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!!