|
Home buying process -how does it really work?
| Posted By |
Message |
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Home buying process -how does it really work?
Not to sound like an idiot but how do I know what to do first? Is this right?
1. mortgage pre-approval
2. make offer
3. get lawyer
4. get mortgage
5. sign contract
6.inspection
7. closing??
what am I missing and are these in correct order?
Message edited 4/6/2010 8:37:00 PM.
|
Posted 4/6/10 8:34 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
|
Re: Home buying process -how does it really work?
Posted by staceyums81
Not to sound like an idiot but how do I know what to do first? Is this right?
1. mortgage pre-approval
2. make offer
3. get lawyer
4. get mortgage
5. sign contract
6.inspection
7. closing??
what am I missing and are these in correct order?
Its really...
1. pre-approval
2. begin thinking about lawyer and asking fees
3. make offer
4. get accepted offer
5. have inspection done asap
6. relay all info to lawyer
7. contracts are written up & signed by both parties pending results from inspection
8. get mortgage
9. send bank same papers numerous times bc they "lose" them...
10. spend the rest of the time calling laywer, bank, underwriter, broker, REA, whoever 1000x until sh*t gets done
11. get clear to close, closing date, obtain final #'s to make out checks
12. closing table and key in hand that day (hopefully)
|
| Posted 4/6/10 8:49 PM |
| |
|
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Re: Home buying process -how does it really work?
Posted by MaZz
Posted by staceyums81
Not to sound like an idiot but how do I know what to do first? Is this right?
1. mortgage pre-approval
2. make offer
3. get lawyer
4. get mortgage
5. sign contract
6.inspection
7. closing??
what am I missing and are these in correct order?
Its really...
1. pre-approval
2. begin thinking about lawyer and asking fees
3. make offer
4. get accepted offer
5. have inspection done asap
6. relay all info to lawyer
7. contracts are written up & signed by both parties pending results from inspection
8. get mortgage
9. send bank same papers numerous times bc they "lose" them...
10. spend the rest of the time calling laywer, bank, underwriter, broker, REA, whoever 1000x until sh*t gets done
11. get clear to close, closing date, obtain final #'s to make out checks
12. closing table and key in hand that day (hopefully)
Now I'm afraid...
|
| Posted 4/6/10 8:55 PM |
| |
|
MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
|
Re: Home buying process -how does it really work?
Posted by staceyums81
Now I'm afraid...
It sounds scary but it really isnt... More aggravating at least in our case than anything else. Its ALOT in the beginning... Then it dies down a bit when the bank is processing all the paperwork and such... And then at the end its hell again before you get those keys...
#1 thing i learned through this entire process was that you NEED to hound people... its the only way things get done in the mortgage world... Be proactive.. ask "do I need to send you anything? whats the next step?" etc
ETA: I dont know what your situation is but make sure they explain ALL options of loans to you... If they are trying to sway you one way without even bothering to explain any other options, find a different bank... We were getting pushed into a conventional loan and after crunching numbers at a diff bank, we were able to see that an FHA loan would be the better route for us... Get a mortgage consultant that is young or at least is very much open to exploring all options... We originally had a woman working on our case that was stuck in her ways... and it wasnt the right route for us... If you want/need any recommendations for anyone, just FM me
Message edited 4/6/2010 9:04:01 PM.
|
| Posted 4/6/10 8:59 PM |
| |
|
MrsAm
LIF Infant
Member since 2/10 81 total posts
Name:
|
Re: Home buying process -how does it really work?
I agree. You need to be on top of people to get things done.
Also, get the inspection before contract that way you can decide if you really want to go ahead with the process (sometimes you find out things that make you think twice) It sucks b/c you have to pay for the inspection when you might not be getting it.
And after the inspection you can then put changes you want or whatever into the contract.
|
| Posted 4/6/10 9:06 PM |
| |
|
Potentially Related Topics:
Currently 635727 users on the LIFamilies.com Chat
|
