JUST VISITED MY DREAM HOME - NOW WHAT?
1. Present an offer – You should have already obtained a pre-approval letter from your mortgage lender. Now it is time to present an offer. You must set forth the terms upon which you will purchase the property. If you must first sell your home, you must say so. If your offer is subject to other qualifications such as the amount of the down payment, obtaining a mortage or receipt of an inspection report or appraisal, you must also set these terms forth.
2. If the seller does not accept your offer, but extends a counter offer, your sales associate will negotiate for you with your advice and consent. In today’s marketplace, make sure that your offer is reasonable.
3. Attorney Review – Once your offer has been accepted and the terms agreed upon, a contract of sale is drawn up by the sellers attorney. Your attorney will then be afforded a review period to review the wording and insure that the contract is binding and that you are protected. The review period is usually three days, not counting weekends or holidays.
4. Home Inspection – In the normal course of events, the inspection phase should now begin. There are various types of inspections that are available. You should feel free to discuss them with your real estate associate as well as professional inspectors, who can best advise you as to which inspections should be conducted.
5. Financing – It is now time to prepare and submit your mortgage application. There are many types of loans available and all alternatives should be discussed and considered. Be prepared to submit all necessary documentation required to obtain a commitment.
6. Next Step – Assuming you have followed the correct procedures, you have little else to concern yourself about. Sit back and await your mortgage commitment, title search conducted by your attorney and the closing date.
7. Closing – Have the closing funds ready, attend a final walk through with your real estate associate and attend the closing. Make arrangements for utilities to be turned on; gas, electricity, water, cable, telephone, etc… Good luck in your beautiful new home.