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What Happens Next

Buying a home can be a trying experience. Not knowing “what’s going on” adds to this frustration. The following information may help you understand what happens from acceptance of the offer to closing.

PENDING OFFER

At this point, you have submitted an offer to a property owner for consideration and potential approval.

ACCEPTED OFFER

Once your offer is accepted, your sales agent will obtain from you the additional earnest money that goes with the acceptance. This money is placed in Key Realty’s Trust Account. It will be returned to you at closing. If this transaction is not completed because of unapproved financing or appraisal problems, all earnest money will be returned to you after the appropriate releases are signed.

LOAN APPLICATION

Your real estate professional is aware of the financing market. He/she will advise you where to go to obtain a financing package best suited to your personal needs. He/she will also accompany you to loan application to answer any questions about the house for the loan officer. If you go to a bank or savings and loan institution, you will make application in their office during business hours. If you go to a mortgage company, in some cases, a loan officer will meet you at our office during the day or in the evening. You MUST make application within the time frame called for in the purchase agreement. The following are items you will need to bring to the application:

* LOAN APPLICATION FEE – This is for a credit check and appraisal. The amount varies depending on type of loan and lending institution.

* DEBTS – Charge accounts, car payments, furniture payments, etc. They will need the account numbers, the minimum monthly payment, and the balance.

* SOCIAL SECURITY NUMBERS – Both husband and wife if married.

* W-2 FORMS – or amount earned last year by both husband and wife.

* INCOME – Year-to-date income. (can be obtained from employer)

* RAISES – Any projected raises in income.

* ADDRESSES – For the last 2 years of where you have worked.

* DIVORCE – If divorced, a copy of the divorce papers.

* BANKRUPTCY – A copy of the bankruptcy papers.

* VETERANS – A DD-214 or Eligibility Certificate if buying on a veteran’s loan.

* SAVINGS AND CHECKING ACCOUNTS – you will need the numbers of the accounts and the balances. The lending institution must verify that you have the money needed for closing.

CREDIT CHECK AND APPRAISAL

This is the part of the transaction that will seem to take too long. Here the lending institution must:

* VERIFY YOUR EMPLOYMENT – get a document from your employer (husband’s and wife’s) that verifies your income.

* CREDIT CHECK – in this stage the lender will verify that you do have the amount in the bank that you reported. The institution will also check your credit. Any money that you are going to use as a down payment must be in a bank or Key Realty’s Trust Account when the lender verifies your balance.

* APPRAISAL – the appraiser must be sure the property is worth what the lender is lending to you. This is for your protection and the institution’s protection as well.

LOAN APPROVAL

Once all the above information is collected by the lender, it will be sent to a loan underwriter. Depending on the type of loan, this can take one to two weeks. When your loan is approved either the lending officer or your sales agent will inform you of the approval.

TITLE WORK

Once your loan has been approved, Key Realty will order the title work. Title work will be completed by a bonded title company. The title work gives the buyer a history of the property and will show any liens that are recorded against the property.

SETTING THE CLOSING

The title company will set the time and place for the closing. The closing will usually take place at the title company or the lending institution. The title company will contact you with the time and place for the closing. We will also contact your attorney and inform your counsel of the closing if you have given us the name of your attorney.

THE CLOSING

The Purchaser should take the following items to the closing:

* INSURANCE POLICY – for one year that has already been paid.

* BANK CHECK – For the additional money needed at closing. The person who calls you to inform you of the closing will also tell you the amount of the check needed.

The above information is given to you to tell you what happens as a general rule. We are in no way warranting this information.

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