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SURE Sales Group Ep. 5 – Home Buying Timeline

  • Pre Approval – Getting pre-approved early in the process makes your home buying process much easier.  It allows you to fully understand your mortgage options and uncovers critical details regarding how much cash you need to put down in order to achieve a desired monthly payment.
  • Home Search – All home search sites are not created equal.  Utilizing allows you to have access to the entire MLS without the advertisements and bad data that often plague other home search sites
  • Offer Strategy – Once you identify a home you like and it meets your budget criteria it is time to consider submitting an offer.   It is key to gather as much data and intel on the home and the sellers situation prior to making an offer.
  • Contract – When the seller accepts your offer, signs all of the offer paperwork AND sends it back to the originating party – the house is officially under contract.  It is important for buyers to diligently take the next steps to ensure they stay under contract and move the process forward.
  • Loan Application – The buyers first step once the home is under contract is to officially apply for the loan.  If the buyers are already pre-approved this step should be simple.   It is critical for the mortgage lender to start the process for the loan now that the collateral (the house) has been identified.
  • Home Inspection – Normally the buyers put a home inspection contingency in their offer to purchase a home.  This allows the buyers a specific period of time to have a licensed home inspector inspect the house (normally within the first 10-15 days of the contract period.  If any items are found that the buyers are not comfortable with, the buyers can negotiate with the sellers by asking for repairs or a discount (a credit or a price adjustment).  There are many types of inspections the buyers can opt to do.  The most common is the structural and mechanical inspection.
  • Termite Inspection – AKA “wood destroying insect” inspection is a low cost inspection to ensure the home does not have any signs of termites past or present.
  • Appraisal – The mortgage lender has to order an appraisal as a condition for final loan approval. The lender needs to ensure they can justify the price the buyer is paying.
  • Loan Approval – Once the appraisal comes back at or above the purchase price and all other loan conditions have been met the lender will issue the loan approval.  Once the loan is fully approved the buyer is “clear to close”.
  • Final Walkthrough – Before you take ownership of the home it is prudent to do a final walkthrough.  You want to ensure the home is still in the shape you expect, the home inspections items have been completed, and there is no new damage to the home.
  • Settlement – AKA Closing – Is where the buyer and seller sign all papers officially transferring the property to the new buyers for the “consideration” (the purchase price).   The buyers will have a lot more to sign as they will need to sign all of their final loan documents in addition to the other title related paperwork.

If you want to see a copy of a home inspection report, a request for repairs, or a sample “final settlement sheet”.  Shoot me a message!

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