©2017 BY NANCY ANDREASON - REAL ESTATE BROKER. PROUDLY CREATED WITH WIX.COM

STEPS TO BUYING

Purchase the Home of Your Dreams

Purchasing a Property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully.

Why Do You Want To Buy? 

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Of all the decisions you'll face when buying a home, there's none more important than the person you choose to represent you. Home buying can be complex.  Nancy will guide you through the process. 

Nancy’s Advice:

 

Get Pre-Approved from a lender.  If you want a recommendation, she will be happy to refer you to excellent lenders. 

Going through the pre-approval process will help you:

  • Determine the price range you can afford.

  • Understand the types of loans you qualify for.

  • Determine what your monthly payment will be.

  • Estimate the down payment and closing costs.

  • Help to have your offer accepted.
     

The Loan Process

Steps of the process:

Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan.  You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house.


 

Finding and Choosing the Right Home

 

Based on criteria that you have established together, Nancy will help you find the perfect home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.

 

Nancy will apply her community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let her know so that a showing can be arranged.

Making an Offer

Once you have found the home that you wish to purchase, Nancy will do the necessary research to help you structure an effective offer.

This is where Nancy’s negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. Nancy will negotiate the best possible terms for you.

Nancy will draft the Purchase Agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although Nancy will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.

Managing the Escrow

When the purchase agreement is accepted and signed by all parties, Nancy will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction. The seller and their agent typically select the escrow company. 

Managing the Escrow

When the purchase agreement is accepted and signed by all parties, Nancy will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction. The seller and their agent typically select the escrow company. 

Removing Contingencies

Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. Nancy and Danielle, her Transaction Coordinatro will coordinate this process. Typical contingencies include:

  • Approval of the Seller’s Property Disclosure Statement.

  • Approval of the preliminary title report.

  • Loan approval, including an appraisal of the property.

  • Physical inspections of the property.

  • Pest inspection and certification.

  • Acquisition of homeowner's insurance.

 

Closing Escrow and Moving In!

When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will wire the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder's office and you will take ownership of your home.

Ready to start? Contact me today and I'll give you helpful tips and assistance planning the entire home buying, financing, qualifying, and move process.