Step 4: Contract- Making an Offer, Negotiation, and Acceptance
This is where the Jason Felker Team shines. Our ability to communicate and negotiate effectively, streamline processes, and meet the most demanding of deadlines is the key to our record of success with home buyers.
1. Contract: Making an Offer
Now that you’ve found the perfect home, we’ll complete the purchase contract. We’ve simplified the entire process making your transaction smooth and stress-free. Utilizing the latest technology like electronic document signing makes it easy and convenient for you to sign documents and keep all communication and records tidy.
Our step-by-step closing system walks you through the entire process seamlessly bringing you to an effective and timely close.
2. Contract: Offer Negotiation and Acceptance
After submitting your purchase contract and pre-approval letter the seller’s Agent will review the offer with the seller. In the best scenario seller will accept the offer and we move on to closing.
If they do not agree to the terms the seller’s agent will submit a counter-offer and we will negotiate on your behalf for your best interests. Once the terms are agreed upon, you will open escrow and deposit earnest money with the title company.
Contract: Closing Process
Now it’s time to get busy doing inspections and getting your financing finalized!
3. Closing: Home Inspection
After contract acceptance, you topically have ten days to complete home inspection. The home inspector will examine the property and report repairs needed. If repairs are needed we can request the seller to complete repairs prior to closing.
4. Closing: Seller Disclosures
The seller must provide disclosures on the property of any known repairs needed. The seller disclosure is prepared by the seller, not the REALTOR® representing the seller.
5. Closing: Home Appraisal
The lender will now order a home appraisal. The home will be inspected and recent home sales data will be compared to ensure home value meets the loan amount requested. The lender will provide you with a copy of the report.
6. Closing: Loan Processing
With the contract executed the mortgage company will begin processing your loan as quickly as possible. It is important in this stage to respond to the lender with any information requested in order to complete your loan prior to closing.
7. Closing: Title Report
The lender will provide both of us with a preliminary title report. The preliminary title report will show if anyone other than the seller has legal ownership of the property. The title report will also show any liens due (if any) on the property.
8. Closing: Loan Approval
At this point, the loan should be updated from pre-approved to approved status. The lender will notify the seller’s agent, you, and us of the approval and proceed with the loan underwriting process. Loan underwriting is the final loan approval process.
9. Closing: Final Walk-Through
24-48 hrs prior to closing, together we will complete the final walk-through to verify the property is in maintained condition. We will also check to make sure no damage or theft has occurred to the property during or after the seller has moved.
10. Closing: Loan Documents
The lender will provide escrow instructions and loan documents to the title company prior to the close of escrow. You will sign the documents and the final loan underwriting will be completed and the loan will now process to funding.
11. Closing: Title Signing
Now that the close of escrow date is just days away, all parties will sign the closing documents at the title company.
12. Closing: Loan Funded
As soon as final underwriting is complete and the lender approves the loan docs, the loan is funded. This means the lender will wire transfer all funds to the escrow officer at the title company where it will be held until the close of escrow.
Close of Escrow
Now it’s time to celebrate and enjoy living in your new home!
On the close of escrow date, the title company records the deed and transfers homeownership. The final account and settlement statement will be provided to all parties. Today is the day you will receive your keys!
One thing to keep in mind is that your loan typically does not fund on the same day as title signing. It usually occurs a couple of days later. You would get the keys after funding on the close of escrow date.