Thought this would help you understand the process of investing in home ownership. A lot of agents just assume the First Time Home Buyer understands this process, I feel it is important to educate my clients, keep them engaged and empower them as we navigate our way through this process, which I like to call, Investing in Home Ownership! Understand this is not an "In depth" explination, but an over view of the process.
1) Get in touch with a lender and get pre approved for a mortgage
2) Find a Realtor to help you navigate through the process
3) View properties
4) Find a property to invest in (make an offer)
5) Once offer is accepted, open escrow ($500-$2,000 Earnest Money, deposited with the Title Company* and comes back to you as a credit at closing and/or applied to costs
6) Order Inspections (Termite and Home) My Business Manger does this and coordinates with you to ensure you can be present at the end, the inspector will then walk you through the entire report so you have 100% understanding
7) Your Realtor (Me) discusses the Inspection report with you to determine what we can ask the seller to address (We call it the BINSR (Buyers Inspection, Sellers Response Document) Period or Inspection Period. We can request the seller make repairs, provide an allowance for repairs or if we are scared with the results, jump ship, keep our $ and find another property) yes, this happens some times.
8) Appraisal is ordered. If it comes in at value, we're good. If it comes in over value, we're stylin. If it comes in under value, we have a problem, I step in and fight to get value dropped to appraised price and we continue moving forward (doesn't always work-sometimes we just have to walk away)
9) Loan Documents are sent to the Title Company*
10) You go to title and sign the paperwork (I am there with you)
11) We go back to the property and do a final walk through to make sure nothing has changed.
12) 3-4 days later, the lender releases the funds to the title company so we can fund and record and the property becomes yours
13) I meet you at the house with Keys and your closing gift
14) You hug me and thank me for helping you make your dreams come true
15) You write a raving review of me on Zillow
16) You will then refer me to at least 3 other individuals looking to invest in home ownership.
That's about it. Check out the many videos regarding this process as Real Talk USA did a show about this topic.
*Title Company is a third party to our transaction, they make sure the title is free and clear and follow all the lender instructions and prepare to have you sign your documents to take ownership of the home once it records into your name