HOME BUYER ROADMAP
1. Buyer Consult
This is where we meet to discuss your options, get your questions answered, and put your list together of must-haves and deal-breakers for your home search.
Time frame: about an hour, give or take
2. Pre-approval
A pre-approval is a letter from a mortgage company that states they’ve reviewed your preliminary documents and have approved you for a loan of up to X amount (contingent on collecting more documents & a full review from underwriters.
Time frame: 1-2 days (depending on how fast you can provide docs. Cash offers require proof of funds letter.
3. Home Search
Once you have your pre-approval letter, we can start the fun part- looking at homes! We’ll put together your criteria list: must-haves & deal breakers. Then we’ll schedule showings to see homes that match your criteria.
Time frame: varies
4. Showings
As soon as a home hits the market that matches your criteria, we’ll schedule a time to meet at the home and walk through it. If a home pops up that you want to see, we should schedule a showing for as soon as possible.
Time frame: 1 showing typically lasts around 20 min, but we have up to an hour to view a home & can come back to view multiple times.
5. Submit offer
If we are at a showing and you feel like it’s “the one”, we’ll want to put together a purchase agreement and submit an offer as soon as possible!
Time frame:
it will only take 30 min or so to go over the offer, I’ll type it up, and have you sign it electronically. We’ll want to submit the offer asap
6. Negotiations
We typically give the seller a deadline of 24 hours to respond to our offer. The seller may send a counter offer. Counter offers can be sent back and forth until both parties are satisfied.
Time frame: varies
7. Accepted Offer
Once both parties are satisfied, and a signed accepted offer or counter offer is in hand, we can move forward with the loan application, inspections, & appraisal. Deadlines to get all of those things done will be outlined in the offer.
Time frame: varies
8. Financing
ow that you have an accepted offer, you’ll need to officially apply for the loan. The underwriting will begin, and you may be asked to submit more documents, until the lender is satisfied and they give final approval.
Time frame:
30-45 days
9. Inspections
In the meantime, we’ll order any inspections you’d like to have done at the house. We’ll review the reports together, and decide if there are any items you’d like to request the seller have done prior to closing.
Time frame: order inspections asap. 10-12 days to respond
10. Appraisal
Your lender will order an appraisal on the home. They will require payment from you prior to ordering this. This needs to be done as soon as possible after you received an accepted offer.
Time frame: this can take up to 10 days or so to receive the appraisal report
11. Final Things
As we get closer to closing, we’ll remind you to get utilities scheduled at your new house. We’ll also have you wire your funds for closing to the title company, and we’ll do one final walk-through at the house before signing closing docs!
Time frame: usually the day before or the day of closing
12. Closing
We will have a scheduled day and time to meet at the title company to sign closing docs with the sellers. You will be provided the keys to the house (unless a different possession date was negotiated). Yay! You bought a home!
Time frame: about an hour
