FIRST:

Pre approval with lender (*see items frequently requested below)
Link to Loan Pre-Approval Information

Find the perfect property, Review Recent Sales and check Current Market Supply/Demand so as not to overbid.

Check on Location, Location, Location, Condition and Amenities.

Negotiate to a signed contract and ready to open escrow with Initial Deposit made out to Title Co. which handles the escrow (neutral third party repository for money and instructions as signed by all parties to facilitate "closing")

Review Disclosures and Schedule Inspections

   - You will receive Packets of general advisories and guides on Earthquakes, Radon, Natural Hazards and etc.

     Most DO NOT need a signature, I will let you know which ones do. Just read and review. 

   - You decide which inspections you want and I help facilitate. I recommend many, you decide what you want.

   -  Review advisory guides, reports, Title and property info – secure Home Owners Insurance before close.

   -  Obtain preliminary title report (from Title Co) for lender to show clear title.

   -  If any issues at inspections, buyer can ask for repairs or money consideration from seller to offset. May get and may not.

   -  I will be looking at info received, if I spot something we deal with it. 

If All Fine then physical inspection contingency released, usually with an increase of deposit.

NOTE: The Loan/Finance/Appraisal process has changed dramatically due to the current housing market. This is the portion of the process where we depend on 3rd and 4th parties to perform per their projected schedule. At this point the agent has little or no control on the timing and performance of these entities and only relays info as told to them via the lender contact.

The Loan Agent(Point of Contact) is also depending on 3rd and 4th parties for time frames schedules and conditions of financial institutions that actually fund the loan. Some of the Loan Agent's parts of the process are Underwriting(checking conditions), Processing(actual assembly of all info), Appraisal(exacting current market value based on area sales of like kind properties) of which terms and conditions they adhere to are evolving in our ever changing market.

Glitches can happen during this process but are usually and most frequently "worked out" but can cause delays. Do not fear this process as all are working towards a common goal of funding your purchase.

We do our best to expedite all manners of the Loan Process and will relay information as received to us.

When loan gets APPROVED and Appraisal comes in ok – Loan and appraisal contingency released

Usually an increase of deposit will happen after all contingencies released. Check made out to Title Company.

Escrow assembles the closing, loan documents, HUD-1 statement of credits and debits between Buyer and Seller

Escrow receives Loan Docs for signing and issues a ready policy(s) for Title Insurance (2 one for home amount and one policy for loan amount to insure lender)

Signatures and remainder of down payment required at “closing”. Best to bring a certified check and license or ID for notary purposes at signing.

Within 24 to 48 hours Bank funds are routed to accounts and Title is recorded at County Office.

Get the key and throw a party! :)

Would You like to start the process? Click Here

*The lender will usually need this information and more.

For most w-2 clients:

• 2 years taxes
• 2 years w-2
• 2 months bank statements
• 1 month pay stub

For Self employed:

• 2 years taxes
• Current business license
• 6 months bank statements
• YTD Profit and Loss

FHA 5-12. CONDITIONS REQUIRING REPAIR.
A. Typical Conditions requiring repairs or replacements are:
termite damage; damaged, inoperative or inadequate plumbing, heating or electrical systems; broken or missing fixtures, rotten or worn out counter tops; any structural failure in framing members; leaking or worn out roofs; defective paint surfaces (See "Lead Based Paint" below.); masonry and foundation
damage; drainage problems; wood floors worn through the finish; broken plaster or sheetrock; and requirements to meet the code but only in certain HUD programs requiring code compliance.
B. Deferred Maintenance.
Any element which, while still operable or useful, will have reached the end of its useful life within a period estimated not to exceed two years, should also be
replaced. With respect to such deferred maintenance items, good judgment must be exercised.
C. Replacement Because of Age.
No Replacement of an element simply because of its age and for no other reason, shall be made if the element is still functioning well. Where there is doubt because
of age, but the element or system appears satisfactory, a certification as to its condition may be required.
D. Health and Safety.
The appraiser shall make such other requirements as are essential to the health and safety of the occupants.

Read More Here at the Housing and Urban Development Web Site