Home Buying Process

Get Pre Approved and Meet with your Stovall Associate

- Meet with a loan officer; by sharing income and other financial information, you will know the price range of a mortgage for which you are qualified.

- Obtain a pre-approval letter.

- Obtain a "Truth in Lending" letter explaining the costs of borrowing money.

- Learn about the many loans available to buyers in today's market.

- Learn about closing costs.

Begin Viewing homes with your Stovall Associate

- It is in your best interest for all the "decision makers" to be present for all showings so that everyone is on the same page regarding the properties that are currently on the market.

- Always be candid with your Realtor - it will help them understand your particular needs and desires and enable them to select homes you'll want to see.

Prepare the Offer

- Your Stovall Associate will help you prepare your offer and guide you with expert advice and opinions.

- Your Stovall Associate will go through the contract with you and complete your offer.

- Negotiations will proceed until both buyer and seller agree on all terms and sign.

- All documents will be sent to the title company where a file will be opened, and title commitment and property tax information ordered.

Make your loan application

- Give your loan officer a copy of the contract to finish the loan application process.

Inspect the Property

- Select an inspector and arrange for both a general inspection and wood destroying insect inspection. Your Stovall Associate can help you with information about the inspection process.

Appraisal and Survey of Property

- The lender and Title Company will make arrangements for the property appraisal and survey.

- Buyer will provided a copy of Title Commitment Letter.

- Buyer will make arrangements for homeowner's (hazard) insurance. and arrange for the insurance agenty to talk with the closing officer at the title company.

Seller's Closing is Also Arranged

- Your Stovall Associate arranges a closing date and time with the buyer and title company. Sellers closing is also arranged at this time.

- Buyer does a final walk-through inspection of the property.

- Buyer recieves a copy of the closing statement for review with your Stovall Associate prior to closing.

After the Closing

- Documents are sent to the buyer's loan company for approval and funds are disbured.

- The title company receives and funds all money from the loan company.

- Payment of any accrued expenses in connection with the closing are due including taxes, attorney's fees, professional real estate fees and title company fees.

- Legal documents will be recorded in the office of the county clerk and mailed to the buyer.

- Title Company prepares and issues the title policy, and sends it to the Loan Company and new homeowner. v

 

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