The Key Mission of Gables & Gates, Realtors® is to match our clients not only with the perfect home, but with the community that best suits their needs and desires. We believe we are able to do that better than anyone else.
FINANCESA mortgage lender will be able to take your financial information and determine what amount you will be able to borrow. Having your pre-approval letter in hand, as well as a good faith estimate, before we start searching will save us time and make sure we don’t miss out on the perfect home opportunity. The pre-approval letter will accompany an offer.
If you've got the money in the bank and you are ready to purchase your home in cash, that's great. I will inform you as to your closing costs and we will need a proof of funds to supplement any offers. You can acquire a proof of funds from your financial advisor or your banker to show that you have a balance that meets the purchase price.
SEARCH
Once you've got your finances in order, the fun of looking for the perfect home begins! I will set you up on an automatic search through the Multiple Listing Service (MLS), which is the database that Realtors use to list and search for homes. The moment a home that fits your search criteria is listed for sale, it will be sent to your email inbox. If we ever need to adjust the search criteria, just let me know and I can make any change you need. Make sure to let me know which homes pique your interest and we will set up some showings.
OFFERS & NEGOTIATIONWrite an offer to purchase on your favorite property. In order to write an offer, we will need the following information:
What is the Escrow/Trust Deposit?
The escrow/trust deposit is also known as the "Good Faith Deposit" and is paid up front to show that you are serious about the purchase. The higher the escrow, the more attractive the offer is to the seller.
Where does it go?
As soon as we have an executed contract, you have approximately 3 days (unless negotiated differently) to get the Escrow/Trust Deposit to the real estate company. That company holds it up until closing, then it will be counted towards your balance due at closing. You can submit your deposit by check.
INSPECTION PERIODDuring the inspection period, the buyer has the right to hire a professional to inspect the condition of the home that would have otherwise been unknown.
The standard home inspector's report will cover the home's heating system; central air conditioning system; interior plumbing and electrical system; roof, attic, and visible insulation; walls, ceilings, floors, windows, and provide a written report of the inspection. You may be present for the inspection if you would like to ask the inspector any questions.
FINANCING PERIODAn appraisal is an estimate of value of the property by a licensed professional appraiser. Once any problems during the inspection are solved, the appraisal will be ordered by the lender and paid for by you. The goal of the appraisal is to verify the value of the property for the lender and to protect you from overpaying. The contract is contingent upon whether the appraisal comes in at or above the purchase price. If the appraisal comes back short, we go back to the negotiation table.
You have 5 days from the date of contract execution to begin the mortgage loan application. During the 30-45 days before closing, the lender will be finalizing your mortgage. It is very important not to make any major job changes, major purchases, or open new credit cards or lines of credit, as any of these activities could alter your qualifications for a loan. Don't buy furniture until after closing!
Your lender will require you to obtain a homeowner's insurance policy. You will need to get the lender this information before closing.
PREPARING TO CLOSEUnless the seller already has a recent and acceptable survey of the property, the buyer is required to pay for the survey if he wants one. However, the survey is no longer required by the lender. The title company can order this for you. The survey is a sketch showing a map of the property lines/boundaries and easements. The survey will show if there are any encroachments on the property.
The title company will conduct a title search to ensure the property is legitimate and find if there are any outstanding mortgages, liens, judgments, restrictions, easements, leases, unpaid taxes, or any other restrictions that would impact your ownership associated with the property. Once the title is found to be valid, the title company will issue a title insurance policy that protects lenders or owners against claims or legal fees that may arise over ownership of the property. This is also a part of your closing costs.
"Clear to Close" is excellent news. It means the mortgage underwriter has officially approved all documentation required to fund the loan. All that remains is the actual closing process. Here is a checklist to ensure a smooth closing:
I work with Buyers & Sellers in all price brackets and believe I have a reputation for professionalism, integrity, and a commitment to placing the needs of my clients first.
