They have called my husband company and his boss faxed the papers back to him....what is the next step??
2007-08-17 09:45:14 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It's a shame your mortgage consultant didn't outline this process for you.
Ask him/her for a list of conditions required to approve the loan...you've got quite a process ahead of you that includes home inspections, appraisal, buying homeowner's insurance, etc.
A good lender should have a brochure about what to expect when closing yoru new home.
2007-08-17 09:49:31 · answer #1 · answered by Kite Fanatic 2 · 2⤊ 0⤋
I don't understand what you mean by "they called my h's co. and his boss faxed the papers back to him"
Why is your hus's boss getting calls and faxes about your R.E. deal?
If the seller accepted your offer and signed the contract, you should call an inspection company and have the house inspected, and if it doesn't need repairs beyond the amount agreed to in the contract, call your lender and send them a copy of the contract and they will guide you. A minimal inspection in Florida is just roof and termites inpection. some people go all the way and get a full inspection. It's more expensive, and if you have an AS-IS contract, it can kill the deal if you start demanding repairs. But if the inspector finds something wrong and it's beyond the amount the seller agreed to pay for repairs, it's a chance for you to get out of the contract too.
Read the contract carefully. There should be a clause in there that gives a deadline for you to prove to the seller that your loan is going through (a prequalification letter) and you may find another deadline when the seller will expect the remainder of the down payment you agreed to.
Your lender will set up the appraisal, so cross your finger that the house is appraised to be worth what the agreed price is, or else the lender won't lend you the amount beyond the appraised value. If it doesn't appraise, contact the seller through the realtors and he'll either need to lower the price or you'll need to come up with some more cash.
Ask your realtor too about the time line and what to do next. Also, after you get pre qualified and you have a closing date, you'll need to find your own homeowners insurance (shop around for quotes and don't wait til the last minute, though the insurance companies might wait until the last minute to o.k. the insurance. You also need to decide who you want to do the closing, like a title company or a lawyer that handles R.E. closings. Don't give the down payment directly to the seller. It can go to your lawyer/title company's escrow account and they will document proof of the payment for the seller to see.
There is some variation from state to state, so stay in touch with your realtor and make the deadlines for prequalification letters and down payment, or else the seller can use that as an opportunity to back out if he has another buyer.
2007-08-17 10:10:00 · answer #2 · answered by topink 6 · 0⤊ 1⤋
the bank or mortgage company will order the appraisal and title work to make sure the house is worth at least as much as your paying for it and that there are no liens on the property. They may ask you to update some financial information (current pay stub, updated bank statement, etc) the whole process should take about 3-4 weeks from start to finish. Good luck in you new home
2007-08-17 09:53:17 · answer #3 · answered by mialilyx2 2 · 1⤊ 0⤋