I’m ready to buy a home, now what?

Posted by BJ Matson on Wednesday, July 24th, 2013 at 2:01pm.

Here’s a general punchlist of items to be aware of and stay on top of.  Have your Real Estate Agent assist you, you should not feel on your own.  It can be an overwhelming process and there’s so much to do.

___All Buyers information. Give to BJ your current address and best phone & email info. Also help complete w/BJ survey to learn more about you & your ideal home.
___Pre-approval Letter forwarded to BJ. Include full contact info for your Loan Officer.
___Complete & return Financial Information sheet, provided by BJ.
___Earnest Money Deposit EMD, typically 1% of your Offer. I will let you know to make check out to Remax Town Center OR to Title Co. Depends if Reg sale OR Foreclosure OR Short Sale. This $  counts towards  your $ needed at closing, & is NOT additional $ needed!
___Attend Home Inspection. Paid upfront to Inspector, est. $250 – $400.  Pest/Termite inspection also performed at this time, usually required by your Lender, est $75.  Optional tests; Radon, carbon monoxide. Address any issues within 7 days of inspection.
___Home Inspection issues.  There will always be items on the report.  Any code violations or critical items?  Others?  Discuss with me the issues, and let’s determine any we’d like Seller to address before settlement.
___Loan Officer selection finalized.
___Order Appraisal. Done after we see if there were any ‘show stopper’ issues uncovered through home inspection.  Pay Lender upfront & directly, est. $425.
___Appraisal issues. Value come in at Sales Price or higher?  Any items that need fixed per appraisal? i.e. roof certification, loose railing or steps..
___HOA or Condo DOCS; received, reviewed, address any issues within 7 days of receipt.
___Home owner’s Insurance in place.  Not needed if Condo but you may still get ‘contents’ insurance, basic fire protection is included in condo fee. This is paid upfront, directly to insurance co.
___Utilities; water, electric, gas, sewer.  Title company will assist, call Title contact & discuss.  They will let you know what each of you will need to do.
___Cable scheduled.
___Security system scheduled.
___Mover scheduled.
___Full approval from Lender to meet financing contingency date, and get Financing Commitment Letter to Seller. Typically 21 to 40 days from date of contract ratification.
___Final inspection of any items that were to be addressed & fixed as discussed after home inspection AND appraisal.
___Final walk-through; home is vacated, home is clean & in move-in ready condition.
___Clear to close from Lender.  All conditions satisfied and loan is ready to go to settlement.
___Go over Final HUD with Loan Officer Day before closing. Then review with me.
___Wire funds needed for closing to Title company once you have this final number.  If getting to be last minute, go ahead and wire the estimated amount given to you by Loan Officer.  Better to be safe & over-estimate.  This way Title company has funds, you can close, and they will cut you a check back for any difference.  Bring your checkbook in case you’re slightly under.
___Driver’s License for closing.  If don’t have, make sure you have another acceptable form of photo ID.  Ask Title Company.
___2nd form of ID may be required at closing; credit card, Costco card, dept store card, etc..
___Keys; all doors, storage, & mailbox. I will provide.  If Mailbox needs re-keyed, after closing go to local Post Office with evidence you are new owner and schedule.
___Home Warranty info if Seller paid for as part of sale OR if you decided to buy on your own.


If you and your Realtor stay on top of these items you will help ensure a smooth transaction!

BJ MatsonRealtor®
Home Buying Advisor • RE/MAX
301-881-8900 text
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