Your 716 Team Buyer Specialist will spend time with you to explain the buying process in detail. Here is a preliminary checklist to help you get started.
The first step. Determines your ability to buy a house and what you are able to afford.
One of the responsibilities of your Agent is to ask you all the right questions that will help you create your home wish list.
You and your 716 Team Buyer Specialist will sign and submit an offer letter to the owners of the property regarding price and any other inclusions (appliances, contingencies, etc). They can accept your offer, submit a counter offer or reject completely. If they counter, you can re-counter.
We consider our attorney a member of our team. We are happy to refer you to their office because we know you'll be happy we did!
An authorized house engineer physically inspects the important aspects of the home to determine its current condition and any items that need attention before proceeding with the mortgage process.
Between making the offer and home inspection, factors may have changed the final buying price of the home. This is when you'll discuss and determine which type of loan is best for you.
An appraisal is an unbiased professional opinion of a home's value and is a mandatory step to the mortgage process. Appraisals are almost always used in purchase and sale transactions.
Processors gather in-depth financial information. They prepare information for underwriters. (30-60 Days)
A mortgage commitment letter is a letter provided by a mortgage lender that indicates a borrower has passed their underwriting guidelines and that they are willing to offer the borrower a home loan. A loan commitment letter is an indication that the buyer's home mortgage has been conditionally approved.
Required to be in place prior to closing on any home that carries a mortgage. A typical homeowner's insurance policy includes protection for both the house and the property that it sits on, as well as other buildings or structures on that property.
Underwriters go through your information with a fine tooth comb validating information. (2-3 Weeks)
Your next step is a final walk-through, arranged through your real estate agent, at least a week before closing. The goal: Ensure the property's condition hasn't changed since your last visit, that any agreed-upon repairs have been made and that the terms of your contract will be met.
Closing is the final step in executing a real estate transaction. On the closing date, the ownership of the property is transferred to the buyer. Once you’ve reviewed and signed all closing documents, the house keys are yours and you will have successfully bought your new home!