The NMWelcomeHome Team Blog

Below are some key facts for the home buying process. There are many more details when buying a home. I am experienced and will work hard making sure your home buying purchase is a great one.

Speak to a lender and get Pre-Approved – I cannot stress the importance of this

         What you will learn:

• How much you are qualified for
• Monthly Payment
• Fees/Cost involved

          Real Estate Agent will help you with...

• Typical timeframe to close on a home is 30-45 days from date of offer acceptance.
• Go over all disclosures and inspections available
• Evaluate Home and List Price to determine offer price.
• Write Purchase Offer and negotiate – could take several days.
• You will be required to write a check for an Earnest Money Deposit. Typically $1,000-$2,000.
• After offer is accepted the check will be sent to a title company, cashed and money will be held on your behalf until closing. It will be credited back to you at closing.
• Title search on the property and a public record search on you and the seller will be performed. This will insure clear title and title insurance will be issued.
• Inspections will need to be performed within 10 days after the offer is accepted.
• The Realtor will schedule any inspections the buyer request and try to arrange times that work best for the buyer to be there.
• Once Inspection Reports are received we will go over it and request repairs if needed.
• All fees are typically paid at closing but some fees may need to be paid upfront ie. Appraisal, Inspections – Be prepared.
• You will need to obtain Home Owners Insurance. Do this as soon as possible and have the listing sheet available when you call your insurance agent. The agent will ask you questions and all answers should be on that form.

***Note: This is different from Mortgage Insurance as this protects the bank from losses and Home Owners Insurance protects your home and belongings.

         Closing

In order for closing to take place your loan must have been approved and cleared to close.If it is, loan documents will be sent to the title company where they will prepare them for your signature. ***They will also let you know the amount you need to bring to closing. This typically happens 1-2 days prior to your closing date.

I will inform you prior to closing on how to handle utilities, keys and closing date and time.

Please do not expect to receive keys the day of closing. Sometimes there are delays.

You WILL be upset with the lender at least 2-3 times. They will request documents as they see fit. This is how it is done in our current market. It is imperative that you respond quickly to any request or there will be delays.

          Parties Involved In Purchasing a Home

• Seller
• Buyer
• Buyer Agent
• Seller Agent

         Mortgage Company

• Loan Officer, Underwriter, Processor

         Title Company

• Escrow/Closing Officer, Assistants and Title Search agents

         Additional Parties Involved

• Inspections and Survey Companies
• Appraiser

We all must work together to accomplish a smooth closing.

          Biggest Obstacles

• Appraisals
• Delays or does not come in at value
• Inspections
• Repairs needed
• Mortgage
• Documentation needed from the buyer

For Bank Owned homes additional considerations are needed - see REO Process - Contact Me for Tips for a Successful Foreclosure Purchase.

***DO NOT make any major purchases, apply for credit or move money around when buying a home. Speak to your lender first.