1. Find the home or homes you would like to place offers on & decide on a purchase price with the guidance of your Realtor.
2. Receive a counter-offer, rejection, acceptance, or sometimes no answer at all if your purchase price is too low and other offers were above your offer. Sometimes a response takes a few days or even a couple of weeks if we are waiting on a bank.
3. Once your offer is accepted, escrow will open and you will need to wire your deposit.
4. Your lender will order an appraisal. Talk to your lender about appraisal costs.
5. You will schedule a Physical Inspection of the property – cost is about $350.00 and up. I have recommendations for an Inspector if needed.
6. In most cases, you have 10-17 days to complete your Physical Inspection and have the property Appraised. You’ll have 21 days to make sure your loan will be approved. Up until this time, you can keep your deposit secure.
7. Once everything above is done, your loan will go to underwriting which means everything you did to get pre-approved will get double checked.
8. Closing Disclosure (CD) will be sent to you for approval and 3 days later, loan documents will be prepared which you will have to sign with a notary.
9. Your loan will fund usually 24 to 48 hours after you sign your loan documents.
10. The property deed will be changed to your name 1 business day after funding.