Timelines are approximate. Actual dates will be finalized during/after the offer process. Step 1 The Offer Have earnest money check and due diligence fee check and pre-approval letter ready. This is when the timeline will be established. Step 2 Loan Application You do not need to use the lender on your pre-approval letter. You can shop rates, but choose quickly, and proceed with the application. Step 3 Homeowner’s Insurance Call your current insurance company or ask your agent for a recommendation. Compare rates and coverage with other insurance companies. The insurance company will order a “Clue Report” to find past claims on the property. Step 4 Inspections We strongly recommend home, termite, radon and, where applicable, well and septic inspections. Some loans require some of these inspections. These must be ordered quickly to be completed during the due diligence period with enough time to ask for repairs, if applicable. Step 5 Repairs Your inspector(s) will issue inspection reports. Use these to choose which repairs to request of the seller. Be prepared for issues with plumbing, electrical, HVAC, foundation and insulation. Step 6 Land Survey Surveys are highly recommended. They are ordered by the closing attorney at your request. Step 7 Title Search Your closing attorney will order a title search. This will show any liens or other clouds on the property. Step 8 Appraisal The appraisal is ordered by the lender. Homes in this market generally appraise for very close to the contract price. Step 9 Walkthrough This step is typically done, if desired, a day or so before closing. This is an opportunity for you to do a final visual inspection of the property. Step 10 Settlement Settlements are handled by the closing attorney. You’ll need to deliver the funds for closing by certified check. You will also need your photo ID. At the settlement you will sign your documents and, most of the time, receive your keys. FINAL STEP Closing The closing is complete when the attorney records the deed that puts the property legally in your name. Some sellers, particularly on foreclosed properties, will not allow keys to transfer to you until closing occurs. Get started today finding your new home.
Author:Bonnie Onofrio Phone: 919-208-8007 Dated: February 7th 2018 Views: 65 About Bonnie: I have been a real estate broker in the Triangle area since 1985 handling sales of both new and resa...
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Buying a home is, for many people, an essential part of the American d
"One day, after Mr. Michael Johnson, took my wife and myself around for literally four (4) hours, perhaps even more on that day, looking for a house. I was at the point where I myself was saying to him that I thought that he had done enough for that day. We got to a lot in Wake Forest, that both my wife and myself liked. And as we stood there looking around I began speaking to Mr. Johnson, about my financial situation which to be truthful I am not proudful about one bit. Considering my age, and the length of time my wife and I have worked and yet our financial condition sucks, forgive my english grammar. Mr. Johnson, stood there and listened to me rant and rave about this matter, without as much as saying one single word. His eyes full of tears but yet he did not cry. He knew that I was hurt and ashamed of my situation, but not once did he as much as give me an idea that he did not care. I will never as long as I live forget that moment in my life, never. Mr. Johnson, then said to me after I dried my eyes from the tears that I shed there in front of him, he said to me, Oscar, we will do all we can to find you a home, I promise you that. Well, on December 31st. my wife, Carlota Belmo, Mr. Nelson Estrela, of New Penn Financial, Mr. Hamrick, the Attorney, Mr. Michael Johnson and myself Oscar Belmo, were at the table for closing on the home of our dream. Thanks to the effort of so many hard working people and the Grace of God. Thank you, thank you, thank you from the bottom of our heart. We love each and every one of you. God, bless you. May God, bless and keep each and every one of you."