The Purchase Process

Image

 

 

1.) Select an Agent

√ Review recommendations and local agents

√ Interview and select your agent

√ Review and sign any upfront paperwork

√ Get references for mortgage brokers

√ Begin review of financing options

 

2.) Prequalification

√ Figure out how much you can afford

√ Select a mortgage broker

√ Determine which loan package is right for you

√ Fill out application and provide documentation

√ Get pre-approval letter confirming loan details

 

3.) Home Search

√ Identify home needs and wants with your agent

√ Review optional areas based on needs and price range

√ Set plan with your agent for new listing updates

√ Preview homes and explore neighborhoods

√ See homes and refine the best options

 

4.) Purchase Offer

√ Identify a home you want to purchase

√ Discuss offer options, strategy and competition with your agent

√ Determine offer details (price, financing, inspections, closing, etc.)

√ Deposit earnest monies

√ Agent to write, submit and present the offer and review response with you

√ Review timeline and milestones in the offer

√ Negotiations until an accepted offer

√ Receive a copy of the ratified contract

 

Franchise-IndustryToday-555x350

 

5.) Inspections

√ Agent to schedule all inspections

√ Meet the inspectors at the property for inspections

√ Review seller disclosures, inspection reports and agent visual inspection

√ Make requests and schedule any follow up inspections with your agent

√ Determine next steps with your agent

 

6.) Open Escrow

√ Agent to open an escrow account

√ Initiate next steps in financing process

√ Take steps to meet all contractual obligations

 

7.) Secure Financing

√ Agent to provide mortgage broker with ratified contract

√ Buyer to provide additional requested documentation

√ Appraisal ordered and performed

√ Review appraisal results

√ Provide any follow up requests from the lender until final sign off

√ Receive final approval letter √ Determine next steps with your agent

 

8.) Final Processes

√ Continue to review all required contractual and legal obligations

√ Review timeline and contingencies (conditions) of the contract

√ Continued negotiations if applicable

√ Secure a Homeowner’s Insurance Policy

√ Sign all final paperwork

√ Sign loan and required documents through the title company

√ Deposit remaining funds for down payment and closing costs

 

9.) Close Escrow

√ Receive closing confirmation

√ Get keys

√ Move in!