Congratulations on your path to Home Ownership!
A Home is a one of the most important investment you will ever make in your lifetime. We don’t take for granted your financial commitment and the stress involved with this process.The following is a brief description of what you can expect from the beginning stages until the day you have your keys in hand!
Contact me today for more information and to get started!
I have a long standing, trusted rapport in the Industry. Specializing in individualized attention of each client from start to finish, I help to facilitate the smoothest transition possible. I like to say that it is my job to give you the best advice at the right time.
Getting qualified is the first and one of the most important steps in this process. This is where you will choose your Lender and they will determine if you are eligible for any programs and identify what your purchasing power is. It is important to start this step as soon as possible, in case you have a lower-than optimal credit score or need to make any payments on credit cards (but speak with a Lender BEFORE paying off any bills!! Paying down debt can actually hurt your credit score in some instances.) The more time you have to correct any issues the safer you will be. Some mortgage programs also offer special incentives and rates to live in certain zip codes, so it’s important to find out first.
One of the most exciting times of the process! After the lender determines how much you are qualified for, I then take you out to find the home of your dreams. You tell me what you are looking for and then I will do an exhaustive search of qualifying homes.
Placing an Offer
Once you find that home that you must have, we then proceed to write an offer. This is where we will figure out how much to offer for the property, review the terms of the offer and collect the Earnest Money Deposit (EMD) which is a good faith offering to the seller. A typical EMD is around $1,000 or 1% of the purchase price, but you may offer more or less depending on the strength of your offer.
Once we submit your offer to the Seller’s Agent, your offer may either accepted, rejected, or countered with different terms. If a Seller counters your initial offer you may either accept or reject that counter. When both parties have agreed to all the terms in the offer, you now have a Ratified Contract of Sale.
The next step after you have a contract in pace is to get a Home and/or Termite Inspection usually within seven days. You are free to use which ever company you like, we also have some recommendations for Home Inspectors that we have worked with in the past, and we would be happy to assist you in setting up these appointments. You will want to bring a cashier’s check for the service to the inspection, and even attend the inspection to ask any questions you may have. The Inspector will go through the property with a fine-tooth comb looking for any defect or issues (and the inspector will always find something) The Inspector will also generate a report. We will review the report together, and decide what issues should be negotiated.
Once we get through the inspections, the appraisal process starts. A licensed appraiser is sent to the property from the Lender to place a valuation on the property. My team provides the Appraiser with comparables to support the Purchase Price of the property, and assists in the valuation. It usually takes 7-10 days for an appraisal to come in. If the appraisal arrives, and the value matches the Purchase Price, you then proceed with the process of funding the loan. If the value comes in less, then both parties begin to negotiate. As the Buyer, you have the option to ask for a decrease in the sales price to reflect the Appraised Value, negotiate any Seller Concessions, or declare the contract Null & Void.
Underwriting and Loan Approval
While the appraisal processes is being completed, the Lender will continue to underwrite your file which just means they are finalizing your loan package. During this process the Lender will ask you for any updated bank statements and pay stubs so have them ready. The Lender may also come back to you and ask you to explain and send them any other needed documentation. It is important to try to get these documents back within 48 hours so the process will not be delayed. Once the Underwriter has all of the information back they have asked you for, they will approve the file and send it to closing. When your file gets to the Closing Department they will again go over all of your documentation to make sure all of the paperwork is correct and we get a “Clear to Close”. We are now almost to settlement!
Preparing for Settlement
When the “Clear to Close” has been issued, and settlement has been confirmed there are a few items that should be taken care of. Please check on the following:
· Choose Homeowners Insurance
· Check Moving Schedule
· Change address at the Post Office
· Check for Internet, Cable, Etc.
Day of Closing Purchaser Walk-through
On either day of closing or within 24 hours of settlement you will complete a walkthrough of the property to ensure that the property is in the same condition as when it went under contract. If there are any issues that may arise we can negotiate these items at the closing table.
What to Bring To Settlement
Cashier’s Check for Closing Funds
After you have the keys to your new home we recommend you do the following within 24 hours:
· Change your Locks
· Transfer Utilities
Questions? Ask me below!
Lothian MD Homes for Sale - Genna Fleming, REALTOR® with EXIT ELITE REALTY
You now have free access to Southern Maryland’s Ultimate Real Estate Search Engine! Your local real estate expert has the knowledge and experience to deliver the unsurpassed service you deserve. Local Specialty: Upper Marlboro, Lanham, Lothian, Edgewater, Annapolis, and Dunkirk as well as all of Southern Anne Arundel County and Southern Maryland. Google or call me today and let’s discuss how I can save you $1,000’s when you buy or sell real estate. Call Genna Fleming at (443) 532-8917 or @Ask_Genna by visiting www.AskGenna.REALTOR.