I JUST HIRED TERRI AS MY BUYER’S AGENT, NOW WHAT?
□ You will schedule an appointment to meet Terri in person.
□ Terri Vellios will review the Buyer/Agent agreement with you.
□ Terri will advise you to review a blank Purchase Contract Now.
□ Terri will review with you the various disclosures you can expect to see.
□ You will get pre-approved for a loan through the recommended lenders.
□ If requested, you will start to receive automatic emails of your home search.
□ If requested, Terri will schedule and preview homes for you and/or with you.
□ You will call Terri with any questions or concerns and inform other agents you are working with Terri Vellios.
□ You will inform Terri of any changes which may affect your ability to purchase.
□ You will be open and honest with Terri and Terri will do the same for you. This loyalty will result in the best representation and most favorable outcome.
I WANT TO WRITE AN OFFER, NOW WHAT?
□ You will call Terri and tell her you are ready to write an offer.
□ Terri will advise you that you must provide a copy of a current valid written loan approval from a local reputable lender/broker.
□ At the time of writing the offer Terri will ask for a check for 3% of the offered price as the initial deposit. This 3% will be deposited in Escrow to be held and used towards your closing cost. Example $500,000 purchase you will need $15,000 available.
□ The initial deposit must come from one of the names which will appear on the contract.
□ Terri will schedule time to go over all the terms of the purchase contract. All purchasers will need to be present to sign the contract.
□ The negotiations may be as short as 24 hours or longer depending on the type of sale.
□ Once you the Buyer and the Seller have agreed to price and Terms you will be under contract.
I’M UNDER CONTRACT, NOW WHAT? This feels like a hurry up then wait process.
□ During The inspection contingency period the Buyer should investigate the property to their full satisfaction. This is approximately 10 to 14 days. Terri will go over your options and coordinate all inspections. You can be present for any inspections.
□ You will order Fire Insurance for the property.
□ Inspection fees are either paid at the time of service or paid through escrow. Often times an inspector will give the Buyer a discount if paid at the time.
□ Your lender will be working closely with you for all the documents they need. Your loan contingency may be 10 to 30 days depending of the type of loan.
□ Your lender will order an appraisal which they may ask you to pay for up front.
□ When the inspections are completed you will receive copies of all inspection reports, and seller required disclosures, along with any Federal, State, Local or Builder disclosures.
□ Terri will go over all the disclosures with you and advise you of your options.
□ If you are satisfied with the condition of the property you will sign a document and remove your property (inspection) condition contingency.
□ Once your appraisal is completed and you have completed the request of the lender your lender will inform you of the status. If this is satisfactory you will also formally remove your loan contingency.
□ In the event you decide not to go forward with the purchase after all contingencies have been removed in writing your 3% earnest money could be retained by the seller. Terri will discuss this with you, please make sure you understand the risks.
□ When your loan documents are completed the lender will submit them to Escrow for you to sign. You will need to have a valid photo ID and the Escrow officer will photo copy this for your lender. Once signed and notorized they are returned to the lender for review. Upon approval the lender will send the money to escrow. At this time you will also need to provide certified funds the balance of all monies needed to close.
□ When all monies (funding) are received by escrow the name transfer will be recorded and the keys delivered to the Buyer.
Sample Time Line
Day 1 Mutual acceptance by Buyer and Seller
Day 3 3% Earnest Money deposited into Escrow
Agent orders Inspections
Contract is delivered to Escrow and Lender
Lender Orders Appraisal
Escrow Orders Preliminary Title Report
Buyer contacts insurance agent to order Fire Insurance
Day 5 Disclosures are provided by Seller to Buyer
Day 6 Inspectors arrive at Property
Appraiser arrives at Property
Day 9 All inspection reports and disclosures are reviewed by Buyer
Day 10 Buyer removes inspection contingency
Day 12 Appraisal is returned to lender
Day 14 Lender approves loan, Buyer removes Loan Contingency
Day 21 Loan documents arrive at Escrow
Day 22 Buyer signs loan documents
Day 26 Lender Sends money to Escrow
Day 27 Buyer conducts pre-closing walk through at property
Day 28 Buyer delivers certified funds to Escrow
Day 29 Escrow confirms Funding
Day 30 Name Transfer Records
Close of Escrow Buyer receives key
Dates will vary depending on the contract terms and market pace.