The first step in the home buying process is finding the home of your dreams! We will work with every buyer to ensure they get a home that not only meets their needs but one that they will love for years to come. Once we find the perfect home, we will submit an offer to the seller's agent for acceptance.
After an accepted offer, paying your earnest deposit to Title must happen as soon as possible. The title company can either send out a courier to you or you can drop off the earnest money to the Title Company that was chosen in the accepted contract. Next, you will be getting a copy of the Seller Property Disclosure Statement (SPDS -spuds) and the Insurance Claim History Report (CLUE Report) from us for you to review and sign off on.
Then we will set up a home inspection and termite inspection with a vendor of your choice. If you do not have a particular vendor for the two inspections, we can assist you in finding one. These inspections need to be completed within the first 10 days of contract acceptance. You will pay them directly for their reports/inspections on or before the day of the inspection. Please speak with them to determine a form of payment and amount owed.
Once inspections are complete you can review the reports to see if there are any areas of concern that you should address with us and we will answer any questions you have. One if not both of us will be in attendance at the end of the inspection for the review of their findings. You can elect to be there or we will get the inspection and explain it to you at a later time. You have the option of asking the seller to correct any issue on a Buyers Inspection Notice/Seller Response form (also called a BINSR - bin-zer). Or you have the option to accept the home as is and move forward with closing.
After submitting the BINSR to the seller's agent they will have 5 days to respond to our request if you chose to request anything. They can accept your request and make the repair or they can respond with a compromise with what they are willing to fix. If they respond in the latter way you will have the option to cancel the contract or you will have the option to accept their response and move forward. You will have 5 days to respond to their response.
After the inspections and BINSR are complete and both parties have signed off, your earnest money becomes hard money, which means unless your loan does not fund or the house does not appraise, your earnest money will, for all intensive purposes, be lost.
Communication with your Lending Officer will be important throughout this process. They may need additional paperwork and have additional questions about the home or your final status. We will communicate with him after we have completed the inspection period, asking him to order the appraisal. Once the appraisal is in we will hope it meets the contract price and if below you can ask the seller to reduce the price to the appraised value or you can pay the difference yourself. If the seller declines or is unable to meet you at the reduced amount requested you may cancel the contract or you may negotiate and pay the difference out of pocket at the close of escrow. Also if there are any repairs listed on the appraisal report these will have to be met/repaired before closing and the Appraiser will have to go back to the property to ensure the repairs were met before the property can close.
You will then be close to final Under Writing Review by the Lender and Completing any documents sent to you by the Escrow Officer from the title company. You will need to be checking your emails daily for updates and needs lists from my office, Title, and the Lender and return any calls and text messages promptly to keep things on course.
Once final Under Writing approval is given you are ready to fund and close on the loan and purchase the home. You will then be given an amount due by Title for your down payment and any additional closing costs that you will pay by cashier's check on the day we sign final documents. Once this is paid and all documents are signed Funding will most likely occur in 24 hours. After all funds are sent from the lender to the Title company, the Title company will then send the request to the County to have the Deed/ Title of the property recorded in your name.
When the property has been recorded in your name, Title will e-mail us, then we will contact you to meet you at the home with keys! This will usually take place around 5/6pm the day of closing as recording usually happens closer to the end of the day. We recommend printing this email as a reference guide to each step of the process. Once you complete a step please cross it off the list, so you can keep track of what process you are on. If you have questions during a specific part of the process please refer to this email and then give me a call or text with your question.
Are You Looking to Buy A Home? Then Call Us Now, 602-380-7989!
FREE HOME WARRANTY FOR BUYERS - Since we truly care about your future home purchase, all buyers who work with us will receive a home warranty with the 1st year on us! Home warranties are a terrific way to protect your investment and help you cover large home repairs that might occur.
$500 CREDIT - Receive a $500 credit towards your home purchase or selling your home if you are an educator, part of the police force, a firefighter, a nurse, or part of the military!
FREE HOME VALUE ESTIMATE - Receive a professional assessment of your home's value that takes into account recently sold and currently available home in your area.