• Vanessa B.

The Buying Process Step by Step

Steps to owning your new home!

Get Pre-approved- 2-3 days. The lender will ask for 2 years of taxes, last 2 months of bank statements, and proof of income.

Tour houses and place your offer- As your agent Vanessa will search and send you listings that are in your search criteria. When you are ready the agent makes the appointment to go see the property and makes the offer to purchase the home. The preapproval letter will convey to the seller that you are a legitimate buyer who is able to perform on the proposed contract.

Accepted Offers- When your offer is accepted, you will receive a signed purchase agreement from the seller.Your loan will move into the loan processing and final approval stage.

Loan Processing and Final Approval - Here, with the help of Vanessa, your real estate agent, you will supply the purchase contract and title company information for the transaction. An appraisal will be scheduled and the bank will request all the remaining documents needed. Appraisals should be here within 7 days of ordering.

Contingency Period - The contingency period gives the buyer an opportunity to get in depth information and research on the property without losing their deposit if they need to back out of the deal. During this time Vanessa will

o Review and approve the Seller's Real Estate Transfer Disclosure Statement

o Review and approve the Preliminary Title Report

o Contract for physical inspections

o Order, review, and approve requested or required inspections

Document Preparation and Closing - Once your loan is fully approved, the title/escrow company will provide a Buyer's Estimated Closing Statement which will itemize your costs and credits and closely estimate total monies due. You will be asked to bring a cashier's check to the title/escrow company when you go to sign, a few days prior to closing.

Signing Documents - The escrow agent will call you and schedule an appointment when the documents are ready to sign. The escrow agent will thoroughly guide you smoothly through this process. You can ask them questions if you don't understand any part of the documents. You will receive copies of all the documents you sign from the escrow company. You are almost done.

Funding - The escrow company will send your signed loan documents, along with any other outstanding loan condition documentation to the lender.

Close of Escrow- Total 30 days from date of offer acceptance. Once it goes on record with the city Vanessa meets with you at your new home and hands you your keys.

If you are ready to start the pre-approval process, give us a call or shoot us a text. 408-679-9836

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