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You Have Just Inspected A Home. . .

NOW WHAT?

 

The following step-by-step process is to familiarize you with the procedures generally followed in the purchase of Real Estate:

 

1.         Present an offer to purchase the property on a contract form stating the terms and conditions of purchase, e.g., price, mortgage amount, closing date, etc.  A deposit is required upon contract signing, usually $1,000 with the balance of 5% deposit when all terms are agreed upon.

 

2.         Your Realtor will then negotiate your offer with the Sellers of the Listing Agent until all terms and conditions of the contract of sale are acceptable to both Buyers and Sellers.

 

3.         House Inspections:  The home inspection and termite inspection are usually completed within ten days from the date of the fully executed contract.

 

4.         Mortgage application is submitted simultaneously with the previous procedure in order to adhere to the terms of the contract that allow 30 days from the date of the contract to obtain a firm mortgage commitment.  (Your Realtor will provide you with updated mortgage rates and will assist you in selecting a lender of your choice.)

 

5.         You can now relax! After all the inspections have been completed to your satisfaction, the notification of your mortgage approval is the final contingency to be met.  Your Realtor will be in contact with your mortgage broker periodically during the 30 day period to provide assistance when needed, in addition to keeping you informed as to the progress of your loan application.

 

6.         Immediately upon receipt of your mortgage commitment, your attorney will order the title search of your property.

 

7. Start making preparations for your moving date!  Remember that we are always available to assist you so feel free to call us or stop by our office at anytime.

 

 

WE LOOK FORWARD TO THE OPPORTUNITY TO SERVE YOU!