MEET WITH A REAL ESTATE AGENT!
Here at Savor Properties we will have an initial buyer consultation to go over the home buying process, fill out a mortgage application if needed, determine your home preferences and discuss who our real estate partners are and their roles. The main three are your Realtor®, Lender and Title Company. These three will help you get into your home in the most efficient and effective way.
#2 Step Two
MONEY TALKS. GET PREQUALIFIED
In this step we determine how your new home will be funded. Doing this process first helps us determine how much of a home loan you can qualify for. It also can tell us what needs to be done to get you qualified or to get better terms on your loan. It’s best to do this before touring homes. It’s not IF you qualify but WHEN and how you qualify.
#3 Step Three
START SHOPPING!
Once you have a pre qualification letter from a lender, we will set you up on a home search with your home criteria and start touring the homes that you like and want to see. Don’t forget to access your personal home search profile and select your favorites.
#4 Step Four
YOU SAID YES TO THE ADDRESS! MAKE AN OFFER
Once you’ve found the home you want, we will guide you on how to make an offer. Your offer will consist of the sales price, along with the negotiable items and specify if those will be the buyer or seller expense, and possibly other things you would like the seller to consider when they look at your offer. There may also be multiple offers in this case the seller is required to tell us however may not request a “best and final” offer. So we should always submit our BEST offer, meaning you are willing to give everything you can without regret. The seller can accept your offer as is, counter offer and request some changes, or not accept your offer.
#5 Step Five
CONGRATULATIONS, THE SELLER ACCEPTED YOUR OFFER! THE CONTRACT
If your offer was accepted or both parties have come to an agreement on terms and the contract has been completely signed and initialed off, then we have an EXECUTED contract. The date the contract has been fully signed is the Effective Date all time frames in the contract revolve around this date.
A: Turn in Earnest and Option Money:
Once the contract is executed you will have THREE days to turn in your Earnest Money and Option Money. Earnest money and option money is turned into the title company, the earnest money stays with the Title Company and the Option money gets sent to the seller. Earnest money is an amount of money (typically 1% of the sales price) you put down telling the seller that you are serious about going through with this contract, if you go through the contract without default you get the earnest money credited back to you at closing. Option Money is an amount of money (typically $10-20/day) you are giving the seller to have some time to really consider if this is the right home for you, this time period is called an option period. You get the option money credited back to you at closing if you go through the whole contract, if you back out of the contract at any time for any reason you do not get this money back.
B: Option period “What’s really going on?”
For your protection get a home inspection(link)
During your option period you will want to have a general inspection done on the property. This is not required but HIGHLY suggested. You may also choose to get further and more specific inspections such as plumbing, AC, etc. It is best to do your inspection within the first 2-3 days of your option period so you have time to negotiate repairs or get further inspections done if necessary. Inspection prices range from about $280-$450. During this time you will also want to get home insurance quotes and pick your home warranty. Home Insurance is insurance for the structure of the home. Home Warranty is protection for things involving your home such as some appliances, plumbing, AC, etc. Pick the best one for you. The seller may pay for a portion of this if specified in the contract already. Don’t forget to check out our Vendors page for a list of inspections and other home professionals.
C: Sign the Loan Estimate
*Our lending partner is who we lean on when it comes to all your financial inquiries* You will get the Loan Estimate from your lender within 3 days of the lender getting your executed contract. The loan estimate will go over your estimated monthly payment and closing cost based on the information the lender currently has.
D: Lender Preparation
*Our lending partner is who we lean on when it comes to all your financial inquiries* You will need to gather all your lender required documents and send them to your lender. The sooner this is done the better, you don’t even have to have a specific house picked out yet to do this. If you do have a house picked out you’ll want to get your lender your documents ASAP.
Your pre-qualification was determined by the information on your application through an electronic approval system. Once all your documents are with the lender they will put your file in UNDERWRITING meaning they are going through everything to be sure that the information given on your application is accurate and has been verified by a person.
#6 Step Six
IS IT WORTH IT? THE APPRAISAL
An appraisal is an estimate of value given to the property compared to other similar homes around it. If you are getting a loan the lender will require an appraisal. Your Realtor and Lender will coordinate ordering and scheduling. Your lender may require this to be paid up front and credited back at closing or have a debit/credit card on file before they order the appraisal but it will be taken out at closing or at the time of termination. Your lender will not give you a loan amount for more than the appraised value. The appraiser will do their own inspection and sometimes will note repairs and the lender may require those repairs to be done prior to closing.
#7 Step Seven
REVIEW ALL DOCUMENTS YOU HAVE BEEN GIVEN
During the entire process you will receive documents such as a Title Commitment, Survey, HOA documents if the home is in a homeowners association, lender documents that need to be signed, such as a loan estimate and a closing disclosure and possibly more. When you receive those documents you should thoroughly go through them and if you have any questions we can help point you in the right direction to make sure your questions are answered.
#8 Step Eight
SIGN THE CLOSING DISCLOSURE. THE BIG MONEY DOCUMENT!
*Our lending partner is who we lean on when it comes to all your financial inquiries* The closing disclosure is very similar to the loan estimate but this is given to you 3 days before closing, this will include all of your closing cost and what you should expect your loan to look like. Be sure to go through this carefully and make sure everything is correct. We will do the same, if this document is given to us.
#9 Step Nine
ALMOST THERE! SCHEDULE CLOSING
A few days before closing we will schedule a time to go in. Also at this time we will decide if you want to wire your closing cost or bring in a cashiers check to closing. If you chose to wire, you will need to call the Title company to get their wire instructions.
#10 Step Ten
ONE LAST FIRST LOOK! THE FINAL WALK THROUGH
Prior to closing we will schedule and walk through the home one last time to ensure there have been no changes from when you first saw the home and to make sure repairs requested are completed prior to signing final closing documents.
#11 Eleven
IT’S CLOSING DAY!! YAY!
The day of closing you will need to bring your closing funds in the form of a certified cashier’s check or have them wired prior to your scheduled closing time. You will also need to bring your ID and a hand ready to sign documents.
CONTACT US
LET US HELP YOU
We understand that buying or selling a home is more than just a transaction: it's a life-changing experience. That's why our team of highly-seasoned real estate professionals is dedicated to providing exceptional, personalized service for all of our clients. We take great pride in the relationships we build and always work relentlessly on the client's behalf to help them achieve their real estate goals.