Contract to Closing Home Buying
Step that is taken to complete the transaction
- Agency Relationship: The relationship of trust in which one person (the agent) represents another (the principal) in dealing with third parties, as authorized by the principal.
- Loan Application: Working with a local lender
- What is the interestrate?
- Down payment assistant programs
- California Homebuyer’s Down Payment Assistant Program (CHDAP)
- School Facility Fee Down Payment Assistant Program (SFF)
- Extra Credit Teacher Program (ECTP)
- Affordable Housing Partnership Program (AHPP)
- Funds that are needed for closing costs
- Some loans have “points”.
- Mortgage Insurance.
- Finding the Home
- Look for homes within your loan approval amount
- Keep an open mind
- You’ll know it is the right home when you see it
Buyer’s biggest fear is the negotiation of their home purchase
- Making an Offer – Have a market analysis on the property before deciding what to offer.Length of time on the market, Inventory in the neighborhood, Curb appeal & Condition of the home are all part of the consideration.
- During the Transaction – Due Diligence– Inspections
- Contingency Removal
- Homeowner’s Insurance / Utilities transferred / Mail Forwarded
- Appraisal/Loan Approval / Funding
- The final walk-through
- What to avoid before closing escrow:
- Escrow is closed.
- New homeowner.
- Keep the following records.