With each of my potential clients we start by having a face to face or phone meeting to discuss the criteria for your new home. You will also get a packet giving you additional information to help you through the buying process. Even though I specialize in homes for sale in Eagle Mountain and Saratoga Springs (because that is where I call home) I can help you buy, or sell, anywhere.
Especially for first time home buyers this process can be filled with new and unfamiliar terms and experiences.The very first thing we recommend doing is getting a loan pre-approval.
GETTING LOAN PRE-APPROVAL
To get pre-approved start by finding a bank you trust and give them a call. (I can give you some recommendations if you need help here) The banker will ask for documentation to determine the amount they will pre-approve you for. Here are some of the common items requested when getting pre-approved. Each lender will have their specific list but this is pretty standard idea of what you will need:
- Social Security Numbers– Needed for all persons named on the loan.
- Proof of Employment – The lender will probably request a list of employers for the last 2 years (at a minimum) You will need to provide their name, address and phone number.
- Proof of Income – They will ask for your most recent pay stubs.
- Tax Documents – Most lenders want to see W-2 statements and tax returns for the last 2 years.
- Place of Residence – You may need to provide billing statements that prove your current residence i.e. Utility Statements, Phone Bills etc.
- Bank Statements and Account Information – They want to know you have enough funds to cover down payment and closing costs.
- Credit Information – Car loans, student loans etc. They will also check your credit score and your credit card balances and payment history.
STEPS FROM OFFER TO CLOSE
- Making an offer – When you find the home you want to buy we will discuss the offer you want to make. A Real Estate Purchase Contract will be sent to the Sellers Agent, listing the offered purchase price along with deadlines for each of the stages before closing.
- Negotiating the price – using comparisons of homes recently sold in the area an offering price will be determined
- Seller’s Disclosures – The document where the seller discloses any issues with the home and how they were addressed.
- Buyer Due Diligence – The time period given for the buyer to have inspections performed, lot size verified etc. to ensure they know the condition of the home.
- Home Inspection – A home inspection is highly recommended to verify the working order of such things as the furnace, AC, water heaters, check insulation and roof condition etc.
- Appraisal – This will be ordered by your lender to ensure the value of the home meets the amount they are lending.
- Settlement and Closing – When all parties sign documents, down payment is paid, the funds disbursed and recording happens with the county