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Sunday, December 28, 2008

Home buying process

There are so many things to consider when buying a house.Buying a house is like investing in business. You should know the steps and procedure for it. The role that you and other parties play in the process.

1.Discuss home buying wants and needs with a selected good agent.

2.Gather the information for loan pre-approval process.

3.Get pre-approved by lender.

4.Fax the lender pre-approval letter to your real estate agent.

5.Search and view homes together with agent.

6.Once you and agent found the house you want,write a sales and purchase agreement.

7.It takes 30-60 days to close depending on the type of financing.

8.Once an offer is presented and all terms of the contract are accepted by both buyer and seller a structural inspection will be performed on the house.

9.The structural inspection report is in and any repairs or credits as a result of the inspection are negotiated with the seller.

10.The inspection contingency is waived.

11.Appraisal, credit and title ordered.

12.Submit the loan for underwritting

13.Loan is credit approved.

14.Appraisal report is in.

15.Papers delivered to escrow.

16.Escrow obtains signatures on closing papers.

17.Final file reviewed.

18.Finally,Loan Closed.

19.Welcome to your home sweet home~

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