1) Initial Consultation
· Define agency relationship
· Determiine needs and wants
· Discuss financial qualifications
· Fill out worksheet
2) Loan Qualification
· Discuss financial resources
· Obtain pre-qualification letter
3) Home Shopping
· Tour properties that you consider an ideal home while learning about current market values
4) Find Ideal Home & Make Offer
· Discuss appropriate strategies with agent, and make reasonable offer
· Review blank contract
· Prepare money deposit(s)
5) Present & Negotiate Offer
· Let your Real Estate Agent negotiate & make the best offer based on market conditions
· When both parties agree and sign sales contract
6) Open Escrow
· Your Realtor will open escrow with Chicago Title
· Escrow Officer will order Preliminary Title Report and send copies to your Real Estate Agent & Lender
· Your check is deposited
7) Submit Loan Application
· Submit loan application to the lender with all necessary documents
8) Inspections & Disclosures
· Buyer's approval of Transfer Disclosure Statement, Preliminary Title Report, etc.
· Physical & pest inspections
9) Homeowner's Insurance
· Select insurance company & coverage then give information to your Escrow Officer at your title company, for example, like Chicago Title
10) Loan Commitment
· Loan is approved
11) Sign Documents
· Loan documents will go to your title company
· Sign loan documents & closing cost statements
12) Loan Funding
· Lender sends funds to your title company
13) Record/Transfer Title & Close of Escrow
· Deed is recorded by County Recorder's office
· Congratulations! You get the keys to your new home