Buyer Process
Buyer Process: What To Expect
There are 3 teams that you will be dealing with through the home buying process;
1. Realtor and team (Inspired Real Estate Group and transaction coordinator)
Our team will be showing you homes, negotiating your contract, scheduling and reviewing your inspections, negotiating any applicable credits or repairs, advocating for you throughout the process, taking you through your final walk-through, and answering any questions you may have, and keeping your contract and file complete and compliant. We work during normal business hours and also many evenings and weekends. We make every effort to be available to you at any time, but there may be some times that we have another appointment or a personal responsibility and have to return your call the following business day.
2. Your lenders team
Your lender and his/her team is your go-to for any money (monthly payment, down-payment, interest rate) related question. Your lender also schedules and collects money for your appraisal. Many times your lender will need additional paperwork from you throughout the process, it is important to get him/her what she needs so we can stay with-in our contract time frames.
3.The title company (Escrow officer and assistants)
The title company is a neutral third party that handles your Escrow. The title company will collect your Earnest Money Deposit, order your title report, order your home warranty (if applicable), order any HOA related documents, and deal with any liens on the property. The title company will set an appointment for you to sign your final loan and title documents with a notary. The title company also records your deed at the county.
Step 1:
Once your offer is accepted, the signed contract is sent to your lender and the title company and the title company opens Escrow. You have 3 days from when Escrow is opened to take your Earnest Money Deposit to the title company. The Earnest Money Deposit varies with each contract, but is usually about 1% of the purchase price. You can either take a personal check or you can call the Escrow officer for wiring instructions.
Step 2:
Usually our inspection period is between 10-17 days from when our offer is accepted. Inspections are usually at the buyer’s expense and are optional. We always recommend that you have the property thoroughly inspected by professional inspectors. Typically buyers order a whole house inspection (~$500-600), a pest inspection (~$150), a roof inspection (~$100), pool inspection ($150), septic, well, solar, and sewer inspection if applicable and any other inspection desired or necessary. Once you receive the inspection reports, you can call the inspector directly and ask any questions that you have regarding the report. We will schedule the inspections that you choose to have done and review the inspections and help you put together a request for credit or repairs. During this time you will also receive property disclosures from our transaction coordinator for you to review and acknowledge.
Step 3:
Your lender will order your appraisal. The appraisal report usually takes 7-10 days to receive after the appraisal appointment. Your lender or agent can help to answer any questions about the appraisal process.
Step 4:
You will receive your Closing Disclosure from your lender which needs to be acknowledged (signed) by the buyer. Please call your lender if you have any questions regarding your closing disclosures.
Step 5:
The title company will call you to schedule a signing with a notary. After you have signed, the lender will fund and after the title company receives the wire and the buyers funds for closing, the title company will release your deed for recording and take your deed to the county and record it. Once the deed is recorded, we can give you the keys to your new home. Step 5 may take a few days.
** Please note that throughout the process, you will be receiving documents from your Realtor and/or our transaction coordinator, please call us with any questions on any of these documents.
** You will also be receiving things from your lender, please call your lender with any questions on those items.
** Wire fraud is a big problem. Do not respond to any emails or phone calls asking for your credit card or wiring information ** When wiring money contact the escrow officer that is handling your file directly **
** YOU MAY BE RESPONSIBLE FOR AN UPFRONT FEE FOR ORDERING YOUR HOA DOCS **