Buyers Timeline

Home Buyers Timeline & Process

 

The following outlines the Buyers Timeline in more detail …	The following outlines the Loan Process in more detail …
I. Communicate with Agent (2-4 days and ongoing)	I. Pre-Qualify Yourself (1 day)
1. Priorities	II. Shopping Process and Variables (2-10 days)
2. Reasons for Priorities	1. Principles of Rate, Closing Costs & PMI – video
3. Long Term Timeline	2. Available Loan Product Options – options
4. Short Term Timeline	3. Competency & Knowledge – license check – resume – BBB
5. Cross Check Buyer’s Interests with Financing	4. Service
II. Searching (1 days to 18 months)	5. Empowering the Client – video
1. Home Buyers Scouting Report® (HBSR) – video	6. Locking vs. Floating – video
2. Study the Market	7. Bank vs. Broker vs. Correspondent – audio
a. Neighborhoods	III. Pre-Approval Process (1-4 days)
b. Schools	1. Apply – secure online application
c. Places of worship	2. Submitting Needed Paperwork – checklist
d. Value trends	3. Meeting (either face to face or via video conference)
e. Distressed housing data	4. Signing Lending Disclosures – lending disclosures
f. Public records	5. Paying for Appraisal –  audio
g. HOA’s	IV. Preliminary Processing (7 days)
h. Drive by’s	1. Initial Quality Control – video
3. Revisit Step 1 and Refine Search	2. 3rd Party Reports –audio
III. Schedule Showings (30-90 days)	3. Reconciling Income and Assets – audio
IV. Write Offer & Negotiate Contract (1-5 days)	4. Submit to Underwriting – audio
1. Loan Shopping Ends Here	V. Preliminary Underwriting (1-4 days)
2. Construct Contract	1. Reconcile Loan with Lender and Insurer Guidelines – audio
3. Negotiate Contract	2. Issues Conditional Loan Approval – audio
4. Inspection Contingency	VI. Final Processing (1-7 days)
a. Potential Contract Amendments & Renegotiation	1. Collection of Final Loan Conditions – audio
5. Financing Contingency	2. Clearing of final Loan Conditions – audio
V. Final Walk Through	3. Submission for Final Underwriting
	VII. Final underwriting (2-4 days)
	1. Clear conditions
	2. Final QC – audio
	3. Issue “Clear to Close” or Final Loan Commitment – audio
	VIII. Pre-Funding (2-4 days)
	1. Prep Closing Docs and Closing Instructions – audio
	2. Reconcile and Approve HUD1 with Title Company – audio
	IX. Closing (1 days)
	1. Execute Contracts
	2. Execute Final Disclosures
	3. Disburse Funds

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