Working with Denisse Butler In Buying a Home
I simplified the process of buying a home into 9 steps to help my clients understand what is expected to come in this exciting journey.
Step 1: Consultation with Denisse to develop a plan to help you determine your needs, assist in helping you achieve your goals, and set expectations. Following this meeting, if you have not already you will connect with a lender to discuss your pre-approval process. You then will need to obtain a pre-approval letter.
Step 2: Find your Home! Once we find your home. I will apply my expert knowledge to find a fair market value for the home. Once the offer is created I will present it to the seller. We will negotiate until the accepted offer is reached.
Step 3: Choose a Home Inspector. Talk with your home inspector about being present for the inspection. You will receive a detailed inspection report. This report will be forwarded to your attorney. They will notify the seller’s attorney of deficiencies and will request repair or credit.
Step 4: Attorney Review. The attorney will review the accepted sales contract and handle legal notifications of inspection issues. The attorney may attend the closing to review all documents with you.
Step 5: Mortgage Contingency. Complete mortgage application. Provide mortgage commitment letter (the final loan approval.)
Step 6: Your Loan Is Approved. Once you receive your final loan approval from the lender, the attorney will schedule closing with the seller’s attorney. You will receive a Closing Disclosure from the lender at least 3 days prior to the closing, reflecting the actual terms of your loan transaction, as well as the final closing costs due.
Step 7: Prepare For Closing Day. Important Reminders to Do & Do Not-
DO: Tell your mortgage loan officer or loan originator about all debts and liabilities. Do continue to make all your payments on time. Do contact your mortgage loan officer before changing your jobs, quitting your job, becoming self-employed, or any changes to your income
DO NOT: Do not authorize any new inquiries into your credit (no applying for new financing including credit cards, furniture, appliances, vehicles, boats, cell phones, cable, alarm companies, etc.) Do not incur any additional debts, including increasing credit card balances, and co-signing for others. Do not sign up with any credit repair or, “consolidation company.” Do not spend money you have set aside for closing.
Step 8: Set Up a Final Walk-Through. Preferably arrange to walk through 72 hours in advance. However, can be arranged as soon as 24 hours.
Step 9: Final Steps on Closing Day. Bring what you need on closing day, a valid driver’s license, proof of insurance, and the required funds needed for closing. When buying in Illinois any amount greater than $50,000 must come by wire. Always confirm with the title company before wiring any amount of money.
Once the closing is complete you get the keys and just like that the home is yours! Congratulations are in order!