Helpful Information for the First Time Home Buyer . . .
First Home? Use Regina Baldwin Realtor! Check out our references of buyers that have worked with us! We will work for you at your pace and with your wants and needs in mind.
Mortgage Pre-Approval See a mortgage lender of your choice or call us for a referral. This pre-approval makes contracts more appealing to the seller.
Home Inspection? Home inspections are highly recommended! They are for your assurance as to the condition of the home and its systems as of the time of the inspection. No mortgage appraisal warrants home condition, only value!
Contract for Purchase! The contract for purchase is a negotiation between buyer and seller to arrive at a mutually satisfactory purchase price, items to be included in the sale, possession dates, mortgage terms, performance dates, etc. It is common for offers to be made and counter offered several times until the parties can agree on all the terms of the contract. If you cannot agree, you must move on.
You Have a Contract . . . Now What? You make formal mortgage application; your property is appraised to assure value and after third-party verification of the information disclosed on your application . . . then your file goes to underwriting for program compliance. This whole process on average takes 45 days or less.
You're Approved . . . Now What? Now your file is referred to an Escrow Closing Department. The title to the property will be searched for deed transfer, the public records will be searched for liens against both the seller and yourself. A closing time will be scheduled.
