Getting Ready to Buy
Getting Ready to Buy
Preparing the Offer to Purchase...
- Explain and complete an offer to purchase.
- An earnest money check should accompany all offers, and will be deposited into a Trust Account. This money is applied towards the down payment.
- Lee and Carol will contact the seller's agent and present your offer.
- Once all parties have reached an agreement, we will get your final approval on the contact and deliver it to the seller's agent for their final signatures, initials and dates.
- Lee and Carol will give you a copy of the contract, and will fax one to your attorney and one to your lender at your request.
- Once you have chosen a home inspector and termite inspector, we will set up the appointments and confirm with the Seller and other agent.
- Be sure to apply for a loan within 3 days of acceptance.
- Remember to transfer funds for the earnest money.
- Relax. Your attorney, lender, and Lee and Carol will keep you informed of anything that you need to do.
Why is a Pre-approval Letter So Important?
- A pre-approval letter is more reliable than a pre-qualification letter. This tells the seller that you have already been through the loan process and are just awaiting a home. Having this can save you thousands because sellers are more anxious to work with someone already approved for financing.
- You will know how much money you can qualify to borrow and how much the payments will be based on the purchase price you choose to focus on.
- You will have more leverage in negotiations with the seller, and you will feel less stressed when you know that financially the house you would like to purchase is available.
- Important - Make sure not to make any major purchases or close out accounts prior to discussing this with the lender that has pre-approved you.
- One year pre-paid homeowners policy commencing on the closing date.
- Be sure that you have called all utilities and transferred them into your name
- Complete final walk-thru after home is vacant to make sure all personal property that is to remain is there and that the home is in the same condition as the date of contract signing.
- Bring a cashiers check at closing for the balance of the funds necessary to close. Typically, this sum is not available until the day before closing. If you would like, you can use the good faith estimate as a guideline and the title company will give you money back at the closing. Check on whom and exactly how to make the check payable to.
- Bring a driver's license or picture I.D. to closing to prove who you are.
- Your attorney will explain all the documents that you are signing and ensure that you receive a copy.
- Your attorney will make sure your deed is recorded and will send you a copy in approximately two weeks.
- ENJOY YOUR NEW HOME!!!!!!!