The Correct Process For Buying A Home

Taking the “mystery” out of the process of buying a home!

 

First, get a loan commitment, not a pre-qualification or pre-approval. There are no standard criteria in lending or real estate that dictates what being pre-qualified or pre-approved means. This can lead to last minute surprises, higher rates, higher fees and higher monthly payments than you were expecting. Sometimes this can delay or even cancel a closing and you could lose your earnest money. By following our proven system, that will never happen to you. Get a Hallmark Certified Pre-Approval, and you your loan will close…On Time, Under Budget, with No Surprises!

 

1. You’ll make an offer to purchase a home, which is a purchase contract, outlining everything you and the seller must do to close on the purchase. It is a legally binding contract.

 

2. You will include an earnest money check that will be cashed when your offer is accepted.

 

3. By working with a truly professional, full-time real estate agent, you will negotiate price, terms, concessions and a closing date that works for both you and the seller.

 

4. You will go to your home inspection, with a licensed home inspector, that your Realtor can help you select.

 

5. During the inspection, you are looking for major potential problems, not “wear and tear” issues.  What needs to be addressed at this time are major things like plumbing, electrical, sewer, foundation, furnace, roof etc.)  If the seller does not agree to fix something, this will be an opportunity for you to cancel your contract, and retrieve your earnest money.

 

6. The appraisal is the next step, an appraisal proves that the home is worth at least what you agreed to pay. If it’s worth less, the seller can either agree to lower the price, or you can elect to make up the difference. If the seller refuses the lower the price, you can cancel the contract, and get your earnest money back. If it appraises for more than you agreed to buy it for, congratulations, you have already made a profit!

 

7. Loan Objection Deadline -- This is the date on your contract after which, if you cannot close on the transaction for any reason, the seller has the right to keep your earnest money. We manage our internal systems entirely to this date, so that we can assure you that your loan will close on time! Your earnest money will not be at risk. We will confirm your loan commitment, on that day with you, your agent and the listing agent.

 

8.  Two or three days before you close, we will review with you your final numbers, including loan terms and how much money you will need on closing day. This is not how 90% of the real estate transactions go in America. It’s usually very stressful at the last minute, and sometimes, what should have been the most exciting day in your life, can turn into one of the worst. By doing business our way, this NEVER happens!

 

9. You go to the title company that has been selected by the Realtors to sign all the loan and real estate closing papers. Since you have already reviewed the most important of these loan documents with us, the loan signing is a formality. You will bring your funds to close with either a cashier’s check, or a wire transfer. We will have all your loan papers there along with your money before you arrive

 

Congratulations, you are a new homeowner!

 

We know that moving is very stressful. When you add mortgage qualification to the process, it only makes it more intense. We have designed our systems to eliminate that stress as much as possible. Everyone on our team understands that you deserve the peace of mind that everything related to your purchase is going smoothly. We have a “No News is Good News” policy. Our processor will handle your file and if she has any questions, she will call you. You would not have been referred to us if we did not close loans On Time, Under Budget, with No Surprises. Because it is a team effort, what we need from you is your “homework” faxed/emailed to us by the due date, and that you allow us to work on your file, and not on the phone. If you have an urgent need, obviously, please call us. Otherwise, we want you to sit back and enjoy the purchase of your home. Thank you for allowing us the privilege of being your lender!