Gather Your Team
Gather your team of professionals for your purchase. You will need an agent, an attorney and a mortgage broker or lender. Having the support and guidance of a team of professionals will make all the difference.
GET PRE-APPROVAL LETTER
Obtaining a pre-approval letter is an easy, often cost-free service provided by your bank or mortgage broker and essential to become a real contender for a property. If you don’t already have a pre-approval letter, talk to your K&K agent.
NEEDS & WANTS LIST
In this step, make a list of your criteria by order of importance. Some things to consider include location, price, square footage and amenities.
Your K&K agent will coordinate and show you the property that best fits your needs based upon your criteria. Your K&K Agent will help you to analyze the pros and cons of the property based on their expert knowledge.
MAKING AN OFFER
Once you have found the right property, your K&K agent will guide you through the written offer process with knowledge and expertise along with supporting market details.
PURCHASE & SALES
An attorney will review a draft of your agreement. Once approved, a signature and deposit will be required to execute the agreement.
As soon as your offer is accepted the Buyer should begin the property inspection process. This is at the Buyer’s Expense for their information. This includes structural, mechanical, termite/pest along with various other inspections available and where applicable
During this process please do not make any large purchases like furniture or buying a car! Be prepared by gathering your tax information for the past 2 years, including but not limited to employment history; 2 year W-2’s, or 1099’s, most recent pay stubs, etc. This process may take 30 to 45 days starting with the application process. From there your property is subject to a bank appraisal, before you know it your loan will be in final underwriting.
PREPARING FOR CLOSING
Keep in mind that the lender will require a Home Owner’s Insurance policy to be in effect for closing. It’s time to place the utilities into your name; call to set up accounts for the local electric company, gas, cable ,etc. In this step the lender provides mortgage commitment/clear to close.
CLOSING OF SALE
The lender will let you know the final balance of your down payment to bring to closing. Your K&K Agent will schedule a final walk-through of the property prior to closing. This is to ensure that the property is in “broom-clean condition” and there is no damage to the property resulting from movers, etc. Now, let’s make it official! The Closing is typically held at the Buyer’s Attorney’s Office. Once the New Deed is recorded at the Registry of Deeds your new home is officially yours and you are given the keys to your new home to live Happily Ever After.