After looking at the comparables for the area a reasonable offer for the home of your dreams is agreed upon and your realtor will submit to the sellers real estate agent. Once submitted, the Sellers agent will come back with an accepted offer, or the negotiations will begin until an agreement is met. With Foreclosures or Short Sales the time frame will be longer. Foreclosures can take up to 60 days from offer acceptance to closing.
Now that the offer is accepted the contract is sent over by your realtor to the Mortgage Broker or Bank and they will start the loan completion process. Up until now you as the buyer have a pre-approval letter. It is your mortgage broker/bankers’ responsiblity to stay on top of getting your loan closed. There will be various documents needed to complete this process. Whatever you do, do not go purchase anything on credit that might change your approval status.
While this is going on there is an option period that you as a buyer can pay a small fee normally $10 a day for 10days. This will give you time to have the home inspected to ensure there is no costly damage, such as foundation or roof repairs needed and to ensure no termite damage.
Once the inspection is done and the loan is approval process is completed the mortgage folks will order an appraisal, and the title company orders the survey,
This process is normally done within a 30 day period unless it is a foreclosure and then it can take longer. Before you go to closing your realtor will receive a HUD statement which breaks down the expenses for closing on the home and will let you know what $$ amount is needed. There are a lot of documents that must be signed so expect the closing to take about 45 minutes.
Heres to wishing you luck on your new home purchase, give me a call I will help you….www.pattimace.com or email@example.com (pattimace null@null sbcglobal NULL.net).
Talk again soon,