1. Buyer becomes pre-approved for loan through bank or mortgage lender of choice. |
2. Writes an offer |
3. Seller accepts, counter or rejects
Negotiations continue until the offer is accepted and agreed upon by both parties |
4. Earnest Money must be turned over to buyer’s agent with the original offer at the time of accepted offer |
5. Home Inspection will be ordered by you the buyer. Typically has to be done within 10 days of an accepted offer.
If there is a MAJOR DEFECT with the inspection you are allowed to ask the seller to repair or replace the damage item as long as it is a “MAJOR DEFECT”. Note seller has the right to agree to the request, or reject or even agree to part of the request. All of this is tracked on a Buyers and Sellers Inspection Response Forms.
NOTE: Bank properties are sold in “As-Is” condition, although you can ask for the repairs to be done it is not always agreed upon. Most banks will not sign a Sellers Inspection Response.
|
6. Appraisal is ordered by your lender |
7. Wait time: during this time period you mortgage company is working on sending the loan through for final approval and underwriting. The title company is preparing the owner's and lenders title policy along with the deed. |
8. Closing
Meet at the title company's office or the title company sends a closer to the listing or buyer's agent office.
At the closing the Settlement statement known as the HUD-1 must be signed by sellers and buyers along with the buyer's lender package must be signed. Once this is completed and the monies have been given to the title company the buyer receives the keys to the new home. The title company will record the deed and finalize all the closing documents. |
NOTE : timeframe from beginning/offer to end/closing can vary, on average; approximately 30 to 45 days on financed loans, 14 to 21 days on cash offers.
That's it. We'll help and guide you along the way. If you have more questions send them over realestateinfo@home2heart.com |
