Steps To Purchasing
Your New Home!
We are so excited and feel so privlige4d
that we were a small part of helping you find your
new home!! Now that you have a fully executed (signed)
sales agreement here is a quick ‘to do’
list to help you on your way.
1. Shop around!! Contact several local
banks and inquire as to their interest rates and
closing costs. Most banks today are competitive…do
not be afraid to ask ‘your’ bank if
they would or could match bank x’s rates etc.,
all they can say is no!!
2. You have 10 days to shop and on
or before day 10… you must make formal application…
this means completing the mortgage application.
If you do not, you are in ‘breach’ of
contact and could lose your good faith deposit.
3. If you have checked to have any
inspections done and the property call now and have
them put you on their list. Remember you have 15
days (unless marked differently) on your sales contract
to have the inspections done and the reports back
to your agent.. who will notify the sellers or their
real estate agent.
4. Homeowners insurance: call around
and compare rates… you will need to have the
first year premium paid and a copy of your paid
receipt along with the insurance rider at closing…
you home must be fully insured on the day of closing.
5. Final walk through: You may ask
for a final walk through… this is normally
done the day before closing… to make sure
that everything is o.k. and what was to be left
at the property is still there… and if there
were items to be removed that they are gone and
the property was left in a ‘broom swept’
condition.
6. When you are notified of the closing
date:…(usually a week or two prior) call all
of the utility companies and give them you information.
Tell them that when the sellers phone to have the
utilities final read… to switch them automatically
in to your name. This way you have no lapse of service…
especially the water service… you do not want
to pay extra for them to reinstall the water meter.
If you are planning to ‘move right in’,
give the phone and cable coomapny at least 10 days
advance notice.
7. Closing day: Be happy!! This is
the fun day!! Make sure to bring any monies that
will need (you will be notified ahead of time how
much that will be). You will need to bring a bank
check as they do not want cash or personal check…
a bank is a guaranteed check(so no worry about bouncing,
etc.) make sure you have your driver’s license
with a picture… in the event they want to
make sure it is really you !! (Know this sounds
dumb…but it happens!!) Each mortgage lender
has their individual requirements.
8. Things to get ready to make your
loan application:
A. Copies of the past 2 years tax
returns.
B. Current pay stub showing your employer name,
etc.
C. Bring the last bank statement for checking/ savings
accounts that you have.
D. Bring along all/any bills that you have…ie:
Sears, master charge, Visa, loan/auto payment books,
etc.
E. Remember… the faster you return all/any
information that the lender request the quicker
you will me moving into your new home!!
9. Moving Companies: If you will be
utilizing a moving company try to reserve them asap…(as
soon as you have a solid moving date).
10. O.k. now the fun starts!! Painting, fixing and
making your new house into your ‘American
Dream home’!!
Congratulations and best wishes!!
If you were happy with our service
the most precious gift and thank you that you could
extend to us is referring all your friends and family
to our ‘home’.
Congratulations
on deciding to buy a home!
Weather you’ve done it once,
a dozen times, or never before, buying a home can
be a terrifying, stressful and exhilarating experience.
If you are felling these emotions, don’t worry
– you’re not alone. It’s perfectly
normal. You look forward to the joys of owning your
own home, and you shouldn’t have to dread
the process. This will explain form beginning to
end the whole process, so you feel comfortable and
know what to expect.
First step: is for you to call a lender
and get pre-qualified – that way we know exactly
what price range of homes we should be touring.
This also helps when you find your dream home, we
can let the seller know that you are already pre-qualified
for your loan and this does expedite the process
and also the seller is comfortable accepting your
offer knowing that you have done your homework ahead
of time.
Second step: is for you to contact
a Realtor. The Realtor will explain the Consumer
Notice and the Business Relationship Form to you.
Your will decide if you want the Realtor to be your
Buyer’s Agent or Seller’s agent. After
deciding whether you want representation or not,
the Realtor will ask what your wants and needs are
in a home, the Location you wish and price range.
We will then do a search for you on our MLS system
and let you decide which home you want to look at.
When we find your dream home, we will do the paperwork,
which includes the Seller’s Disclosure, Estimated
Cost Sheet and the Sales Agreement (which is 11
pages long). Completing the paperwork will take
approximately 1 hour or more, there a lot of decisions
to be made, such as, of course, the price you want
to pay for the property, how much earnest money
you can deposit at time of signing, how much you
need to mortgage, which inspections, if applicable,
you want to make your offer contingent upon, etc.
You will be asked to initial the first nine pages
of the sales agreement and the contract. Our sales
agreements are standard Pennsylvania Association
of Realtor forms (as are all our other forms) and
they are written and approved by not only our legal
stuff at PAR, but the Attorney General. The Sales
Agreement is a legal binding contract.
Third step: Once your offer is presented
to and accepted by the Seller, you are given original
Copies for both your records and one for your lending
institution. You have ten days to make formal application
with your lender for your mortgage (time is of the
essence- please make sure you meet the dates on
the contract).
Fourth step: You contact the Attorney
or Settlement Company of your choice to do your
Title Search on the property and to handle you closing.
Fifth step: You choose a Home Inspector
to have the inspections completed (usually within
14 days of the Seller’s signature) that you
elected to do on the Sales Agreement.
Sixth step: After we receive mortgage
commitment (final approval of your loan), we then
setup your closing date. This is where you pay the
seller for the home and you get the deed and the
keys to the property.
