HOME BUYER PROCESS

► REALTOR
• Finds someone you will be comfortable telling them everything.
• Make sure they understand your needs
• Make sure they are familiar with what type of loan you are using

► LENDER
• Shop around
• General rule is about 30 day and won’t get multiple hits on credit report.
• Do they pay closing cost

► FIND YOUR HOME
• No HOUSE is perfect, but as it becomes your HOME it will become perfect.

► AGREEMENT / CONTRACT
• Binder
• Closing Cost
• Type of Loan
• Date of Closing
• Cancel contract within 10 days for no reason
• Loan application has to be made within 5 days.

► INSPECTION
• 10 days to do any and all inspection including WDO inspection
• An additional 7 days to negotiate repairs.
• Price is based on square footage. Estimated between $300-$450

► WDO INSPECTION
• Required for VA Loan, Optional for the other types of loan.
• Estimated between $85-$250
• VA will not approve without a clear WDO Inspection Report

► APPRAISAL
• Has to be paid for within 3 days of loan application
• Estimated between $400-550
• If home appraises for less than agreed purchase price there are four options: Seller comes down on
purchase price, Seller pay the difference, Buyer pays the difference, or both Buyer and Seller
split the difference

► LOAN APPROVAL
• Can usually get done within 25 days.

►FINAL WALK THROUGH
• Within 24 hours of closing
• Checking to make sure the house is still in the same condition when contract was made, all appliances
per contract are in the home and all repairs are done.

► CLOSING
• Title company will verify funds, and distribute according to contracts.
• Sign in BLUE ink
• Receive the house, garage, mailbox and amenities keys to your new home