Steps to Home Buying

Posted by on Monday, August 31st, 2015 at 5:28pm.

  • Choosing your Real Estate Agent. (call Jessica Hatchett)
  • Choosing your lender (know about different types of mortgage loans and pre-qualification).
  • Selecting your home (determine the type, the price, and the location).
  • The Offer (once you have found the property make a written offer through your real estate agent).
  • The escrow process (when you have reached an agreement with the seller, the initial good-faith deposit is given to an escrow representative, and the process begins).
  • The mortgage loan (a mortgage loan is requested, filling out the appropriate forms).
  • Preliminary title report (is reviewed and accepted).
  • Inspections and disclosures (the property is inspected during the period specified in the contract, and all disclosures made by the seller about the property are reviewed).
  • Assessment (the property value is determined by the lender).
  • Loan approval (the lender contacts the escrow agent).
  • Hidden defect insurance (the buyer tells the Escrow Agent the name of the insurance company that will grant the policy).
  • Conditions (the escrow agent ensures that the conditions are met).
  • Final visit to property (the buyer inspects the property with the Real Estate Agent, before closing the transaction).
  • Document signing (the buyer signs the loan documents and the escrow instructions, and deposits the initial payment with the title company).
  • The escrow agent returns the documents to the lender. The lender’s fund’s are electronically transferred to the title company (the monetary exchange occurs between the lender and the title company).
  • The deed is registered at the county office (this transfers the property title to the buyer).
  • The transaction closes (accounting is finalized and the account statement is remitted).
  • The keys are delivered to the new owner.

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