When You Start Your Search:
- Pre-qualify with a loan officer.
- Help your Realtor identify your ideal characteristics for your new home.
- Actively look at your property search as new properties become available.
- Review all contract documents and develop any questions or concerns to discuss with your Realtor.
- Contact your Realtor immediately when you see a home that really catches your attention.
- Schedule showing time with your Realtor. Keep in mind, your Realtor will need 48 hours notice to schedule showings.
- When you find a home that you love, your Realtor will provide you with a report of recent sales activity of relevant properties near the subject property and help you determine an offer price. Talk to your agent about Home Warranty options.
- Once you receive the offer paperwork from your agent, follow agent’s signing instructions and return to your agent as soon as possible. The document can be executed electronically with a program called Docusign. Be prepared to write a good faith escrow deposit check (personal check ok) at the time of signing the offer.
Once Your Offer is Accepted:
- You will receive a copy of the completed contract from your agent and your agent will provide it to your lender.
- Review forms and documents and communicate any questions you have to your realtor.
- Make application with your loan officer and provide all documents within 3 business days.
- Schedule your home and termite inspections.
- Review inspection report with your Realtor for repair requests as appropriate.
- Review and acknowledge receipt of Condo or HOA documents, if applicable.
- Inquire/Shop for Homeowner’s Insurance or Condo (Tenant) Insurance. Homeowner’s insurance policy and paid premium must be brought to settlement if the lender requires it.
Step 1: Loan is forwarded to Loan Processor.
Step 2: The Processor will communicate with the lender’s Underwriter to provide all documents required to get loan approved to “clear to close.”
Step 3: CLEAR TO CLOSE: Once the loan is approved, the “Closing Department” will put together the actual closing documents, including the Settlement Statement (HUD-1) to send to the closing agent at the title company.
Step 4: Prepare Closing Figures: Once the HUD has been approved by your lender, the lender will communicate what the final figure for closing is and the wire instructions to the title company. Buyer is responsible for wiring funds or “Cash to Close,” from their bank to the title company.
Step 5: REVIEW OF SETTLEMENT STATEMENT/HUD with loan officer prior to closing.
Buyer Responsibilities Prior to Closing:
- Begin making moving arrangements.
- Be available to sign any lender or title required preliminary documents prior to closing. (Survey authorization form, correct contact information, etc.)
- Arrange for utilities to be connected (gas, electric, water, trash, cable, phone, etc.) Refer to the “Utilities and Services page.
- Register children for school in accordance with local procedures.
- Register to vote in your new district.
- Coordinate closing date/time with the title company/Realtor.
- One or two days before closing – attend final walk thru inspection and sign the document for your agent.
- One business day before closing – review final settlement statement and obtain cashier’s check to bring to settlement.
FUNDS TO CLOSE:
Wire funds to close at least 24 business hours prior to closing. Title Company will provide you with “Wire Instructions” for you to take to your bank. Certified checks are usually NO longer accepted at closing. Bring Government Issued ID, such as Driver’s License to Closing.
- Pick up keys at settlement.
- Make sure the terms and conditions of the loan statement are correct.
- Carefully read everything before you sign.
- File your Homestead Exemption with your county Tax Appraiser’s Office.
ENJOY YOUR NEW HOME!
And remember to compliment the Property Track Team with referrals if you have a friend or family member interested in buying or selling a home.