Many buyers think that purchasing your first home can be very difficult. When having the right agent by your side, the process can be made seamless, and very enjoyable.
Below is a quick rundown of the steps that we will be going through together to purchase your home:
1. Getting Pre-Approved
Meeting with a lender is the first step. It’s very important to make sure that you are able to obtain a mortgage. You can meet with the lender of your choice of there are preferred lenders that we work with.
2. Property Selection
Once you have been approved, the fun starts! We will be setting you up with your own personal system that allows you to see the homes in your search area and criteria. We will work together to put lists of homes together to go out looking, and find your dream home!
Once you have found YOUR home, we will submit an offer. I will go over all the offer documentation. At the time of an offer, there is an Earnest Money Deposit due. Your offer will then be presented to the seller(s), and they can do one of three things; accept, counter-offer, or reject. Once the offer is accepted we move into the inspection period.
4. Mortgage Application
Once you have completed your home inspection, and are satisfied, you will then formally apply for your mortgage. You will meet with your lender again to complete all necessary paperwork. Your lender will then order the appraisal on the home and begin the underwriting process. This process takes typically between 30-45 days.
Once the lender has gotten FINAL approval on your mortgage, we will then set up closing. Closing has to take place during business hours (Monday-Friday, 9:00am-4:00pm). We arrange the closing to work with all parties. The closing will take about 1-2 hours.
At the time of close you with either receive keys, or the seller(s) will be occupying your new home for “x” days. If there is occupancy after closing, you will receive the keys from the previous owner on an agreed upon date. The previous owner is then renting the home, and will be paying you a daily rate to stay in the property.