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Buying a Home in a Few Easy Steps

Purchasing property requires making many important financial decisions, understanding complex issues and completing mountains of paperwork. Monica and her team of reliable professionals can help guide you through this process, so you know exactly what to expect.

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GETTING READY

Buying a property requires making difficult decisions in terms of your finances; it also demands that you possess a level of understanding of complex issues and the patience to complete lots of paperwork. Monica and her team of reliable professionals can navigate you through this process, so you know exactly what to expect.

BUILD YOUR GREEN FILE

The typical green file should contain:

  • Financial statements
  • Bank accounts
  • Recent pay stubs
  • Tax returns for two years
  • Investments
  • Credit cards
  • Auto loans
  • Copies of leases for investment properties
  • 401K statements, life insurance, stocks, bonds, and (mutual) account information
A green file contains all your important financial documents, an essential step to securing financing for your property.
A lender will look at your income, assets, credit history, debt and expected down-payment to determine your price range. If you haven’t spoken with a lender yet, we can connect you to one of our preferred lenders.
A lender will look at your income, assets, credit history, debt, and expected down payment to determine your price range. If you haven’t spoken with a lender yet, we can connect you to one of our preferred lenders.

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MORTGAGE PRE-APPROVAL

What’s on your wish list for your dream home? Together, we’ll run through the essential check list – which includes determining the ideal location, size, price and other details concerning your dream house. This process ensures that we find the perfect match, by choosing a home that is right for you.

Once you chosen the property you wish to purchase, Monica can help you make an offer that the seller will accept.

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LET’S MAKE A DEAL!

Monica will assist you in finding a home that meets your needs, with the goal of getting you the best price and settling for the lowest closing costs possible. While attention is usually paid to the asking price of a home, a proposal to buy includes both the price and the terms. In some cases,  these terms can include thousands of dollars in additional value, or additional costs for buyers that go unnoticed.

Many contracts don’t close on the first offer, and counter offers are a very common response from sellers. Don’t let this intimidate you. We’ll figure out whether to accept the counter offer, to propose our own counter offer, or to reject the seller’s offer and move on.
You’ll likely need to present “earnest money.” This is a cash deposit given to a seller by a prospective buyer, in the interest of securing an offer to buy the property; the cash sum is usually deducted from the final closing costs and deposits are typically held in the seller’s attorney’s escrow account until the closing date.
Once all parties agree on both the offer and the terms proposed by the buyer, the contract will then be signed and legally ratified, at which point you’ll begin working with your lender to close the loan. This step won’t take long at all, providing you have been pre-approved.
Monica and her team will source and present all the property information that your lender needs in order to close the loan. You’ll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within few days of submitting your loan application. This is an estimate that will contain all closing costs, and fall within a narrow range of accuracy, although Monica will also review the estimate to ensure that everything is correct.
Monica will schedule a final walk-through inspection of the property for you, immediately prior to the closing, within the timeframe that was agreed upon in the purchasing contract. We can recommend several different inspectors, or use one of your choosing.

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CLOSE THE DEAL!

No sensible car owner would drive without insurance, and similarly, no homeowner should leave their home unaccounted for in the event of damage. Real estate insurance protects owners in in the face of catastrophe, and if something goes wrong, your insurance will present itself as genuine life saver.

Property Insurance

After obtaining a loan, you will be required by your lender to purchase a certain amount of insurance for the property. The value will depend on both the lender and the purchase price of your new home or investment.You may be able to save hundreds of dollars per year on homeowner’s insurance simply by shopping around for the best price.

We will also gladly recommend experienced knowledgeable insurance agents for you to consider.

Home Services and Utilities

We will provide a list of useful numbers for the activation of home services and utilities, so as to ensure a smooth and simple transition after closing.

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FINAL STEPS

At this stage, congratulations are almost in order.

We will perform a final walk-through of the house to check the condition of the property. Unless the contract is “As-Is”, everything should be in working order and all inspection repairs should already be completed. When we meet for closing, you should expect to complete lots of documents, and collect the keys to your new home.
More of a formality than anything else, the final inspection takes place the day before, or the same day of the closing. You will visit the property to verify that all is in working order, everything is the same as when you last viewed the property, and that there are no extra items left behind.

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MOVE IN

You made it! Now you can move into your new home. Enjoy it.
The only thing left is to plan your housewarming party!