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Steps To Buying A Home
Dated: May 16 2013
Views: 1345
Buying home can be an
very fun and strenuous time in your life. To help you understand
the home buying process here are some steps on what to expect.
Step 1
Work with a Lender to get your pre-approval completed so you know what price range you will be looking at.
Step 2
After the seller Accepts your offer your escrow period count down starts. At this time we now have an executed or ratified contract.
Step 3
Any Earnest Money you have agreed to needs to be deposited to the Escrow account. Make sure you write the escrow number on the check if you are not doing a wire transfer.
Step 4
If there is a Physical Contingency Period you can inspect the property during this time. Any repairs the seller agrees to have completed should be completed prior to close of escrow unless agreed upon differently.
Step 5
Your lender is working from the 1st day of acceptance to get your appraisal ordered and your loan file ready for underwriting to give a formal approval of your loan. ( If Loan is Obtained for the purchase)
Step 6
The title company will collect all the necessary documents needed from all parties. (Seller(s), Buyer(s), Lender, and agents).
Step 7
When we close all parties will work from a HUD-1 Settlement statement. The HUD- will tell you the charges associated with the purchase of your home.
Step 8
Funding takes place. (Normally the day before closing)
Step 9
The county Records the Grand Deed
Step 10
Your Key Exchange to your new home! CONGRATULATIONS!!!
You Are officially a New Home Owner!
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