Here's How It Works

FINANCING

Meet with a lender to determine eligibility for financing and obtain a written pre-approval. This should be only conditioned on an appraisal and Commitment for a Policy of Title Insurance and involves making an actual application for a mortgage.

Ask the lender to communicate with Laura & Joe during the qualifying and approval process by providing status reports on a regular basis.

WORKING WITH A REALTOR^®

Interview several agents and select one. Consider knowledge and services offered. Don't hesitate to ask for references.

Laura & Joe will explain disclosure laws pertaining to Real Estate Agency & Seller's Disclosures.

Discuss your criteria for a home.

All licensed agents have access to information for any property in the Multiple Listing Service (MLS). If there are properties that you drive by or advertisements that you see that are of interest, ask Laura & Joe to obtain additional information on the properties.

Laura & Joe will schedule appointments for any properties you'd like to see.

If you are interested in new construction, Laura & Joe must accompany you when visiting model homes. Most builders do cooperate with REALTORS^®, but ask that Laura & Joe accompany and register you as a client.

Be sure Laura & Joe know how to get in touch with you at all times. Let Laura & Joe know when you'll be out of town or on vacation.

PRIOR TO WRITING AN OFFER

Review the purchase agreement, addendums, and disclosure statements to familiarize yourself with terms and content.

MAKING THE OFFER

Laura & Joe will prepare the purchase agreement and appropriate addenda for your signatures. A copy of your mortgage pre-approval will be submitted with the purchase agreement.

Be prepared to write an earnest money deposit check (generally one percent of the purchase price.) This check will be deposited into a non-interest-bearing escrow account. Please be sure that you have sufficient funds available to cover this check.

FROM OFFER TO CLOSE

Purchase agreements have several time limits; i.e. inspections, mortgage application, mortgage approval, and escrow process. Keep these in mind as the contract can become null and void if these time limits are not adhered to.

Laura & Joe will help you schedule the appropriate inspections. You should plan to be present during the property inspection.

Contact your lender and make a formal application for financing. Provide the lender with any required documentation in a timely manner.

Once the lender has all information needed, your loan file will be submitted to an underwriter for formal commitment. This process may take as long as 30-45 days.

During this time, the escrow officer will order a title insurance policy (typically paid by the seller) to assure you of clear title to the property. Your lender will require title insurance (at your expense) in the amount of the mortgage to protect its interest. With your lender, determine the projected amount of funds required to close. You will need HOI (Homeowner's Insurance) paid for one year.

Once the underwriters issue the CTC (Clear to Close) mortgage, a date and time for closing will be scheduled. The lender will send (via e-mail) a CD (Closing Disclosure). You must confirm receipt of this document.

Contact your mover and utility companies once a move-in date has been determined.

Set up a time to review the closing documents with your loan officer or escrow officer a few days prior to closing. These documents may indicate an estimate of the funds you will need to bring to the closing. Confirm with your lender the total amount required to close.

Funds brought to the closing must be in the form of a cashier's or certified check made payable to the title company. The title company will handle the disbursement of all funds at closing.

Laura & Joe will set up a time to do a final walk-through of the home a few days before closing. Once your loan has funded and recorded, keys can be obtained through Laura & Joe!