If you do not know a lender in the area, your Realtor can suggest several. It is important that you feel comfortable with your lender as you will be working closely with him/her for several weeks.
You may qualify for a larger amount than you want to spend. Choose a mortgage amount that fits your budget and your Realtor will help you in searching for a home in that price point.
Determine the area you want to live in, your needs and wants, and begin previewing homes with your Realtor.
Once you have narrowed down your choices of homes, it is important to research insurance costs, utility costs, and review the POA and subdivision restrictions, if any.
When making an offer, your Realtor will present the offer and negotiate on your behalf. It is best to make a list of items you want to consider to include in the offer (refrigerator, washer, dryer, home warranty, etc.). Your Realtor will also make suggestions regarding inspections and due diligence, surveys, and other items in the contract.
Congratulations! Once you have an accepted offer, your Realtor will send your lender a copy of the contract. You will need to get all of your lender requested documents together for your loan process. You are now on your way to the Closing Process!
Your contract includes a due diligence period in which your inspections are to be completed. If you do not know a professional home inspector, your Realtor can suggest several. It is important that you choose an inspector that you feel comfortable with to complete the inspection. Once the inspection is completed and negotiations are made for repairs, you can move forward to the Termite Inspection.
Another important inspection is the termite inspection (or WIR). This should be done within the due diligence period as well. If you do not know a termite professional, your Realtor can provide you with a list. Once the inspection is completed and you are satisfied with the results, you can move forward. A Termite Bond is when the company insures your home for damage repair. This can be negotiated as a transfer to the buyer if the seller has a bond, or you can choose to purchase a new one.
Once you are satisfied with all inspections and negotiations regarding your inspections, your Realtor will notify the lender that he/she can order the appraisal. Once the appraisal is completed and satisfactory, the lender will send it to underwriting. If the appraisal should come back lower than the purchase price, your Realtor will explain options you have for negotiating.
This is the final phase of your loan process. The lender may need an additional document or two. It is very important to get those to the lender ASAP. A CD (Closing Disclosure) will then be sent to you to sign. This document requires a 3 day disclosure period before you can close. It is imperative that you sign it immediately after reviewing.
This is the final phase of your loan process. The lender may need an additional document or two. It is very important to get those to the lender ASAP. A CD (Closing Disclosure) will then be sent to you to sign. This document requires a 3 day disclosure period before you can close. It is imperative that you sign it immediately after reviewing.
Let’s work together to make the home buying or selling process easier and more rewarding than ever.