If you have never bought a home before it may seem like a daunting task, filled with headaches. In our opinion this should not be the case, and we will do everything in our power to make it an enjoyable, fulfilling, exciting, experience. We will be honest with you, and do our best to help you understand clearly everything that happening. We never want to give the impression that we are hiding something or sneaking something by our customers. exist. Clearly list and describe the services you offer. Also, be sure to showcase a premium service.
This is the process of borrowing money from a bank, mortgage company, individual, etc. Most buyers will need to borrow the money to buy a home, and most will borrow it from a bank. The first step is getting approved for a loan, this is the first thing most people should do, even before they start looking for homes. This will tell you the maximum amount that the bank is willing to loan you, how big the down payment will need to be, and also may help determine how much you are comfortable spending. Once you know how much you can/want to spend, then you can start seriously looking at homes and pick out the one that is best for you. When an agreemant has been reached and the sale/purchase contract is signed the bank will start the loan process, this usually takes at least a few weeks. The bank will start by having the home appraised to determine it's value in a licensed third party's opinion. Most banks will loan a certain percentage of the appraised value, the leftover percentage is the "down payment". Sometimes the value will be high enough that no down payment is required, but this is not the norm. If the appraised value is lower than the contract price (rare), then the bank will most likely require the buyer to make up the difference with their own funds (down payment). Once there has been a satisfactory appraisal the bank will prepare all the necessary documents and send them over to the chosen title company.
A title company's job is to provide title insurance and "closing" services. Title insurance guarantees that the title is "clear" and that the property can be sold legally. The title company will research the past transactions and determine if there are any adverse conditions or leins on the property. Once they are satisfied that the title is "clear", they will issue title insurance. If someone else does claim to hold an interest in the property and they come forward at a later date, the title insurance company either has to prove them wrong or make a settlement. You would not be liable for this, it is their problem. It is very, very rare that this would happen. After the title company has "cleared" the title, the bank has all the documents ready, and the money is available from all parties; then it is time to "close" the deal.
This is the term used to describe the actual, final transaction between the parties involved. The "closing" usually takes place at the title company. Both parties sign the necessary documents, and the money is exchanged. The "closer" will explain all the documents to everyone, answer any questions, and go over the closing statement line by line. The closing statement is the itemized breakdown of how the money is dispersed. Once all this is done, the papers are signed, and the money has traded hands; the deal is done, and the property has officially changed hands.
If a buyer is paying ALL cash for a home, and not financing ANY of the cost, then the deal can close much quicker. All that needs done is to research the title and do the closing. Closing is normally still done at a Title Company, or an Attorney's office.
This document is the basic purchase agreement between the buyer and seller. This is a legally binding contract for both parties. It states the property description, purchase price, closing date, and any other important information regarding the agreement, including contingencies. If the house is not yet completed, there will likely be a spec. sheet attached. This spells out how the home will be finished out from that point forward.