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How to Buy a house!!!
Transcript of How to Buy a house!!!
Step 1 - The Offer
At this point you have found a home you love & you have an accepted offer!!!
Congrats, now to start the real fun!
The first thing is the offer must be signed by both parties and the Earnest Money will be deposited into an Escrow account.
This could take a day or two depending on the location and schedule of the Buyers, Sellers and Agents.
You will also receive an Email from The Groah Properties Team which outlines the important dates in your contract.
Step 2 - Mortgage Application
You have 5 days to make application for mortgage, So get going. YOU have the power to really speed things up or slow them down. Your lender will give you a list of everything they are going to need. Again you have just 5 days to complete the application and turn in all necessary documents. Be prepared once you have turned everything in.... they may ask for more.
Step 3 - Home Inspection
Typically, purchase offers are contingent on a home inspection of the property to check for signs of structural damage or things that may need fixing. We will help you arrange to have this inspection conducted within a
of your offer being accepted by the seller. This contingency protects you by giving you a chance to renegotiate your offer or withdraw it without penalty if the inspection reveals significant material damage.
Both you and the seller will receive a report on the home inspector’s findings. You can then decide if you want to ask the seller to fix anything on the property before closing the sale. Before the sale closes, you will have a walk-through of the house, which gives you the chance to confirm that any agreed-upon repairs have been made.
Step 4 - Home Appraisal
Your mortgage company will arrange for an appraiser to provide an independent estimate of the value of the house you are buying. The appraiser is a member of a third party company and is not directly associated with your mortgage company. The appraisal will let all the parties involved know that you are paying a fair price for the home.
Step 5 - Commitment
Within 30 days of making application for Mortgage, the bank will issue their commitment. The commitment may have a few contingencies. It may even request even more documentation from you! Yes, this is frustrating but your quick response will speed things up!
Step 6 - Title Work
As you can imagine, there is a lot of paperwork involved in buying a house. Your Lawyer will handle all of the title work, paperwork and make sure that the seller is the rightful owner of the house you are buying.
When all steps are complete the bank will issue the go ahead or "clear to close." Typically closing will be about a week later.
You will also be required to obtain Home Insurance at this point.
Step 7 - Clear To Close
Step 8 - Final Walk Through
Once closing is scheduled, we will set up one more trip to the house. This will most likely be the day of closing. This walk through will be to makes sure all repairs have been completed and that it is still in the same condition.
Now is also the time to set up all your Utilities (Water, Gas, Electric ext) !!!
At last the day has come!!
Closing will take about an hour and is typicaly held at the attorneys office. You will need to bring a certified check with the amount the mortgage company specified. Stretch your hand out and get ready to sign your name 1,000 times.
Step 9 - Closing