Buying Power Continued...
Fourth,
after a contract has been negotiated and accepted, your earnest money check will
be deposited by the Real Estate company. It will be credited to you at
closing. From that point the mortgage company must be informed so they can
get an appraisal finished and underwriting taken care of. You will need to
arrange for a whole house inspection as well as a wood boring insect
inspection. Your Realtor can advise you who to choose for the inspections.
Fifth, closing! I prefer to call it CELEBRATION! Among other things that the mortgage company may require, you will need to have paid for a full year of insurance for your new home and have proof of that. You will also need to bring a cashier's or certified check to the closing.
This is a basic overview of what to expect. I highly recommend that you visit www.CincyHomeSearch.com and sign up for the Online Real Estate University's Home Buyer Seminar. It will go into deeper detail and will also give you a timeline.
Also, while there, be sure to request the free library of home buyer reports. They are sent directly to your email address and include everything from what to look for in a home to preparing for the move.
Jim, please get me signed up for up to the minute housing information!