BUYING PROCESS

1. Our Initial Meeting.
   This is when we begin our process. We'll discuss your wish list for purchasing your new home. I will go over this process and answer any questions you might have. We will also talk about Agency and any other general information such as lenders and expenditures you need to be prepared for.


2. Pre-qualification Followed By Loan Application.
   I will have a loan officer call or meet with you, if you have not already selected a mortgage source. This will assist you in determining the price range of home, as well as what type of loan will best suit your specific needs. (Advantage: Sellers are more likely to readily accept an offer from a buyer with an approved loan or loan in progress.) The loan officer will also schedule an appointment for loan application and detail what information you will need to bring. Before or during loan application a merged credit report will be ordered at a cost of approximately $70.00. Some lenders will also require the monies for all, or at least a portion, of the appraisal. An appraisal typically costs $350.00.


3. Previewing Properties.
   At this time we will compile a list of potential properties to tour. Using a computer in the comfort of my office, we'll scour the entire listing of property available in the multiple listing service. Once we've made our selections based on your requirements, we will personally tour the properties you're interested in.


4. Prepare The Offer.
   After you have selected the property you want, we will prepare an offer to present to the seller's agent. Our offer can be accepted, countered, or rejected. Either party may withdraw their offer or counter, at any time, prior to acceptance by either party. An earnest money deposit, of approximately 1% of the sales price, will be needed at this time.If our offer becomes a ratified contract, the money will then be deposited into a escrow account held by William E. Wood and Associates, unless otherwise specified by the seller to be used at closing toward your down payment, closing cost or however we have specified on the contract.


5. Home Inspection.
   Unless changes have been made to the contract, we have 7 days to have a Home Inspection conducted. Pricing will vary by company, but most are based on the square footage of the home. The average cost is between $225 and $350 to be paid at the conclusion of the inspection. The property remains active during this time, until we remove the Home Inspection Contingency, but the seller can only take back up offers. Once we remove the contingency by negotiating any necessary repairs, the property is placed in pending status until closed. If we are unable to resolve any Home Inspection concerns we begin the selection process again.


6. Appraisal
   This is ordered by the Lender in accordance with the terms of the contract. The price of an appraisal is approximately $350, and some lenders may require this fee to be paid during the loan application process
   
   
7. Selecting a Settlement Company.
   At this time you will need to select a Title Company or an Attorney to begin the closing process. I will provide you with a list of reputable settlement agencies if you don't have a preference. The settlement agency will order the title searches, survey, prepare the deed and any other necessary documents. The exact date and time of closing is selected once your loan has been fully approved. This date may vary slightly, from the date noted on the contract, particularly if more than one settlement is involved.