The Buying Process!
Overview of the Buying Process
The Buyer(s)
1. Considers the purchase of a home.
2.Selects a real estate agent.
3.Determines needs and wants.
4.Applies for financing, gets pre-qualified for a loan.
5.Views & researches possible homes.
6.Makes an offer to buy.
Once an Offer is Accepted, and the Contract is Fully Executed (both parties have agreed to all items in the contract and signed it):
1.The earnest money and option fee checks are collected from the buyer. The earnest money is given to the title company, and the option fee is given to the seller. Checks are delivered within 48 hours and are cashed upon receipt.
2.The buyer has a home inspection and a termite inspection done by a licensed inspector. These inspections are done as soon as possible after the contract has been executed, and must be done during the option period
(specified in the contract usually 7 to 10 days).
3. After inspections the buyer and agent discuss which repairs they will ask the seller to complete or pay for. This is done during the option period on a Amendment to contract.
4.The buyer finalizes the financing with the lender during the time frame specified in the Third Party Financing Addendum. (usually first 15 days of the contract.)
5.The lender will order an appraisal of the home. This is an out of pocket fee paid up-front from the buyer, usually about $350 to $400.
**Make sure your lender sends you a copy of the appraisal once complete!
6.The buyer secures homeowner’s insurance for the new home. ( if using an FHA loan talk to your lender if you would like to choose which insurance company you would like.)
7. The buyer and agent will review the survey of the property. If the seller does not have a survey one is ordered. Usually this is a buyers expense.
8.The title company will perform a title search, and work on clearing up any issues that must be resolved before closing, so that a title insurance policy can be issued.
9.The lender gets final closing
documents to the title company.
**About 1 week out make sure to set up your utilities for the closing day. transferring service is usually less expensive than setting up new service! Also remember to put in your change of address!
10.The title company prepares all of the paperwork for the closing.
11.Both the buyer and seller go to the title company to sign papers for the closing. The buyer brings a certified check to closing for the amount that must be paid (down payment plus closing costs, as specified on the Settlement Statement / HUD 1 form).
***All Buyers will need to bring a photo ID or passport to closing.
11.The purchase is “funded” by the lender through a wire transfer of funds from the lender to the title company.
12.The buyer takes possession of the home. Once you move in remember to change your locks, you don’t know who the seller might have given keys to in the past!
13.The title policy, deed, and title are filed in county records by the title company.
Keller Williams Real Estate, Dallas Premier Brokers office. 12700 Preston Rd Suite 190 Dallas Texas 75230. Each office may be independently owned and operated. All Rights Reserved. All Information is deemed reliable but not guaranteed. If your home is currently listed this web site is not a solicitation of service. For all questions or comments call 214-205-6454.
