Buying a home doesn't have to be scary.
A Haven agent will simplify the home-buying process for you and walk you through each step until you’ve got the keys to your new home in your hand.
Potential buyers apply for loan pre-approval from their lending institution of choice, based on a review of their credit, income, assets, and revolving debt. Lender issues a pre-approval letter, including maximum sales price.
Buyers complete forms, including a Home Buyer Questionnaire, indicating their search criteria. Showings are scheduled based on this criteria.
Buyers submit Earnest Money Deposit (the greater of $1,000 or 1% of the sales price) and makes an offer on a home they would like to purchase, including the sales price, contingencies, settlement date and other relevant addenda.
Offer is accepted by the seller, making it a ratified contract. Buyers apply for loan and the Earnest Money Deposit is deposited within 7 days.
Contingencies give parties the right to void the contract, under certain circumstances agreed upon by buyer and seller. Other common contingencies include home sale/purchase, lead-based paint, and third party approval.
After applying for a loan, the initial Closing Disclosure is provided, with an estimate of the final closing costs and the monthly payment amount.
Buyer schedules a home inspection, a visual evaluation of the home’s condition. The home inspector also gives tips on home maintenance.
Lender schedules an appraisal, or opinion on the home’s market value. Loan amounts may not exceed a home’s appraised value. Ideally, the sales price is less than or equal to the appraised value.
Once the loan is approved, the lender issues a loan commitment letter, pledging to loan the buyer a specified amount for the purchase of the home.
Three (3) days before settlement, a final Closing Disclosure is provided with the final costs to the provider.
After the final walkthrough, the title is transferred from the seller to the buyer and the deed is recorded and held by the lender until the loan is paid off.