Home Buying Process

  • REALTOR

    • Find a Real Estate professional you will be comfortable with telling them everything.
    • Make sure the professional understands your needs.
    • Make sure they are familiar with the type of loan you will be using.

 

  • LENDER

    • Shop different lenders to ensure they can match your needs.
    • Typically, you are able to shop around for 30 days with no additional hit on your credit.

 

  • FIND YOUR HOME

    • No HOUSE will be perfect, but as it becomes your HOME it will become perfect.

 

  • CONTRACT

    • Binder Deposit/ Earnest Money (typically 1% of the purchase price)
    • Closing Cost
    • Type of Loan
    • Date of Closing (typically 30 days)
    • Cancel contract within 10 days for no reason
    • Loan application must be made within 5 days once offer is accepted by both parties.

 

  • INSPECTION

    • 10 days to do any and all inspections including WDO inspection. (Basic and General Inspection)
    • An additional 7 days to negotiate repairs.
    • Inspection price is based on square footage. Typically estimated between $300-$600

 

  • WDO INSPECTION (Wood Destroying Organisms)

    • Required for all VA loans. Optional for other loan types.
    • Typically estimated between $85-$300
    • VA will not approve a loan without a clear WDO Inspection Report

 

  • APPRAISAL

    • Has to be paid within 3 days of loan application
    • Typically estimated between $400-$800
    • If the home appraises for less than the agreed purchase price there are four options: 1.) Seller comes down on purchase price. 2.) Seller can pay the difference. 3.) Buyer can pay the difference. 4.) Both the Buyer and Seller split the difference.

 

  • LOAN APPROVAL

    • Typically, can get approval within 25-30 days.

 

  • FINAL WALK THROUGH

    • Within 24 hours of closing
    • Checking to make sure the house is still in the same condition when contract was made, all appliances per contract are still in the home and all repairs are done.

 

  • CLOSING

    • Title company will verify funds and distribute according to contracts.
    • Sign in BLUE ink.
    • Receive the house keys, mailbox keys, garage door openers and amenity access to your new home.

                                                       

    CONGRATULATIONS!!

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