NAVIGATING A HOME PURCHASE IN THE TUMULTUOUS ENVIRONMENT OF REAL ESTATE
- Contact a Realtor – Contact a Realtor at Jan Scholtz Realtors to begin the process.
- Contact a Mortgage Company or Bank – Select a mortgage company or bank and begin the pre-approval process.
- Sign up for Prospect Search – Using Prospect Search, your Realtor will connect you with the Multiple Listing System so that all listings within your established parameters will be emailed to you on a daily basis.
- Look at Properties - Your Realtor will schedule showings at your convenience of your listings of interest.
- Write an Offer - Upon finding the perfect home, your Realtor will write an offer and discuss the best terms for you, answer all of your questions . . . and the negotiations will begin. REMEMBER, in good outcomes both the buyer and the seller want to win – so plan your strategy.
- Execute the Final Contract - Once you have an accepted contract, you will present a good faith check to be deposited in the selling broker’s escrow account and you will be ready to move to the next stage . . .
MANAGING THE PROCESS FROM ACCEPTED CONTRACT TO CLOSING
- Note the Date of your Contract Acceptance - The date of your contract acceptance is an important date in the contingency sequence of this contract. You will need to remember this date.
- Make Application for a Loan - Within ______ days, you will apply for a loan with a lender. This must be accomplished within the timeframe stated in the contract.
- Schedule Inspections – Within ______ days, you will schedule a home inspection and a termite inspection and any other inspections. This must be accomplished within the timeframe stated in the contract.
- Present a Request for Repairs - Also within this time frame, a repair request must be presented to the seller along with a copy of the inspection report documenting the repairs. Once the repair request has been delivered to the seller’s agent, the seller has _____ days to decide what, if any items you have requested they will agree to repair or replace. (This is another series of negotiations between buyer and seller and must be negotiated within the time parameters of the purchase contract.)
- Loan Approval Process - During this time, the mortgage company or bank will contact you frequently (daily it seems) for more documents. You may get frustrated, decide they are incompetent and wonder what is wrong with the entire system, but this is the way it is so . . . get over it!
- Loan is Approved/Closing - When your loan is approved, it’s on to the closing.
- Walk-Through Inspection - The walk-through inspection is scheduled within 24 hours prior to closing. At this time, you are able to inspect the property to be sure all is well - no holes in the wall from movers, no leaks in the ceiling, etc.
- Put Utilities in Your Name - Be sure to contact the utility companies and switch the utilities to your name before closing.
- Closing - The closing will be schedule in an office of a closing attorney and usually lasts an hour. Make sure your down payment is a certified or cashier’s check made payable to your buyer. You will endorse it at closing and give it to the closing attorney. Always be sure to bring your driver’s license to the closing.
- Congratulations!! You have now become a HOMEOWNER!!!
It is so important to enlist the assistance of a Realtor when you purchase a home. The journey is complicated and frustrating and a professional Realtor can help soften the process.
Jan Scholtz Realtors would like to help. Contract us and we will begin the process!!
JAN SCHOLTZ REALTORS