I have spent my career making sure my clients are educated on all the complexities that arise during the purchase of a home. After my team of buyer agents find the perfect home for their clients, our work toward a successful settlement really begins. As a selling agent for over the last 12 years, I have prepared and taught my team the necessary steps to ensure a smooth home buying experience. Here are some basic guidelines to ensure a successful settlement.
Ten Steps To A Successful Settlement
1.) Get pre-approved by a reputable lender.
2.)Compare your housing desires with what you can afford to begin the process of locating a home that meets your needs and means.
3.)Consider the state of the market your shopping in and decide when the right time to buy is.
4.) Once you have identified the best property to buy and you are ready to move forward with the bid/contract process, ask your experienced buyer specialist to walk you through your responsibilities and your potential need for expert tax & legal advice.
5.)Contact your lender immediately after the contract is fully executed. A reasonable commitment date is 30 days from contract acceptance.
6.) Be sure to follow-up with your lender to make sure they are providing all necessary paperwork required to render a final loan. Ascertain that an appraisal has been ordered and the date scheduled.
7.)Check with your real estate agent to make sure they are providing the appraiser current comps to validate the price of the property.
8.) A good real estate agent will communicate with your lender every couple of days to ensure all elements of the loan process are in order and proceeding in accordance with the contract commitment date.
9.) After receiving formal loan commitment, coordinate with the lender or real estate agent to make certain any and all underwriting conditions have been satisfied and nothing further is needed from you.
10.) When you receive final loan commitment from your lender, select your title company and schedule the settlement date. Remember that you must have a home owner’s insurance policy prior to settlement.