THE HOMEBUYING PROCESS

1. Meet with a loan officer

  • By sharing income and other family financial information, you will know the price range for which you are qualified
  • You will learn of the many loans available to buyers in today's market
  • Obtain a pre-approval letter
  • Obtain a truth in lending letter explaining the costs of borrowing money
  • Learn about closing costs

2. Begin viewing homes with me

  • When possible, all decision-makers should visit the various homes
  • Always be candid with me -- it will help them understand your particular needs and desires and enable them to select homes you'll want to see

3. Prepare the offer

  • I will provide you with a comparative market analysis on the property or properties of your choice in order to assist you in making an informed decision
  • I will go through the contract with you and complete your offer
  • Negotiations will proceed until both buyer and seller agree on all terms and sign
  • All documents will be sent to the title company where title commitment and property tax information ordered

4. Make your loan application

  • Give your loan officer a copy of the contract and apply for the loan

5. Inspect the property

  • Select an inspector and arrange for both a general inspection and wood-destroying insect inspection
  • I can also provide information about other environmental assessments

6. Appraisal and survey of the property

  • The lender and title company will make arrangements for the property appraisal and survey
  • Buyer will be provided a copy of the Title Commitment Letter
  • Buyer will make arrangements for homeowner's (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company

7. Arrange property closing

  • Buyer receives a copy of the closing statement for review prior to closing
  • Buyer does a final walk-through inspection of the property
  • I will arrange a closing date and time with the buyer and title company; seller's closing is also arranged
  • Buyer brings a cashiers check for all closing costs and the balance of the down payment

8. After the closing

  • Documents are sent to the buyer's loan company for approval and funds are disbursed
  • The title company receives and funds all money from the loan company; payment of any accrued expenses in connection with the closing are due including taxes, attorney's fees, professional real estate fees and title company fees
  • Legal documents will be recorded in the office of the county clerk and mailed to the buyer
  • Title company prepares and issues the title policy, and sends it to the loan company and new home owner

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