Buyer Resources


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Key Terms

Appraisal Assessment of the property’s market value, for the purpose of obtaining a mortgage and performedby a licensed appraiser.

Assessed Value Value placed upon property for property tax purposes by the tax collector.

Closing Costs Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.

Closing Statement The statement which lists the financial settlement between Buyer and Seller, and the costs each must pay.

Contingency Certain criteria that have to be met in order to finalize the sale.

Conventional Mortgage A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.

Credit Money given to a buyer from a seller through escrow at closing.

Escrow A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.

Earnest Money Deposit Buyers usually deposit 1-3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.

Fixed Rate Mortgage A loan on which the interest rate and monthly payment do not change.

Home Warranty A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year

Preliminary Title Report A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.

Title Insurance Insurance to protect the buyer and lender against losses arising from disputes over the ownershipof a property

Recording Fees Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.

The Home Buying Process

1—Find A Realtor
Why? They answer your questions, represent your best interest vs. the sellers and it's FREE for you.

Meet with a lender to determine the max loan you are approved for. Prelim documents required: W-2s, pay stub, bank statements & tax returns

3—Find A Home
Communicate your wants & needs to your Realtor, so that they can show you homes that fit your current needs

4—Make An Offer
Your Realtor will negotiate on your behalf to get your offer accepted.

5—Satisfy Contingencies
Your lender will work on getting your loan approved, while your Realtor takes care of the rest. Prepare to read & sign many documents

Home inspection will be conducted by a professional home inspector. You will receive a list of repairs that may or may not need to be addressed.

Professional home appraiser will determine the value of the home. This is important, as it can potentially affect your loan.

8—Request for Repairs
Inspection may reveal repairs that incur more costs. You will have an opportunity to request that the seller either makes these repairs or covers the cost (depending on your contract terms).

9—Contingency Removal
All contingencies for this sale will be removed. Loan approval will be one of these contingencies, confirming that you are ready to close.

10—Final Walk-Through
Walk through the property with your Realtor to ensure that It is in the same condition and/or repairs have been made

11—Close of Escrow
You are officially a NEW homeowner and your Realtor will deliver you your keys!

Save & submit all future pay stubs
Save & submit all completed future bank statements
Keep copies of all documents submitted to processing
Continue to pay all of your debts & loans

Make any cash deposits
Make any large purchases on your credit cards
Co-sign a loan for anyone
Change bank accounts
Apply for new credit cards

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