STEPS TO BUYING YOUR NEW HOME

  1. MEET WITH A TRUSTWORTHY REALTOR. The truth is no matter which Realtor you choose you must make a connection with that person. Ask them if they are a full time Realtor or if they earn their living another way. How much time do they have to work with you? When are they available to go look at homes?
  2. LENDERS: After selecting the right Realtor for you, have the Realtor help you choose a lender. The Realtor should be able to suggest several types of loans to you that may meet your needs. The lender will help decide which works best for you. The loan officer will ask you to fill out an application:
  • If applying for a VA loan, please bring a copy of your DD-214,
  • Be prepared to account for the source of funds of your down payment and closing costs.
  • Bring federal tax return (2 years), if self employed also bring profit and loss statements, and balance sheet for the last

two years.

  • Alimony and child support information (divorce decree for verification) may be required.
  • Last 4 pay stubs
  • Current statement(s) from banks, stock funds etc

 

  1. Find a home, write an offer, and write an earnest money check. EARNEST MONEY: This      represents your sincerity in the attempt to purchase and is refundable if the offer is not accepted. This money is kept in a trust fund account and is not turned over to the seller until called for by the contract. You will receive credit at closing for it.

 

  1. Once the purchase agreement has been accepted by the seller, the lending institution you have chosen will be contacted to process a new loan. An appraisal will be ordered.

 

  1. Escrow will be opened at a title company. An escrow is an arrangement in which a disinterested third party (Title Company) holds legal documents and funds on behalf of buyer and seller, and distributes them according to the buyers and sellers instructions.

 

  1. A home inspection will be conducted. If necessary repairs will be negotiated and completed

 

  1. You will be asked to name an insurance agent as a policy will be necessary prior to closing escrow.

 

  1. With the help of your lender and the title company they will provide an approximate dollar amount that you will need prior to the close of escrow.
  2. Moneys required at the close of escrow (down payment, closing costs, etc.) should be in the

form of a cashier’s check.

 

  1. When all the necessary papers have been signed and the moneys received, the documents are

recorded. The escrow officer will make the necessary monetary disbursements. Once documents have been recorded, title to the property (ownership) has changed hands.

all the best, Richie Rich

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