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Buying Process
In the buying process there are several things to consider before and after your offer has been accepted by the seller. Here is an overview of the entire process.
BEFORE THE OFFER IS ACCEPTED
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A Real Estate Agent Will Interview You To: • Determine your criteria in a home. • Discuss parameters and financial qualifications.
Get Pre-Qualified by Lender • A loan pre-qualification approval letter is obtained from your lender.
Arrange Property Tours • Tour available homes that suit your needs. • Ask your real estate agent about the current market.
Target a Home That is “Ideal” and Write the Offer • The real estate agent will write the offer on your
“ideal” home. • Writing an offer takes approximately 1-3 hours. • Deliver your earnest money deposit made payable to WFG (this check will be held until we have a ratified contract).
Counter Offer • The counter offer is discussed and prepared by the real estate agent.
ONCE THE OFFER IS ACCEPTED
Escrow • Once the offer is accepted and conveyed, escrow is opened with WFG. • Earnest money is deposited at this time. • Escrow orders a Preliminary Title Commitment and sends copies to the real estate agents and your lender. • Escrow instructions are issued to all parties.
Loan Application • Submit a completed loan application to the lender of your choice with all necessary documentation.
Homeowner Insurance Coverage • The buyer obtains a Homeowner Insurance Policy for their new home and insurance information is given to the new lender or escrow.
Down Payment & Closing Costs • The escrow officer provides you with a Buyer’s
Estimated Closing Statement which itemizes your costs and advises you of total monies due. • The buyer sends a wire or brings a cashier’s check to
WFG several days prior to closing.
Signing Documents at WFG • The buyer needs to bring 2 forms of current photo ID to sign notarized loan documents at WFG. • Copies of title and lender documents are given to the buyer.
Funding • The lender sends funds to WFG.
Close of Escrow • The deed is recorded at the County Recorder’s office by WFG. You will receive the original back from the county record in about 6 weeks.
• The keys are transferred from the seller to the buyer.
