Whether you are purchasing your first home or acquiring an investment property, Premier’s team of licensed realtors offers a wealth of transactional experience combined with unparalleled client service and professionalism.

Here is how the typical home buying process works:

 

1. Let us know what kind of home you are searching for by completing a Home Buyer Profile. Your Premier Consultant will then select home listings based on your preferences.

 

2. After you and your Premier Consultant narrow your search down to a select number of properties, showings will be arranged at times convenient to both you and the seller.

 

3. Once you find your desired property, you will submit an offer. A sales contract is then submitted by you along with a “good faith” deposit (such as a $1000 personal check), called earnest money, which is held until closing and then credited towards the price of the home or down payment. Contingencies often found in a sales contract include inspection of property, the ability to obtain financing, and attorney approval.

 

4. The seller then signs, or executes, the contract. Closing typically occurs within 30 to 90 days of execution. After the contract is executed, the attorney review and inspection period will begin, typically lasting from 5 to 7 business days.

 

5. At this time you will submit a mortgage application and typically increase the earnest money to 5 – 10% of the purchase price. The lender will have the property appraised, as well as review your credit, verify your employment, and confirm the availability of down payment funds to ascertain creditworthiness.

 

6. After the lender reviews the credit report and appraisal, you will receive a loan commitment letter verifying that the loan is approved. A closing package will be sent by the lender to their title company, who will in turn handle the closing.

 

7. The seller’s attorney will order a title examination through a title company, as well as letters for a certificate of insurance and condominium assessment payment/payoff, if necessary.

 

8. Approximately one week prior to closing, you and the seller should notify utility companies of the change of ownership.

 

9. Usually, the day of or the day before closing a final walk-through (a pre-closing inspection) should be conducted. You should also check with the lender or attorney the day before closing to ascertain the amount needed at closing to cover the balance of the down payment and closing costs.

 

10. Closing is typically held at the title company or attorney’s office, and the recording of the deed represents the transfer of title. The title company will record the transaction at the appropriate county recorder’s office, and you will receive the keys to your new home!