Process of making an offer:
The Below listed process encompasses for residential sales only, commercial or combine use sales follow different guidelines. Here are the overviews of the purchasing process:
- Pre-Approval: A Pre-Approval letter from a credible lender that has checked credit and assets of potential buyer.
- Submit Offer: An offer to make and submit an offer to purchase agreement. This should be submitted to the listing agent of the property.
- Select Attorney: Once the buyer & seller agree on price and terms, both sides should identify an attorney/Legal Firm to use for attorney review & closing. We can also recommend a list of Attorneys and other professional services.
- Execute Contracts: Buyer will need to sign either sales contract or if any new Public Offering Statement. These Contracts must have original signatures enclosed with your pre-approval letter and the amount.
- Offer Presented to Owner: After the contract have been presented to the Principle for signature, you will receive one contract with original signature. The contract will be delivered/sent to each attorney.
- Attorney Review: Attorney Review starts when the attorneys will contact each other. Attorney review is usually 3-5 business days.
- Work on Mortgage Commitment: Starts speaking with your lender about getting the actual mortgage ought and lock in a rate.
- Schedule inspection: After the process of Attorney Review, you should have your home inspection scheduled as soon as possible.
- Schedule Appraisal: The mortgage company should always be in the process of scheduling the appraisal.
- Inspection issues: Buyer must have your attorney address and all issues with the seller’s attorney at this point, if any. So that no surprises come up later in the process.
- Suitable Order Title Search: Buyer’s attorney should be in the process of ordering the suitable Title search.
- Commitment Received: The buyer should receive their mortgage commitment from their lender.
- Walk Through: Go through the final walk.
Note: This step varies with individual agents as well as agencies.