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.
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.
Binder Deposit/ Earnest Money (typically 1% of the purchase price)
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.
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
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.
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.
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.