Step One– Go to the bank and get pre-qualified for a loan so you know what price range you need to be in which searching the market place.
Step Two– PURCHASE OFFER: A fully executed purchase offer signed by all parties needs to be given to the lender. Our Closing Agent will get a copy of the signed purchase offer to the lender. You must complete your application for the loan with the lender and give them the following:
- Tax returns from the last two years
- Last two pay stubs
- Driver’s license
While the lender is finalizing your application, the process continues.
Step Three– INSPECTIONS: Either you or the agent will order any inspections you requested. This could take a few days to obtain the report. The report will be sent or given to you. If there are any concerns regarding the condition of the property, an addendum needs to be prepared, signed by you the buyer and given to the Seller. This needs to be done prior to the Objection Deadline indicated in the purchase offer. The next date you need to aware of is the Resolution Deadline. Between the Objection Deadline and the Resolution Deadline you and the Seller need to decide whose responsibility it is for any repairs needed, if any.
Step Four– APPRAISAL: The lender will order the appraisal. Once an appraiser has accepted the appraisal he must make the appointment to preview the property within 3 days. Then we wait until the appraisal is complete and sent to the lender.
Step Five– You need to shop for insurance for your new home, as the lender will need to have this information before going to underwriting.
Step Six– UNDERWRITING: Once the appraisal is complete, the lender will then continue through the underwriting process. Once the underwriter approves the package, the lender and title company will work on the Closing Disclosure and the Closing Settlement Statement. The Closing Disclosure is to be completed by the lender and given to the Buyer 7 days prior to closing. A date and time for the closing will be coordinated between the Buyer, Seller, lender and title company. You will need to have any funds due be in certified funds made to the title company closing the transaction.
Step Seven– CLOSING DAY: Do a walk through at the property the day of closing or the day before to make sure everything is satisfactory. You will sign all the loan documents and closing documents and the HOME is yours.