Buyers Timeline

HBT

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