- Although many sellers prefer pre-approved or approved buyers, there are some instances where the seller will accept a buyer who has not yet been approved for financing. Unless you are paying for the home with cash, you will need to apply for a loan and get approval after your offer is accepted.
- Your lender will want to know that the home you are purchasing is valued at the price you agreed to pay and that the home will be appraised. You will also want to have the home inspected to make sure there are no unknown issues. The inspection report will list the condition of every component of the home; you may need to negotiate further if there are any problems.
- You will need to obtain hazard insurance for your new home. This task is coordinated with the lender and title company.
- The title company will provide a title report to you that shows if there are liens, taxes or easements filed on the property. Later in the process, the title will be transferred and recorded to you, the new owner.
- The title company will schedule a closing, at your convenience, for you and the seller to sign all the documents necessary to finalize the purchase your new home. Your Realtor will be able to guide you through this process.
previous post
next post