So you’ve decided to buy a home, congratulations! We believe you’ve made the right decision. The key now is finding the right home, and we’re here to help you do just that. But before we begin we believe that the following information will help keep this process manageable and as stress free as possible.
This is an important step in the home buying process and needs to be done before you do anything else. With a pre-approval status, you’ll be able to seriously look at homes within your price range and be ready to make a legitimate offer.
Find Your Home
There are a lot of homes out there, we’ll help you more accurately pinpoint homes that fit your criteria. When you find a home you like, call us, we’ll set up a showing and walk you through the home.
Make an Offer
Once a property has been selected, a purchase agreement is written. We present the offer with your pre-approval letter and earnest money check and start negotiations.
Get your Home Inspected
Once you’ve made an offer and the seller has accepted your purchase agreement, it’s common to get a home inspection. A home inspection is a good way for you to get an understanding of the overall condition of the home. Most purchase agreements are written to make the purchase agreement’s final acceptance contingent upon the results of a home inspection.
Most lenders require a professional appraisal to determine the value of the property before they will approve a loan. Since the home you’re financing is collateral for the loan, the lender won’t want to loan you more money than the property is worth. The lender orders the appraisal shortly after the buyer and seller accept the purchase agreement. At this time you will be asked to pay for the appraisal.
Final Approval of Loan
After receipt of appraisal and title work, the lender submits the complete file to the Underwriting Department for final approval. Once they receive final approval, the lender provides the homebuyer with the final figures and upcoming closing final checklist. The loan “closing package” is created and is sent by courier to the title insurance/closing company.
Final Walk Through
Before you close on your new home it’s common to take a walk through of the property to assure them that the property is in the same condition as when we wrote the purchase agreement. This is generally done 1 to 2 days before closing.
The buyer and seller meet at the buyer’s title insurance/closing company. This is where the deed is transferred, final loan application is signed and checks are disbursed. You typically take possession of the property, possession can be immediately or 24-48 hours after closing, depending on the terms of the purchase agreement.