Types of Agents
How to Select an Agent
Prequalified or Pre-Approved
7 Reasons to buy a home
Moving with Teenagers
How to Find a Home
50 "Things To Watch"
when viewing a home
8 Types of Loans You Should Know
What is a Sales Contract
Finding Quality Inspectors
10 Ways to Ascertain a Down Payment
How Lenders Approve Loan Applicants
Definitions of Closing Costs
|
III. - THE SALE -
The sale is by far and away the most technical and
tedious portion of the process of buying a home. This portion
is often compared to a symphony orchestra. If the musicians in the
orchestra fail to work together in precise harmony the result is poor.
On the other hand if all the players are up to the task and work effectively
together the result is pure magic. In our orchestra the players are
not the percussion, horns, and woodwinds; rather the legal teams for
both buyer & seller, lending agents, Real Estate Agents, and Government
Officials. The most effective way to negotiate this
process is to hand it to your Agent and let them take care of it.
However, listed below are a few things you should know about the process
of closing, or "escrow", and the costs involved.
1st Your Offer is Accepted. Congratulations
the seller of the property has now entered into negotiations for you
to buy their house.
-What is in a Sales Contract-
2nd Final Loan Application. Now is the
time to dot the i's and cross the t's on the final loan application.
This sets the timetable for the closing because your loan approval
may take several weeks to process.
-How Lenders Approve Loan Applicants -
-10 Ways to Ascertain a Down Payments or Cash-
3rd Inspections and Appraisals.
-How to Choose a Qualified Inspector and
Appraiser-
4th Title Search completed on the Property.
This step ensures that you are buying the property from the rightful
owner. It protects your investment and ensures ownership.
5th Loan Approval. Once again congratulations,
one of the last really big hurdles. Now you have the money to hand
to the seller to take possession of your new home.
6th Closing Papers Signed. This is a
meeting between buyer, seller, agents representing both, lawyers,
government officials, and others. Papers transferring ownership of
property for monies approved in the loan are signed.
-Definitions of Closing Costs-
7th Closing Documents Recorded. This
step is carried out by those government officials in the previous
meeting.
8th Funds are made available to the seller.
9th CONGRATULATIONS- You have just bought
a new home.
|
