Home Buying Process
Mortgage 1 The D Team has the experience to successfully guide you through the home buying process.
Pre-approved home buyers get preferential treatment when negotiating home purchases. Why? Because pre-approved buyers are financially qualified to purchase the home and are considered more serious than buyers who are not Pre-approved. Nothing feels worse than finding the ideal home in the perfect area and then not being able to get financing.
One of the most important steps in the process. This Agent will be in partnership with you through out the home buying process. Home buyers normally confided confidential information on both a business level and often on a personal level. The Agent will be dealing with any and all issues during the home buying process. Once future homeowners select someone, they should sign them as a buyer’s agent. That is the best way to make sure the realtor has the buyers best interests first.
Now is not the time for any changes in credit behavior, but borrowers should;
It is important to limit the number of homes looked in one day because they begin to run together. It’s a good idea to use a checklist to help future home buyers track the properties they have seen. It is also helpful to actually begin to narrow down the properties after each visit. For example, if house #3 was better than house #2, immediately eliminate house #2.
Communicate which houses you don’t like and why. Sometimes it takes going out and looking more than one time before home buyers and agents really have a good grip on exactly what they are looking for. If home buyers become interested in a for-sale-by- owner, they should ask their agent to contact the seller to see if the seller will cooperate (pay a commission) with a buyer’s agent.
Once the search is narrowed down to one or two homes, the agent will do whatever research necessary to help, but the decision will ultimately be the home buyers. Once they selected one home to focus on, the agent will do a comparative market analysis on that property. This involves determining “fair market value” by looking at what other buyers were willing to pay for properties similar to the target in the same neighborhood or area.
When making an offer on a property, it is important to decide ahead of time how much to offer for the house. The agent‘s market analysis should help in the initial offer price. If there is any personal property that the buyer would like to include add it to the purchase agreement. The purchase agreement should include when the buyer plans to close; and what inspections are planned.
Once the offer has been presented, the seller will either accept the offer outright, reject the offer outright, or counter offer. The counter process can go back and forth many times. It’s important for all parties to keep their cool and focus on the goal.
If, as part of your offer, you asked for time to be allowed to have inspections conducted on the property, you should have written what is called a conditional offer. Offers can be conditional upon financing, inspections, the receipt of acceptable condo estoppels certificates, the sale of property, and many other conditions. It is important that all deadlines be met and that all conditions are removed exactly the way the contract describes. Your agents are responsible for making sure this is done correctly.
The mortgage process can range anywhere from 30-45 days. For detailed steps please visit our Loan Process Page
Most sales agreements will give the buyer the right to one pre-closing inspection. This is the last chance to find any problems and have the seller correct them. Read the contract carefully, but most contracts read that all electrical systems, plumbing, appliances, heating, and air conditioning need to be in working order at the time of closing. These are the items you checking for at walk-through along with any other items the seller previously agreed to fix or replace.
Borrowers should recieve and sign your closing disclosure at least three days prior. At closing the borrower will have to bring a copy of their identification and their form of payment in either cashier's check or wired funds, whichever the title company requires. You'll be signing a lot of documents, but everything will be clearly explained by your closing rep from the title company. Depending on what amount of occupancy you've agreed upon you will either get your keys at closing, or the occupancy clock starts ticking. If you are not getting your keys, you will be getting a form for you to sign and turn into the title company to release any money that may be being held from the seller for occupancy.