THE BUYING PROCESS CONTINUED

STEP 9: Send Executed Contract to Loan Officer

Due diligence completed, it’s time to obtain financing. If you have not already connected with a mortgage lender and gotten pre-approved for a loan, your Gary Greene Realtor® Associate will help you find a qualified lender and tell you what personal and financial data to bring with you when you apply for a loan. Once the lender is chosen, it is important for the buyer to make loan application within the time frame specified in the Earnest Money Contract. When final loan approval is obtained, your Gary Greene Realtor® Associate can assist you in arranging for homeowner’s insurance and other necessary details prior to closing.

STEP 10: Conduct Inspections

When the terms of purchase have been agreed upon and the Earnest Money Contract delivered to the title company, it is time to evaluate the property. The contract should provide time for you to complete inspections of the property before you are bound to finalize the purchase. You should NEVER buy a home without having it inspected by professionals. These inspections help you avoid purchasing a home in need of major repairs or damaged by wood destroying insects. Additional inspections that will be required by your lender may include a survey to determine boundaries and an appraisal to determine value.

STEP 11: Other Critical Details

Your Realtor ® Associate will have already informed you about current real estate values, taxes, utility costs, municipal services and facilities, and made you aware of deed restrictions that could affect your decision to buy. You are also entitled to see a preliminary report on the title of the property. Title indicates ownership of property. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Gary Greene Realtor ® Associate can help you resolve any issues that might cause problems. If you choose a home in a neighborhood with a homeowner’s association, you will need to get a copy of their association packet so you can review it before closing.

STEP 12: Close on Purchase

Your Gary Greene Realtor® Associate represents you and your best interests through the closing. Your Realtor® Associate will confirm that all contract and amendment conditions have been met or completed and review a closing checklist; assist in scheduling and conducting your final walkthrough prior to closing; review closing figures, closing documents and the title insurance commitment with you so you will know what to expect during the closing process; and, finally, attend the closing to answer any questions or deal with last-minute issues.