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What to Expect
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Here is what a buyer ordinarily does in preparation of buying a home:
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Selects a real estate agent
Determine wants and needs in a home
Determine financial eligibility
Discuss finances with a loan officer
Obtain prequalification
Select a home that suits needs
Discuss an offer with agent
Buyer reviews contract with agent
Agent presents offer to the selling side
Buyer prepares ‘earnest money’ deposit
Seller accepts offer
‘Earnest money’ is deposited
Realtor will order Preliminary Title Insurance report
Submit loan application
Conduct a physical inspection of the property by a qualified inspector
Approve seller’s Disclosure Statement
Approve Preliminary Title Insurance Report
Conduct property appraisal
Obtain loan approval from another lender
Perform termite inspection and certification if required
Select an Homeowners Insurance company and coverage
Insurance will be in effect at the close of the closing
Review Lender documents in advance of closing
If applicable, obtain home warranty insurance
Sign documents
Get a cashier’s check or money transfer prior to closing date
Deposit down payment and closing costs
Lender sends balance of purchase price
Deed is recorded with County Recorder’s office
Move In!
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