Buying a Home from Start to Finish
Updated: Dec 30, 2019
When getting ready to purchase a home, even if it's not the first time, there are always questions and things do change a tiny bit over time. Not too long ago, I created this as a buyer handout. These go in all my buyer presentation folders.
Be Prepared Up Front
Get a pre-approval letter from a Lender that you trust
Make sure you have ready to go:
1% of Home sale price to use for Earnest Money (refundable)
Home Inspection $400ish
Appraisal Fees $600ish
Research the areas you would like to move to
Find a great agent (me) who is willing to guide you through the process and can make time to answer all your questions
Search for YOUR NEW HOME!
**Keep 206-854-9862 in your phone, I am always just a quick text away!**
Submitting the Offer and Getting it Accepted
Earnest Money is delivered to Escrow company The Title and Escrow Company begins to make sure the contract is followed and also that home can be sold by correct owner. A copy of contract will be sent be me, your agent to Title/Escrow and your Lender as soon as we have what’s called Mutual Acceptance.
Home Inspection is scheduled. This needs to be completed and response sent back to seller within 10 days in most cases. Any issues to be fixed or Buyer Credits can be hashed out at this time.
Appraisal is Ordered. This is to make sure home is worth the price of the loan. Occasionally it does come back lower than selling price. We would use it as a further negotiation tool to lower price or have more buyer credits added.
The Lender/Underwriter will ask you for all your tax, financial and other misc information multiple times. This is normal. Don’t let it stress you out. They are just double checking to make sure nothing has changed.
Title and Escrow will send you by email, a Buyer Packet Information Form. Do not ignore this. Get it completed and returned to them ASAP.
The Appraisal Report and Final Underwriting begins. During the last couple weeks, the lender will also be sending out a disclosure showing cost breakdown of loan.
The Loan Gets Approved! Loan documents are sent to Escrow by Lender and the Settlement Statement is reviewed by all to make sure no mistakes.
Signing appointment is made. Escrow will contact each party to schedule signing.
Date for Funding of Loan and Recording of Sale is set and ready to be sent to the County Assessor Office.
Home closes and you get keys!!