Overview of the Home Buying Process with Freedom and Ease
- Get Organized (get all documents needed throughout process: ID, SSN, bank statements, pay stubs, taxes, etc.)
- Obtain Pre-Approval (meet with lender, be careful on pulling credit, satisfy requirement)
- Look for a home (meet with me, we will identify your needs, wants, wishes, identify areas of affordability, proximity to job/school)
- Make an offer (I will pull comparable homes on the property, go over overall negotiation strategies look over funds needed for EMD, get your pre-approval letter)
- Approve Final Offer (after any negotiations that occur, know timelines in offer to proceed, who needs copy of final offer - lender)
- Schedule/complete home inspection(S) (choose home inspector, keep in line with contract timelines, Certificate of Occupancy inspection, report back within timeframe)
- Addendums, if applicable, after home inspection (using ALL due diligence information/reports complete Addendums, copy of agreed/signed Addendum to lender)
- Secure Financing (complete requirements of lender, homeowner’s insurance)
- Final Walk through (DO This!, be sure everything done according to Purchase Agreement before closing and owning property)
- Closing (Attend closing!, again, make sure to close according to contract)
- Occupancy/Key exchange (comply according to contract, both parties sign a form to identify key exchange occurred/when)
Get Qualified My Preferred Lender Matt Adler
Lake Michigan Credit Union
Mortgage Loan Officer
||Existing home sales fell more than expected in June, and tight inventory has been blamed. Lack of homes has led to bidding wars and higher home prices.
||However, new home sales increased for the second straight month in June. Also, the inventory of new homes on the market increased 1.1%, the highest level in 8 years.
||According to Case-Shiller, major metro area home prices were up 5.7% year-over-year in May. Inventory of existing homes for sale is around 4 months.