The Buying Process - In a Nutshell
- Getting approved to purchase - is the most important part of the process. You will find out what payments are comfortable and what documents you need to collect and even if you are eligible for some programs that may save you thousands.
- Clarifying your criteria - Let me know what you are looking for. Single Family or Townhome? Bedrooms?Baths?Basement? Garage?Yard? subdivision preference? location/city? Age requirement of the house?fixer upper?
- Set you up to receive homes that meet that criteria via email - when you receive these homes, look through the photos, possibly even look at the directions listed, drive around to see if that is the neighborhood you would like to come home to everyday. Email me back as to what you likes and disliked about some. Maybe they are all looking too old, you may want to tell me to change the age criteria to reflect only newer built homes.
- Once Approved and all documentation is submitted to the lender - Pick your top 5 homes to view - We work around your schedule to get into the homes and if you decide one of them is "the one", we write an offer
- Write an offer - I can move as fast as you are ready in writing and submitting offers for properties you love. I don't rush anyone into choosing, but I do ask a lot of questions so we can find the very best.
- Await a counter from Seller OR Bank - You may at this point be asked to submit a higher offer (called highest and best) OR your offer is selected AS-IS with no changes
- Accepted offer - Schedule settlement date, begin finishing loan process
- Perform Home Inspection - on the home you are purchasing
- Let your agent do behind the scenes work to get you to settlement smoothly, letting you know every step of the way, what is going on.
Homeowners with Equity OR
Short Sale OR
Bank Owned Properties - you will be looking at three types of homes when searching for a place to live, let me describe the three so you know what you are dealing with.
- Homeowners with Equity - a Seller who has their home on the market and bought at a time that was low enough that they can sell and make some money. These sellers will try and negotiate more with you and less likely to come down in price as much but the homes are in great shape and when they accept your offer, you know exactly when you get to move in (whatever date you select as your closing date)
- Short Sale Properties - Homeowners who have fallen behind on their mortgage and want to proactively sell the property but know they cannot get the price above what they paid for it. They will need to present any offer you submit to their bank and ask their bank to accept this lesser offer (because it is less than what they actually owe). This process will take about 30-90 days to hear back from the bank on the acceptance of your offer. At the time of acceptance, you may move forward with your closing (20-30 days) and your loan finalizing.
- Bank Owned Properties - Homeowners who fell behind on their mortgage and did not call the bank asking for short sale, walked away and the bank has taken over the property and is reselling it. After submitting an offer on these properties, you will find out within 48-72 hours if the bank who now owns the property accepts your offer. If they accept, you proceed with closing (20-30 days) getting your financing completed for purchase
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