Steps to purchasing a property…
1. You first need meet with a lender or mortgage company to see how much of a loan you qualify for. I can refer lenders to you or you're welcome to use your own.
2. We view properties and eventually you will find the property you want to purchase.
3. I, as your Realtor, will provide you with a Comparable Market Analysis of the property to help guide as to what price to offer.
4. I, as your Realtor, submit a written and buyer signed purchase contract to seller’s agent or seller(s) personally or via email. I will negotiate the price and terms of the contract.
5. When the purchase price and terms of the contract are agreed upon, appropriate changes to the contract are made and initialed by buyer(s) and seller(s).
6. Once we reach an agreement, I will deliver the initial earnest money check to the listing broker or a mutually agreed upon escrowee.
7. Copies of the contract signed are sent to their respective attorneys within 24 hrs.
8. Attorneys will make necessary modifications to the contract within the time period stated on the contract, usually 5 business days.
9. If inspection is not waived, buyer(s) will conduct an inspection of the property within the time period stated on the contract. If any repair issues arise from the inspection, it results in one the following: monetary repair credit, repairs to be made by seller(s) at seller(s) expense, or both parties agree that buyer(s) assume responsibility for repairs at buyer(s)’s expense. I can refer inspectors to you or you're welcome to use your own.
10. Buyer will meet with lender to apply for a loan for the property asap once attorney review and inspection is finalized.
11. Loan Officer will submit the loan to underwriting and buyer(s) is responsible to provide lender with all documentation requested for loan or to satisfy any conditions of the loan.
12. Lender will order the appraisal on the property.
13. Seller(s)’s attorney is responsible for ordering title and survery and providing it to the lender.
14. Within the time period stated on the contract, lender will either provide a commitment letter to buyer and buyer(s)’s attorney with no conditions, known as “clear to close” or if all loan conditions are not satisfied by mortgage contingency date on the contract, buyer(s)’s attorney will request for a Mortgage Contingency Extension. The response can be one of the following: Seller(s)’s attorney will approve request, seller(s) may secure a loan for buyer(s) upon the same terms of the contract, or seller(s) may deny the request, the contract is null and void and all earnest money is returned to buyer(s).
15. Once a lender issues a final commitment on the loan with a clear to close, the closing date is set on a date agreed upon both parties.
16. 24 hours prior to closing, the buyer(s) and will conduct a “final walk through” of the property in order to view the property and any agreed items in the contract (stove, fridge, furnace, a/c, etc.) are in the same condition as date of inspection and property is in the same condition.
17. Should any issues arise, buyer(s) will notify their attorney and at the closing a mutual agreement is reached on how to handle such issues. (i.e. monetary credit for repairs).
18. 24 hours prior to closing, buyer(s)’s attorney will notify buyer(s) of the amount of wire if over $50,000 or a cashier check payable to the buyer(s) from the buyer(s) should bring to closing based on the preliminary closing statement.
19.Date of closing, buyer(s) will bring a state or government issues ID with buyer’s signature (driver’s license, passport), CASHIER CHECK payable to buyer(s) for amount and a copy of the Good Faith Estimate as provided by the lender from the initial meeting to verify that the lender’s portion of the closing figures match.