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Charlie & Jamie Shopp

Steps in the Home Buying Process

Pre-Qualification
Most Real Estate agents and Lenders recommend that home buyers get pre-qualified with a lender before selecting a home to purchase. This way you will have the best information about the right price range for your pocket book. We have provided for you the Loan Applications click here for more infromation

Pre-Approval
Pre-Approval is a conditional agreement for a specific loan amount. It is based on a verification of your income, credit, and assets. It is also conditional upon a satisfactory appraisal of the property and title review, once you find the home you would like to purchase.

With Pre-Approval, you can shop for a home with assurance because you will know in advance how large a loan you could qualify for. For additional assurance, you can lock in a rate to ensure the amount for which you pre-qualified doesn’t change.

Pre-Approval gives you an edge when buying a home since Realtors and sellers will know you are a serious homebuyer.

Savings and Credit
Your loan officer will explain to you how much money will be needed for the down payment on a home. You may need assistance developing a financial plan to help you save the necessary money for the down payment and closing costs.

It is important to have a good credit history by paying your bills on time, limiting your debt, and reducing the amount of credit cards you have and the responsible use of those cards. Your loan officer will review your credit report with you to make sure the record of past and current debt is accurate. The better your credit history, the better your credit score and the more mortgage options you will have.

There are many ways to find money for the down payment. Some of them include getting cash value for stocks, bonds, IRA’s, life insurance policies, 401K’s, retirement plans, and even gift letters from relatives.

Home Shopping
Once you know how much home you can afford, you can begin looking! Our web site makes it simple to find properties that fit your criteria.

You will want to consider the features in a home that are important to you, including proximity to your work, schools, etc. You will also want to determine if you want a new home or a pre-owned home and if you want to do repairs on a home that requires fix-up or want one in perfect condition.

Choosing a Realtor
It is important to choose a professional Realtor to help you with your transaction. And contrary to what many people think, all Realtors are NOT the same. You want to work with someone you can trust and who will explain the process thoroughly to you and help you navigate through the maze of details. You need someone who will listen to your special needs and work diligently to find properties for you that fit those requirements. Our job is to give you all the information you need to make the decision that is right for you.

We have access to the most advanced real estate technology. We also have the support of a trained staff to make sure your experience purchasing your first home is easy, fun, and rewarding.

The Offer
When you find the home you wish to purchase, we will help you prepare a written offer. You not only specify the price you are willing to pay, but also the details of the purchase including:

Furnace
Roof
Plumbing
Sprinkler System
Septic Tank (if applicable)
Electrical
Radon
Termites

How you intend to finance the home
Amount of the down payment
Who is paying the closing costs?
What inspections will be performed?
What personal property is included in the purchase?
Terms of cancellation
Repairs you wish to have done
Date you will take ownership and possession of the property
How disputes will be settled
Contingencies – potential situations that allow you to cancel the contract without penalty

Once the offer has been submitted, you must wait for the seller to respond. The seller can accept or reject your offer. The seller may counter your offer with a different price or closing date or other changes. This begins the process of negotiation that will continue until both parties agree or decide to go their separate ways. Your Group Realtor is a skilled negotiator and will assist with this process.

Insurance
Before the mortgage company will provide a loan, they require insurance on the title of the property. Homeowner’s insurance is also required. Your Group Realtor will explain the details about insurance.

Meeting Contingencies and Deadlines
The contract will set forth all the contingencies and dates that have to be met to stay ‘in contract’. The Group has a trained staff in our Escrow Department that assists the Group Realtor stay on top of the details of the contract. This service is just another safeguard to make sure your contract closes on time.

The Walk-Through
Before the closing occurs, you and your Group Realtor may visit the home to ensure that the house has been left in the expected condition. At this time you will make sure that items such as kitchen appliances, light fixtures, and other items you are expecting to be left in the home as set forth in the contract are there. Should any problems arise, your Group Realtor will assist in correcting the situation.

The Closing
We will guide you through the process of closing the transaction. The documents will be reviewed with you and all the numbers will be explained. You may ask as many questions as you wish so that you may fully understand the details of the transaction. The documents will be signed by both you and the seller, transferring title of the home into your name.

You Are A Home Owner!
Your goal of owning your own home is achievable. We want to become your partner in helping you become a homeowner, the first time, and the next time!