TYPICAL HOME PURCHASE PROCEDURE 

Where do we begin?

Step 1. 1. Prequalify with your professional Realtor or lender to know what price you can afford.
2. Decide what location, features and priorities are important to you.
3. View several homes in your price range to determine your choice.

Step 2. In negotiating the purchase of your new home, the initial step will be to instruct your Realtor to make an offer to purchase. This offer must be in writing. This offer should include:

•  The amount you are willing to pay.
•  Closing and occupancy dates.
•  Any contingencies, including obtaining of mortgage and building and pest inspections.
•  Any personal property specially included and excluded.

Step 3. When the buyer and seller agree on terms, the buyer immediately applies for financing, taking the necessary credit information to the lender.

Step 4. BE PATIENT! The lender will arrange for a credit report and appraisal of the property and begin processing of the loan, This may take a few weeks depending on the type of financing.

Step 5. Once loan approval is received, the Realtor will see that the necessary paperwork is begun and all title contingencies are met.

Step 6. The buyer are given the opportunity to give property a “final inspection” upon request.

Step 7. At the closing, buyer meets with the lender and Realtor involved to perform the closing transaction. Afterwards, the documents are filed at the courthouse.

TYPICAL HOME PURCHASE COSTS

•  TITLE INSURANCE
•  RECORDING FEES
•  POINTS OR LOAN ORIGINATION FEE
•  INTEREST ON THE LOAN
•  SURVEY FEES
•  HOMEOWNERS INSURANCE
•  ATTORNEY'S FEES
•  ADJUSTMENTS COSTS
•  TERMITE INSPECTION
•  APPRAISAL FEES
•  SEPTIC INSPECTIONS