8 Steps to Home Ownership
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Currently, we have several preferred mortgage companies that we work with on a regular basis that have provided excellent customer and lending service to our clients. However, you can use any lender you choose 
to secure your financing. You will want to make sure that you advise the Lender that you are currently working with a Real Estate Agent.  
This is a crucial part of the process because you must have proper financing in order to make an offer on 
your home.  If your loan has not been established then I will not be able to properly negotiate your 
home purchase.

For example, we must know if we need to ask the Seller to assist with closing costs (in the event that your loan does not cover all of your expenses).  At this point, you will also learn whether or not you will be required to pay a down payment. There are many other 
very important details that this process will answer for us.  Having your financing secured can be instrumental in a Seller responding more quickly to our offer because it let's them know that you are serious about this process and purchasing your home.

Your Loan officer should provide you with a Good Faith Estimate and a Commitment Letter.  
The Seller’s will certainly require a Commitment Letter.    

*During this process please DO NOT be late on any payments or create any additional debt. Any events that change your debt to income ratio can cause you to not be able to obtain your loan.      



Many mortgage companies have a 60 day expiration on Loan Commitments.  You must check with your lender for their expiration period.  This means you will be asked to update all of the documents you provided to your lender after the expiration date. This is nothing to be alarmed about, we can continue to search for your home. However, your interest rates may change but you should continue to keep your credit scores in good standing.

At this point, we will enter your personal information and the requirements for your home into my computer system.  This will help us to locate your perfect home.  Our MLS system will provide all of the listed homes in your desired with the specifications you have provided.  In addition, I also have access to locate homes that are available for sale but not in the MLS.  It's really important to provide me with all of your "must haves" in a home. We can also provide daily updates of new listings that meet your criteria.                                                                         
Viewing Property  - If you see a home that you are interested in viewing simply jot down the address and look it up on my website www.themavenofrealestate.com and click on Home Search. Homes that are For Sale by Owner , please provide the address and telephone number. 

If you attend an Open Houses or view new construction please let the agent on duty know that you are already working with an agent.  When you sign in your name place my name next to your name.  Please call me if you are interested in the property, because I represent you.  My responsibility is to make sure that you are kept abreast of everything dealing with your transaction. Remember the agent on duty represents the Seller

Please allow 24 hours notice for me to schedule a showing.  It is imperative that we keep our scheduled appointment. If you are going to be late and/or need to reschedule, please contact me at least an hour before the showing, if possible.                                                                                             

When viewing a property please take notes of each property (I apologize, but I may not remember each home).  You will be provided with a property print out for each home.  Feel free to ask me any questions about the property, but please hold all comments about the house til later if the Seller or Seller's agent happens to be present.

If you find a property you like please let me know immediately. In order to secure a property, you must make a written offer on it.



Once we find the perfect home we will make an offer. Along with your offer you will need to have your Trust/Earnest Money when we write the offer on your home.  Please bring your checkbook for each showing appointment (Earnest Money should be at least 1% of the sales price) Earnest Money says that you are sincere about you offer.  Your earnest money will be applied to your closing cost and or pre-paids at closing. 
Submitting your offer - It may take the seller several days to review your offer, however you will be contacted as soon as they respond to your offer.

Writing the offer is very important because the details you and the Seller agree to must be honored throughout your entire process.  For that reason you will be given all your forms to read today. We will go over each form when we write your offer and, I will explain each form at that time, this appointment will take about an hour and a half.
In order to negotiate on your home there are very important details in the offer that we must be aware of in advance such as the price of the home (we will review the comparable sales for your home to check the price), any needed money or discount points for closing, any needed  repairs, any needed appliances, the repair limitation amount, the closing date, the home warranty, etc. 

Please read your contract word for word, and if you have any questions now is the best time to ask.  You may contact your closing attorney at any time they will be happy to answer any questions you may have in regards to the contract.  When all parties have agreed you are now in a legal and binding contract. 


STEP 4    -    THE APPRAISAL     

• Your loan officer will order your appraisal. You will give your loan officer a check for the appraisal made out to your mortgage company.
• The appraisal will estimate the proper value of your home, make sure that your home meets minimum property standards, and make sure your home is marketable.
•  You do not have to be present for the appraisal.          
• The appraisal is done for the lender and all appraisal repairs must be completed and approved by the Lender before you can close. The appraiser will re-inspect the property after all required repairs have been completed.               
• There is a $150 fee for re-inspection you may be responsible for this fee. This fee varies lender to lender. Please verify with your Lender.                                         
• You may request a copy of the appraisal from you lender.
• These fees are non-refundable. You may also choose to have a survey done for your home. The survey confirms the property boundaries.                            

*A survey may not be required by your lender, but it is very important if you are considering adding an in-ground pool or adding room additions to your home. (Estimate $300.00)   



The home inspection will give you an impartial, physical evaluation of the overall condition of your home. The home inspector will be able to share with you information about any defects your home may have along with a list of items that need to be repaired or replaced.  You will need to call your home inspection company to set up an appointment.  I can coordinate this for you, if you like. This appointment normally takes about 1 1/2 to 2 hours. You should be present with the home inspector for this appointment.

Feel free to write down any questions you may have to ask the home inspector prior to the inspection. Please text me the date, time and home inspector you choose for your appointment, so that I can coordinate the appointment with the Seller.  The utilities and water must be on for this inspection.  The Inspection fee is due at the time of inspection. The home inspection is done for your benefit.  This is your time to ask any and all questions about your house.  The repairs that the home inspector recommends may be negotiated with the seller to make some of the repairs unless the house is AS-IS. When all repairs have been completed you may chose to have the home inspector re-inspect (Est. $150) or you may conduct your own re-inspection.

• Buyer will pay the utility company to turn on the utilities, if Seller does not turn them on.                                                                           
• You may conduct any other inspection of your choose for  
example mold, radon inspections, and or code inspections however you must let me know when we write the offer the inspection must be a part of the contract.
• These fees are non-refundable.
• I may not be present for the inspection appointments.
• You will have a total of 10 days calendar days (estimate) to do all inspections. 
Please see contract for total days.

The termite inspection. The termite inspector will either find that your home has no visible termites and you will be provided with a termite clearance letter, or they will recommend the house be treated and you will need to re-inspect after treatment to obtain the clearance letter.
• Upon moving into your home you should still consider having your house sprayed for termites.
The clearance letter is not a 100% guarantee.             


Your home owner’s insurance protects you and the Lender from loss in the event the home is damaged or destroyed by fire, storm or other hazards.  Homeowner's insurance is very similar to automobile insurance. My recommendation is to call 2-3 companies to obtain quotes for the "best coverage" and the lowest price.  
Remember most companies will pull your credit in order to give you a quote. 

Everyone who obtains a loan must have home owner’s insurance.  You are responsible for having your insurance at least 
1 week prior to your closing date and for providing proof to all parties.  Please give your loan officer the name and telephone number of your insurance agent, your loan officer will need the amount of your yearly premium the insurance agent quoted to you.  Your insurance payment will usually be included with your monthly mortgage payment please see your loan officer to verify.    



• Before Closing you will also have a final walk-thru.  All agreed upon items must be completed prior to closing.  After closing the sellers will receive a check from you and they will have no further responsibility to you or the property.             
• If you are married your spouse must be present at closing even if they are not on the loan.  You will need to bring your photo ID to Closing. Your closing attorney will make sure that your home has free and clear title.  Your attorney will explain very important documents to you that you will sign, such as your Truth in Lending Disclosure, Promissory Note, Deed of Trust, Settlement Statement, and many other important documents.  This process takes about 1-2 Hrs. depending on how many questions you may have.   

•     Your loan officer will give you an estimate of your closing cost before we close, but the attorney will have the true amount that you will need to bring to closing.  Your attorney may not have this amount until the day before or the day of your closing. You will need this amount in the form of a cashier’s check made out to the attorney’s office this amount will need to be wired if it is over $1,000. This amount is your closing cost and down payment your earnest money will be applied to this amount.



• You will receive your keys to your home when the attorneys disburse funds to the seller.  This means that if your new home is vacant you will receive your keys as soon as the seller gets their check from you which will be given to them after your lender funds to the attorneys office.  This normally is the next Business day after your closing around 2pm. This time frame however could take up to 2 days after closing.
• Your contract may state 3 days after funds disburse in this case this means 3 days after the seller receives their check from you, not 3 days after your closing date.

*URGENT - After closing please do not, make any late payments or create any additional debt for at least 30 days. Most new homeowners go out and buy new furniture and other items for their home, on credit. Your Lender may run your credit again after closing. If it is found that your debt to income ratio has changed, the lender has the right to pull your loan and foreclosure on the property. Check with your Lender to see what their policy is.

Assured Real Estate Services
5507 Winchester Road, Memphis, TN 38115
Phone: 901.590.1527 | Cell: 470-779-3759


Choice Homes Atlanta
898 Oak Street, Suite B, Atlanta, GA 30310
Phone: 404.748.9735 | Cell: 470-779-3759