home for your family, as a Buyers Representative, I will provide you with as much information as possible in order for you to make an educated, informed and competitive offer. When we have prepared the offer, I will present it to the seller, in most cases via the listing agent.
|
|
Step 5: What is an option period and what should I be doing during it? |
| |
After the offer is negotiated and is executed by all parties, the offer becomes a binding contract. At this point the "time clock" starts ticking and the Option Period begins for the buyer. This is usually a 7-10 day negotiable period when the buyer makes sure the home meets their needs. The first thing the buyer needs to do is set up a professional inspection during the option period. When the inspection is completed, the buyer will receive a written report and repairs, if any, are again negotiable. When the option period ends, both parties are bound to the contract.
|
|
Step 6: What is necessary to get a loan for my house? |
| |
Now that we have a contract we need to decide on the lender we are going to go with and make loan application. The necessary documentation to complete the application process can be found here. Step 7 will continue with what goes on behind the scene so that you are able to close on the house you chose.
|
|
Step 7: What is necessary to get a loan for my house? |
| |
Behind the Scenes
|
| |
Mortgage Company
• During Loan application Loan officer reviews credit report and will advise on best financing program
• Loan officer reviews documentation and prepares list of any additional documents needed
• Loan officer will "lock" in an interest rate
• Loan processor will order appraisal and title work from title company
• Loan processor verifies employment and documentation and prepares file for submission
to underwriter for final approval
• After approval, closing package is prepared by attorney and lender delivers to title company for closing
• When closing is complete, lender will review and provide funding for purchase
Title Company
• Review contract for complete instruction
of transaction and hold earnest monies
• Run abstract to ensure free and clear title
• Send title commitment and deed
restrictions to buyer for review
• Order survey for lender
• Order documents for transfer of title and file
new deed with the county
• Prepare settlement statement
• Coordinate closing date and execute
closing for both parties
• Disperse funds to all appropriate parties
|
|
Step 8: How do I prepare to move? |
| |
While the mortgage and title company are preparing for closing, the buyer needs to complete the following:
• Set up and transfer utilities
• Give notices as necessary
• Register for schools and day care
• Set up new insurance
• Schedule movers
• Submit change of address to post office and creditors
• Start packing
|
|
Step 9: Is there anything to do before closing? |
| |
Just prior to closing the title company will provide a settlement statement for review. The settlement statement gives a line-by-line breakdown of all charges for both buyer and seller. Another good idea is to walk back through the home just to make sure the home is in the same condition as the time of contract and verify that any repairs where completed.
|
|
Step 10: What happens the day of closing? |
| |
This is the day you have been waiting for. Congratulations! The buyer and seller each have an appointment to sign all closing documents, usually at different times. At the closing don't for get to bring certified funds, drivers license and any documents needed by lender. After closing, the lender usually funds the loan by the end of the day and possession is the granted to the new buyer.
|
