3. The signed contract is sent to a title company to begin preparation of all work related to transferring and changing the title to the new owners.

4. Time for you to review and sign off on any disclosures. These disclosures include things like known flaws with the property, prior improvements or repairs.

5. The next step is inspections, the inspections must be completed by a certain date, which is called the inspection contingency date as indicated in the "Inspection Periods" section of the contract. A home inspector generally inspects the home first, and termite and drywall inspections can be ordered if revealed to be necessary by the initial inspection. 

6. Based on the outcome of inspections, you may elect to ask the seller for repair work. Sellers have three options: agree to all of your requests, offer a modified solution, or decline to make any amends. In response, your agent can continue to negotiate, accept the seller's position, or as long as they're within the due diligence period, end the transaction and recoup the earnest money without penalty.

7. Your real estate agent may also negotiate for a home warranty that covers major appliances from failure for a time period after the sale, typically a year.

It is crucial to have a good realtor who will negotiate on your behalf and guide you throughout the whole process. I am here to help you and represent you and your best interests. I am just a call, text, email away. Buyer’s agent commissions are paid by the seller so my service to you is completely free.

Part 2: The mortgage process

1. An appraisal is ordered by the lender or mortgage broker via a central directory of appraisers (often called an Appraisal Management Company or AMC). Choosing a specific appraiser is not possible, but a mortgage broker can reject an appraiser and ask for a new one. If the appraisal comes in lower than the purchase price, the buyer has until the appraisal contingency date to request a reduction in price from the seller. The seller then has a set period of time to accept or reject the buyer's request. If the seller rejects the request, or that time lapses, the buyer can walk away from the contract without penalty.

 2. The lender makes an approval decision, and if certain conditions are met  issues a loan commitment letter. The property has to pass appraisal contingency so the lender can confirm that the property you're buying isn't worth far less than you're paying.  The approval will also depend on any material change in your situation, an income and credit standpoint, initially disclosed to your lender.

3. The time frame for loan loan commitment period is usually from 30-45 days, this date is defined in the contract. During this period you, the buyer will send a  copy of your loan commitment to the seller before the expiration date.  If it takes longer and you can not  get loan approval before the expiration of the loan commitment period, it is important to notify the seller with written notice  to be able to get out of the deal without losing your initial deposit.

4. Homeowners' insurance is purchased and proof of homeowners' insurance is submitted to the lender. If you’re obtaining a loan, your lending will require you to purchase insurance on the property. The coverage you purchase depends on the lending institution and the purchase price of the property. You may be able to save hundreds of dollars a year on homeowner’s insurance by shopping around. You can also save money with these tips: 

           ◦ Consider a higher deductible. Increasing your deductible by a few hundred dollars can make a big difference in your premium.

          ◦ Ask about discounts. You may be able get a lower premium if your home  has safety features such as dead-bolt locks, smoke detectors, an alarm  system, storm shutters or fire-retardant roofing materials. Persons over 55 years of age, long-term customers, or those with other policies at the  same insurance provider be given discounts.

           ◦ Insure your house, not the land under it. Disasters damage homes, not the  land they sit on. Subtract the value of the land when deciding how much  coverage to buy to avoid paying too much.

Part 3: The closing and title work

1. As part of the prepartion for closing, the attorney or title company performs a title search  to determine if there are any liens or assessments on the title. Provided the title is deemed 'clear,' the closing proceeds as planned and the attorney or title company issues a title commitment. All paperwork for changing the title / deed and title insurance is prepared, and a final closing date is confirmed with all parties.

2. A final cash figure for what a buyer needs to bring to the closing in the form of a cashier's check is calculated. You can have then wired electronically into the closing agent’s escrow account or bring a certified bank check to the closing in the amount specified on the settlement statement. This is based not only on a mortgage's closing costs but factors like property taxes and utilities paid in to date by the seller.

3. A final walkthrough is done the day of or before closing to verify the property is in the same condition it was when the process began.

4. Home Services and Utilities: You will need to activate services and utilities after closing. I have helpful links and phone numbers on my website for you.

5. At the closing table  you and seller sign all closing documents and the final loan documents. If you are financing the purchase, you will sign all pertinent documentation required by the lender. The seller will arrange to bring all property keys, garage door openers and important information to the closing and give them to you there.

6. The representative from the title company or your attorney will then record the transaction and deed with the appropriate municipality.

7. Congratulations! You are now the proud owner of your new home!

As you prepare to move in and get settled, please keep me posted. Do not hesitate to contact me if you have any questions I am always happy to hear from you.