Buyers Checklist
Pre Approval
GET PRE-APPROVED WITH A LENDER. A pre-approval is the first step in determining just how much of a home you can comfortably purchase and a good lender can help you de-mystify this somewhat confusing step.
Set Up Your Search
Defining your search criteria. This is your chance to sit down with your realtor and talk about what you want in a home. Prioritize all the factors that are important to you including proximity to work, school districts for children, security of the neighborhood, etc. Once I know what you’re looking for, I’ll set up an internet search portal for you that will email you listings that match your search criteria.
House Hunting
This is the fun part! Choose a date and time you are available to see the properties you found in your portal. If the properties are occupied, I will make an appointment for our viewing. If it’s vacant, we can go at any time!
Top Picks
When we find a match I will then do my homework to determine what the market is doing based on the comparables in the area.
Making the Offer
Once we've studied all the conditions we're ready to make an offer! We'll go over the documents that make up the offer. Depending upon your level of experience with real estate contracts I will make sure to explain the process and content as much as possible until you are confident and at ease with your decision. No surprises!
Acceptance
The outcome of an offer can be acceptance, countered, or rejected. If your offer is countered, it is up to you if you choose to accept the counter offer or write up a second counter offer with new terms. Hopefully your offer will be accepted and then you will be in escrow!
A Successful Escrow
Average Escrow is 30-45 days
We will be completing all of these steps together and I will be reviewing all of the documents with you as we go. During this process if you have any questions please feel free to contact me at any time.Note: If you are purchasing a short sale, the contract/purchase agreement becomes official when we receive written confirmation from the short sale lender that they have accepted our offer. Your calendar starts the day after receiving the written approval letter.
Day 1-3
- Send in your deposit check to the title company. Your earnest money deposit is due within 72 hours of contract acceptance. This is usually 1% of the price of the home showing good faith in buying the property.
- Schedule the pest inspection, home inspection, and any other inspection that you want done. Walk the neighborhood!
- Order the home appraisal with your lender to validate the purchase offer.
Day 1-17
- You have 17 days to do all the inspections you want and remove your contingency for inspections and appraisal.
- Review seller disclosures and reports and learn about the property you are purchasing.
- Confirm homeowners insurance to meet your lender's requirement to fund your loan
- Review home warranty plan if it is part of the contract.
- Confirm your loan with the Lender, any good faith estimates, and any underwriting requirements
Day 21
Remove all of your contingencies, letting the seller know that we want to move forward with escrow and the purchase of your future home.
Day 25
Your lender will send loan documents to the Title Company. You will need to make an appointment with the Title Company to sign all deed and loan documents. I would like to attend this meeting with you to answer any questions and be of any assistance. We will walk through the property to confirm it is in the same condition as when you made the offer.
Last 1-2 Days
Your lender will fund your loan, title will record your deed, and you will get keys to your new home!! Congratulations! That being said, every offer is unique and has its own hurdles to pass through. I’ll be there to help you through every step of the way.