Speak to family members & all parties involved & do research online or friends & family & decide time frame to move & get commitment to buy property location, price, size & necessity of property. (Most of all your budget) afterwards, decide on requirement & preference & if is realistic. Do a Pros & Con and process of Elimination Find a knowledgable, experience, full time & trustworthy Real Estate Salesperson who has thorough knowledge of NOT just the community & property but mortgage programs & grants! Find broker that has more inventory & that is competent Get prequalify & preapproved (Verify income, assets,credit & Doc.) Mortgage consultant & knowledge Real Estate salesperson can give you more details on PITI, Expenses & PMI (Buy within your BUDGET Do NOT buy over your head) Get a copy of GFE & truth & lending Run credit check (Tri Merge) Schedule appointment & see properties if you are interested go back to Sales office & do a customized Rent Vs Buy. Get information on actual property Rent Vs Buy. & do ratio & find out if you qualify for grant & programs Available. NHS Salesperson does full disclosure – explain about property & all legal documents needed to be filled out and Article 12A, 14A, lead disclosures & NHCR Doc. Get copies for your record Fill out & sign offer to purchase, Decide which mortgage bank & attorney you are retaining. Make sure you & all parties involved are 100% ready to commit. Bank will require: Last 2 years W2’s (Sonyma requires last 3 years also if you are self employed we need 1099 last 3 years) Most recent pay stub & Most recent bank statement (Last 3 months) & any other investment. Most recent credit check (Tri Merge) Do Application 1003 with banker ASAP. Initial processing - bank will mail you “Opening letter” (Provide document requested that are missing or need to be updated – Package loan) decide which mortgage program you are going with & find out when you can lock in your rate! Submit money for appraisal (Made out to bank) The Faster bank gets all document – FASTER you close! Normal closing can take 60 – 90 days Negotiating price & terms. Once approved & accepted by sellers – Salesperson will contact you. Stay in touch with Loan Officer & salesperson. Salesperson will send a Contract factual form to sellers & sellers attorney & your attorney- Sellers will contact your attorney & sellers attorney will prepare Contract of Sale which will be mailed or faxed to Buyer’s (Your) attorney. Get copy of Prospectus book ($ 100 refundable) if condo or coop (Make check out to Fillmore Real Estate Ltd. NO CASH) Once your attorney receives contract he/she will contact you to sign contract. Make sure ALL parties that are on the mortgage or involved are presence At signing of contract – Please bring legal ID, Check made out for Down Payment made to “Sellers attorney name – As attorney. (Memo: write property address) Check will held at Sellers attorney Iola non interest bearing account. Please ask your attorney of they can overnight contract to sellers attorney. If NOT salesperson will be glad to pick up contract to hand deliver to sellers attorney. Once sellers attorney receives contract with Down Payment good faith check – sellers attorney contacts sellers to sign contract. Once fully signed by sellers & buyers & down payment escrow is deposited broker stops marketing property & usually you can LOCK IN your rate. Loan in process in Underwriting, Appraisal is ordered by your bank. Opening letter sent to you & bank disclosure such as GFE & other forms that you must sign - you MUST work on your bank condition & Broker push unit or property to be ready! Follow up consistently with your banker & broker. Buyer attorney orders Once your firm Commitment is issue By phone call 1 st ? you will be mailed a hard copy by your banker which you must sign it please check what kind of outstanding conditions? PMI? Address? Amount? Expiration date? Rate? Any errors or misspell – Send a copy of your commitment to your broker & attorney ASAP so they can review it with you for any mistake or questions! RESPA law- Buyers attorney then orders title & survey Once ALL condition a met & Title & survey is done Bank attorney will Authorize to Close (ATC) Please by insurance & Do walk thru (48 to 72 prior to closing) Buyer & Sellers & Bank attorney will speak to schedule time & date with their client (Closing is Bank attorney. Please bring photo ID to closing- blank check – closing settlement will be given to you by your attorney. Confirm everyone shows to closing date & location – CONGRATULATION YOU CLOSE Buyer’s Process Flow