Mortgage Pre-Qualified
Unless you’re paying cash for your home, you’ll need to talk to a good local lender about obtaining a pre-approval letter for financing. The lender can provide answers to questions about interest rates, closing costs, loan products, down payment requirements, and monthly payment expectations. We can provide referrals for the top ranked local mortgage lenders.
Buyer Consultation
We’ll sit down with you at our office to discuss your search criteria in detail, review available inventory, and answer any questions about the home buying process. This will maximize efficiency of your criteria and we can all be on the same page with your timeframe and home ownership goals.
Home Search
After the available properties are narrowed down to your list of favorites, we will schedule buyer tours to see homes that not only fit your criteria, but also have great resale potential. Navigating the search process to help you make a smart investment is our priority.
Make an Offer
Once you have found “The One”, we will review the comparable sales data to analyze the list price and come up with an offer strategy. We will review the sales contract and offer terms and present the offer in writing to the listing agent. You will be guided through the negotiation process and once terms are mutually agreed by buyer and seller, the offer will be revised for the seller to sign. Once the contract is signed by both parties, you will be officially under contract and initial earnest money of typically 1-3% will be due.
Inspection
You will have the ability to purchase an option period, typically 3 to 5 business days. During the option period, we will conduct an inspection of the property. We can provide referrals for professional home inspectors, if needed. If any serious issues are uncovered, you can negotiate seller repairs or credit for repairs you will perform yourself. You will pay the inspector upon having the inspection.
Loan application & Appraisal
If you are obtaining financing, your lender will let you know the list of financial documents necessary to provide to the lender including a couple months bank statements, tax records, pay stubs, etc. Your lender will have an appraisal done on the property.
Loan application & Appraisal
If you are obtaining financing, you will have a mortgage contingency of typically 14-21 days to obtain a mortgage commitment. Once your lender has all of your documents, they will send it to underwriting to review. Once underwriting has issued a Clear-to-Close, your loan is complete and the file will be sent to the title company for closing.
Final Walkthrough
Before we head to the closing table, we’ll have a final walkthrough of your future home. This is our chance to make sure the sellers made any repairs agreed to, all appliances and fixtures negotiated were left behind and that the sellers didn’t accidentally damage the home when moving out.
Closing
We will attend your closing together at the office of the title company. The title representative will explain each form you need to sign and will review the numbers on the settlement statement. Closings typically take an hour. When closing is complete, you’ll receive the keys to your new home!
