THE HOME BUYING PROCESS — The Chemical Broker

PHASE 1 - Preliminary Review

1. Consultation with your Real Estate Agent – Review your goals, discuss the home buying process and set expectations

2. Pre-Approval / Proof of Funds – Meet with your lender(s) to establish your budget and obtain a Pre-Approval letter. If buying cash, be able to provide proof of funds

PHASE 2 - Housing Hunting

3. House Hunting – Tour the home(s) that absolutely meet your real estate needs

4. Review Comps – Real Estate Agent will determine current market value and recommend offer

5. Negotiate & Submit Offer – Real Estate Agent will write up contract for buyer to review and sign along with disclosures

PHASE 3 - Under Contract

6. Congratulations! Your Offer Has Been Accepted – Your offer has officially been accepted once your Realtor receives a signed executed contract from the seller

7. Earnest Money – Buyer has 3 business days after acceptance (unless otherwise agreed) to submit earnest money deposit

8. Inspection & Attorney review – Schedule your home inspection within 5 business days after acceptance (unless otherwise agreed or using a rehab loan like FHA 203K) to determine the condition of the home. Any issues that need to be addressed must be included in your attorney letter. Title review is also assessed at this time to verify ownership, liens or any legal actions pending against the property

9. Appraisal - The lender will schedule an appraisal to determine market value of the property and confirm if they will fully fund the loan

PHASE 4 - Close

10. Final Walk Through – You have received your Clear to Close (CTC) by your lender. Right before closing, tour the home to ensure the property is in the condition that was agreed upon. Have your attorney letter ready and accessible for review during the Walk Through

11. CLOSING DAY – You have been cleared to close! Down payment and closing costs are due. This is the day the buyer signs all necessary documentation, gets funded and obtains the keys! CONGRATULATIONS!