Here is a short list of activities that happen during the home buying process:
1. Pre-approval and lender contact information on letter with approved mortgage amount
2. Find your new HOME
3. Place an offer (contract) on the home with earnest money check and option fee.
a. Earnest money is normally 1% of the sales price, and is due at time of offer. This check will be cashed and held in escrow at Title Company. Will be applied towards money due at closing.
b. Option Fee, is normally an amount between $100-$250 for 7-10 days (option period). This is the time you get your inspections $300-$400 (structural / termite) done. If for any reason, you decide not to purchase the home within this period, you will receive your earnest money back, but not your option fee. Other wise option fee will be credited towards money due at closing.
4. Once the offer is accepted you will schedule appropriate inspectors; i.e. termite, structural, septic (if needed), etc... Schaible Realty can provide you with a list of verified vendors.
5. Multiple parties (lender, Title Company, home warranty, etc...) will be in contact with you throughout the closing process. You will be hearing from me ever few days with all updates to the closing.
6. Prior to your closing date the title company, lender and I will be in contact with you to go over exact amounts due at closing. This amount will need to be a cashier's check.
7. After going over all documents and all signatures are done. The seller's will also have to their documents. Then all of the documents will be sent over to the lender for approval. Finally, all funds will be transferred over to the title company, then you will receive your KEYS to your new home.