The Seller Accepted the Offer - Now What? - South Bend Home Loan

http://img.youtube.com/vi/xCnx3rtpViE/0.jpg

http://www.SouthBendHomeLoan.com

The Seller Accepted the Offer – Now What? – South Bend Home Loan

Congratulations on finding your home! This will be an exciting time for you, but it can also be stressful especially if you don’t know what to expect. Let’s talk through the process of where things go from here.

Your Realtor helped you get your offer accepted, but their job isn’t done. He or she is going to continue to be an important part of the process between now and the closing on your purchase. During this part of the process, your realtor will focus on getting the inspections arranged for you, making sure the title work is done properly and coordinating and further agreements that you and the seller need to reach. Little or even big bumps can still come up during this phase of buying, and your Realtor will be your partner for smoothing those bumps out so that you can make it successfully into your new home.

I, meanwhile, will work on your loan approval. Your file and purchase agreement will go to an underwriter right away. Her job is to look over your income documents, bank statements and credit report closely to make sure that you meet all the rules for getting the loan approval. I’ll also order your appraisal so that we can make sure that your home is worth the price you are paying. It’s normal for the underwriter to ask some questions about your paperwork or the appraisal during this process. I’ll be the connection between her and you to make sure all the questions get answered.

So what do you do during all this? Great question! First, you need to get me all the paperwork I need for your loan approval right away. Maybe you’ve already gotten most of this to me, which is great. At a minimum, though, I’ll need you to sign new forms that clarify the terms of your loan based on the home you found. You also can lock in your interest rate at this point. You don’t have to if you don’t want to, but this is the earliest point in the process where you are able to lock the rate in.

After you get me your paperwork, start shopping for your home insurance. If you know an insurance company you wish to use, feel free to start there. If you’d like suggestions, I’m happy to share names of reputable insurance companies in our town. I’ll need to know who you are using and what the insurance premium will be within 2 weeks of your offer being accepted, so you’ll want to get on this quickly.

You’ll also want to take care of the little details related to moving into the home. You should call about utilities before closing day and start the process of moving them into your name. You’ll also want to work out the details for moving your things from your current home to the new one.

One of the last things you’ll want to do but a very, very important one, is walk through the home one final time on the day we close on your loan. You may have been in the home several times already, but there is always a risk that something happened to the house between the last time you were there and the time you take ownership. If some damage was done, if the seller left some things they shouldn’t have, or if anything else isn’t as you expected it to be, you need to find that out before taking ownership. If you find it out afterwards, it’s too late to do anything about it, so plan on going through the house one last time on closing day.

So, those are the primary steps in getting you from purchase agreement to closing. If you’d like to learn more, give me a call at 574-707-0196. Congratulations again on your new home!

Lori Hiscock, Ruoff Home Mortgage, NMLS ID#404320, Phone 574-707-0196

Produced by http://BXFilms.tv

575

source

The Seller Accepted the Offer - Now What? - South Bend Home Loan