Real Estate Process
The Buyer’s Real Estate Purchase Process
Surf The ‘Net…See What’s Available
Make Decision To Purchase
Surf the ‘Net For Homes…Seriously
Contact A Local Realtor
Choose Form Of Agency (IMPORTANT)
How Realtors Are Compensated
Contact A Local Mortgage Broker
Get Pre-Qualified For Loan (minimum)
Get Pre-Approved For Loan (best)
Preliminary loan type options
Determine Your Home Needs and Wants
Daily Email New Listing Alerts (HOT Market)
Tour Homes Of Interest
Select the ‘right’ home
Review sellers’ disclosures (sample)
Discover seller preferences
Make Offer To Purchase (sample contract)
Financing Letter To Accompany Offer
Contingencies: inspections, financing, other
Select Title Company For Closing
Negotiations: Buyer / Seller Counteroffers
Contract Acceptance
Buyers’ Earnest Money To Escrow
Complete / review mortgage loan application
Provide documents for mortgage package
Review condo or HOA documents
Obtain Hazard Insurance Binder (CLUE)
Accompany Home Inspector/Termite Inspector
Accept / Reject Inspection Findings
Repairs list, if not an ‘as is’ purchase
Initial Mortgage Acceptance with Conditions
Satisfy underwriting conditions
Property Appraisal & Survey
Contact Moving Company
Contact Utility Companies
Final Mortgage Approval
Closing / Settlement Date Confirmation
Garage Sale / Charity Donation
Receive HUD1 Settlement Document
Pre-Settlement Walkthrough
Verify repairs / condition / seller out
Lender Funds Mortgage Loan
Settlement
The real estate and mortgage loan processes are intimately intertwined from beginning to end, except when someone makes a cash purchase.