Here’s What Happens Next . . .

The 8 steps to follow
after signing the contract:

 Step 1: Home Inspection
You and your Real Estate Agent will arrange a time to return to the property for a home inspection. Typically, this has to be done within a few days after the contract has been signed. A professionally licensed home inspector will accompany you through the home and point out problems or deficiencies if they exist. (If you are purchasing a new home, an inspection is not required.)

The seller is then notified of any problems. Usually they will agree to the repairs; however, if they do not agree, you have the option of voiding the contract or negotiating a lower price to compensate for the cost of such repairs.

There are many things you can “inspect” at the time you are shopping for your home. Be curious! Be alert for warning signs!

 Step 2: Lender appointment

Set up an appointment with your Home Loan Specialist and be prepared to provide the following items:

W–2 forms or signed 1040 tax forms for the past 2 years

Copies of bank statements for the last 2 months (current and consecutive)

Copies of the most current and consecutive pay stubs for the last 30 days

An appraisal fee of $300–325

The credit report fee of $55–58

Your Home Loan Specialist will go over the loan process step-by-step and set your loan in motion. He/She will order both the appraisal of the property and your credit report.

 Step 3: Selection of Settlement
Company/Attorney
Your Real Estate Agent will choose a settlement company/Attorney for you and provide them with the necessary paperwork. The settlement company has the responsibility to make your transaction legal.

Before settlement, they do the title work, examine the survey, prepare mortgage documents, and prepare the real estate closing documents. After settlement, they prepare packages for mortgage lenders, accounting and title insurance, file documents with the county, and release escrows.

 Step 4: Purchase Home Owner’s Insurance
Proof of homeowners insurance is required at settlement. You may choose an insurance company, or we will provide a referral or a reputable insurance company if you have not selected one.

 Step 5: Transfer Utilities to Your Name

 Step 6: Obtain Certified Funds for Settlement
The title company/attorney should be able to tell you the exact amount due a few days before settlement. It is also a good idea to bring your personal checkbook to settlement.

 Step 7: Conduct Walk-thru of Home
The walk-thru is done to make sure discrepancies found in the home inspection have been corrected. It’s also a great time to test the appliances, etc.

 Step 8: Settlement
Title is transferred, mortgage documents are signed, and funds are disbursed according to local practice.