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OKAY....
SO...
WHERE 
DO I START?


 

Or, honestly you text/call me about it
I'm here to help!
715-304-9920
adrianna.lonick@cbrealty.com

Lets go step by step...

Find a realtor who listens to your specific needs and helps you find what you're looking for!

To help you find the perfect home, make a list of "must-have's" and "nice-to-have's." Every home will have compromises. Before you start showings, have a good idea of what is non-negotiable before you start spending time driving to different homes.

Horray! They chose you! Sometimes it is going to take several attempts for an offer to get accepted.

5. Offer Accepted 

Within a day or so of your offer being accepted a professional inspector goes to the property and identifies any potential red flags, maintenance items and heads up's in your new home. These typically cost anywhere from $300-700 and provide you with a report of all the items the inspector finds from a sticky door to a major red flag like a compromised foundation. An "As-is" inspection is the same, however you agree to either assume the repair items or back out of the sale.

7. Property Inspection

This is the period of time after the inspection period when we are waiting for the appraisal. The bank will be collecting many forms from you to verify your loan approval. Keep an eye on emails from your loan officer! It is crucial that the documents requested are delivered promptly to stay on schedule with your closing date!

9. Pending Status

The lender should have all of the necessary forms to complete your approval for the loan. Having an acceptable appraisal is the last piece before a loan can go to underwriting. This is where the lender will send all the collected information off to a team of underwriters who will scrutinize the loans ability to close. Sometimes a loan will get sent back to the lender and they will ask for supplemental information. Once the underwriters approve your loan, you are officially clear to close!

11. Underwriting

A day or two before closing you will arrange with your realtor a showing to check out the house one final time to make sure everything is still what you expect. Be sure all of your utilities have been transferred over to your name, pick up your casheirs check and get ready for closing!

13. Final Walk Through

Find a lender who is going to help guide you through this process patiently. Avoid big banks and online mortgage companies. Ask your realtor for a recommendation on who would be a good fit for your situation and shop for the best rates and terms. You can fill out multiple mortgage applications without it affecting your credit as long as it is down within a three week period.

You may offer on anywhere from 3-12 homes before your offer is accepted. Be patient and discuss with your realtor how to make your offer look as enticing as possible while staying within your means.

4. Write An Offer

Earnest money must be deposited to fully execute the contract. This secures your position as the buyer who is moving forward with the sale and goes toward your down payment at closing.  It is generally 1% of the purchase price and is submitted no later than 72 hours from final acceptance.

6. Deposit Earnest Money

f the property inspector discovers a serious underlying issue, the buyer reserves the right to back out of the deal, or negotiate repairs if they are not comfortable with the results. Buyer and seller have an opportunity to negotiate repair items or ask for price reductions. If buyer and seller do not come to agreed upon terms, buyer may cancel the purchase agreement and have earnest money refunded.

8. Finalize Negotiations

The bank will issue the appraisal immediately upon receipt of an executed purchase agreement. The appraisal takes about 2-3 weeks to schedule and perform. Appraisers who are quick may have an appraisal returned to your lender within 3 business days, however many take up to 10. Remember, an appraised value is an objective value of the property. The bank will not let you lend more than the appraised value, so if there is variance in the appraised value and your purchase price, a few things can happen. Both buyer and seller will need to come to an agreement on price. Either the buyer has agreed to make up all or some of the difference in additional down-payment funds at closing, or the seller agrees to drop the price to the appraised value. If buyer and seller do not come to an agreement, there may be an opportunity to cancel the purchase agreement, however you may forfeit your earnest money depending on the terms.

10. Appraisal

Once the underwriters approve your loan, you are officially clear to close! Make sure to sign your closing disclosure within 3 days of closing!

12. Clear To Close

Bring your cashiers check and sign on the dotted line! The home is yours! Time to move in!

14. Closing Day!

key words for first time buyers

(715)304-9920

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