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
9
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
|
Buyers' Resource Section:
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.
|
