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The Process
- Meeting with a Lender for Pre-Qualification
- Viewing Homes Within Your Price Range
- The Contract
- Earnest Money Deposit
- Inspections
- Finalized Mortgage Application
- Title Search and Lender Approval
- Closing
Meeting with a Lender for Pre-Qualification
The best first step is to meet with a real estate lender to determine the most comfortable purchase price range for you. Gardner and Gardner Realtors can recommend at least three qualified lenders who will assist you in obtaining a pre-qualification letter which gives you a “coupon to shop” for a home in your price range.
Viewing Homes Within Your Price Range
Once you have the pre-qualification letter, let Gardner and Gardner work for you. We can set up a “listing cart” to send you listings of everything available in your chosen price range which meet many of your criteria for location, size, and amenities. Whether you see a sign, read an ad, hear about a property for sale, we can provide you with the information needed.
Gardner & Gardner will set up convenient appointments for viewing these properties as we share a cooperating relationship with all real estate offices within our community. That means we can show you properties that are listed with us or any other broker in the area. We will be glad to represent you with “For Sale By Owner” transactions also.
The Contract
When you have made a decision about which home you want to purchase, we will assist you in writing an offer of purchase and sale. This is done in the form of a standardized Purchase and Sales Contract which is approved by the Vermont Association of Realtors. It is a form which is recognized by the lenders and attorneys as well.
Earnest Money Deposit
Accompanying your offer through the Purchase and Sales Contract will be your “earnest money deposit” which shows your good faith or sincerity in offering to purchase the property chosen. This deposit is totally refundable is the offer is not accepted. The deposit can be in the form of a personal check, or cashier’s check and is required at the time the written offer is initiated.
The amount deposited is kept in a trust fund account of the real estate company and is not turned over to the seller. The deposit is then credited toward your purchase price at the time of closing, according to the conditions of the Purchase and Sales Contract. So, please be prepared if you feel you may purchase a home on your visit.
Inspections
Gardner & Gardner Realtors recommends that every buyer obtain a property inspection of the home they wish to purchase, after they have come to terms and agreement on a Purchase and Sales Contract. The only exception to this recommendation is if the property is newly constructed; by state law, the contractor has to provide a warranty on the property.
We will provide you with a list of approved property inspectors to choose from.
Mortgage Application Finalized
Once a Purchase and Sales Contract have been signed by all parties, you will finalize your mortgage application with your chosen lender. They will need to obtain job verification, credit history, checking and savings account information and the like.
Title Search and Lender Approval
The lender will assign a real estate appraiser to appraise your chosen home to confirm the market value. This report will be used by the lender to determine the eligibility for financing. The lender will also recommend a real estate attorney to represent you by researching the title to your chosen property and providing a title report. This title reports will examine the public records for taxes on the subject property, easements and restrictions of record, liens or judgments against the property, if any, and the exact title owner of record.
When the sale or loan of your home is final, the attorney has recorded all the necessary documents on your behalf, they then issue a policy of title insurance to the new lender, and or buyer, showing clear title to the subject property.
Closing
Once the lender has obtained approval for your loan and all the closing documents have been prepared and reviewed, the closing is scheduled as per the contract. Gardner & Gardner Realtors will schedule a walk-through your new home for you within 24 hours of the closing. We will accompany you to your closing and witness as you become new property owners of your chosen home. Congratulations!
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