Whether you are an experienced or first-Time homebuyer, buying your home can be an easy process using your licensed Real Estate Professional. With changing statutes and regulations your Real Estate professional is trained to keep up to date on the latest trends in homes. This enables them to watch for potential problems and unnecessary surprises. If you are a First Time Buyer we encourage you to attend a class in buying your home from one of the many Real Estate professionals in your area. There you can learn the steps and process for making your purchase, enjoyable and successful.
There are three important people that comprise the team for finding your new home, You, your Real Estate Professional and the loan officer from your lending institution. Here is a suggested road map to help you follow the process as you purchase your new home.
1. Find your Real Estate Professional. Make sure that this is someone you are comfortable working closely with to help pursue your dream of home ownership. Communicate, understand each person’s responsibilities, know that you are on the same page. They will be your biggest ally and work hard to meet your needs. They will explain the buying process, funds needed for the transaction process and what type of home you are looking for.
2. Meet with your loan office for the pre-approval process.
3. The loan officer will give you a good faith estimate and the funds that will be needed to close.
4. Begin your search, read the latest offerings from the real estate property publications, drive by specific neighborhoods that meet your criteria, look at the suggested listings located by your Real Estate Professional.
5. Meet with your Insurance Agent to discuss homeowners insurance
6. When you find the right home, make an offer and include an Earnest Money Check.
7. Meet with your lender for additional signatures on the loan application.
8. All parties will negotiate with counter offers until an agreement is made.
9. Read and sign all disclosures, CC&R’s, and the Preliminary Title Report.
10. Order a full home inspection.
11. Your Real Estate Professional will meet the inspector at the home for the inspection.
12. Meet to discuss the inspection report and write an addendum to negotiate any potential repairs.
13. After repairs have been fully negotiated, Your Real Estate Professional will call for an appraisal.
14. A copy of the appraisal will be sent to the lender. If the appraisal is acceptable, you proceed. If it is too low, it’s back to the negotiating table.
15. Now you can begin some early packing!
16. Any additional documents required will be supplied to the lender by your Real Estate Professional.
17. An underwriter will review your loan documents.
18. Any additional lender requirements will be taken care of at this time.
19. The lender gives final loan approval. The lender will contact you and your Real estate Professional with the final approval.
20. The lender sends the loan documents to escrow.
21. Your Real estate Professional will coordinate a signing date for you.
22. You will need to contact the utility companies to arrange for accounts to be switched into your names on the date of possession.
23. Signing is at the Escrow Company. Bring any additional funds to close along with two pieces of ID, including your drivers license.
24. The lenders funds generally within 1 to3 business days. Escrow records the transaction. The funds are dispensed by escrow to all parties according to the agreement and the deed is recorded with the county.
25. The transaction closes. YOU ARE NOW A HOMEOWNER!