Washington Realty Centre, LLC

Buyer Process

Buyer Process Overview

Hire MAURICE BERRY + ASSOCIATES

  • Quickest and easiest way to find a home is with a competent Real Estate Agent
  • Almost 90% of home sales are performed with a Real Estate Agent

Preliminary Consultation

  • Face-to-Face Meeting
  • Review Overall Objectives
  • Determine Desired Neighborhood
  • Types of Homes – townhouse, single family, condo

Secure funding to cover EMD and closing costs.  Obtain a Loan Approval from a Reputable Lender. 

Begin the Home Search

  • Prioritize
  • Choose requirements
  • Register on Website – receive regular updates
  • Drive by & Discover new Neighborhoods

Tour Prospective Homes

  • Schedule showings with Agent – usually 3-4 homes per outing
  • Visit Open Houses on the Weekends
  • View Properties Online
  • Narrow down, select top 2-3 Homes, then select your #1 Choice

Make an Offer

  • Write a Contract
    • Determine Offer Price
    • Settlement Date
    • Earnest Money Deposit or EMD – usually 2-5% of Sales Price
    • Determine Contingencies – Home Inspection, Appraisal, Financing, etc
    • Select Title Company
  • Ratify the Contract
    • Both parties agree on contractual terms in writing
    • Property will be placed Under Contract
    • Timeline for Contingencies begin

Contingencies Removed

  • Home Inspection – completed typically within 10 days
    • Buyer hires a 3rd Party Home Inspector
    • Report is submitted to Seller, usually within 24 hrs of Inspection
      • Provides notice of any repairable issues to Seller
      • Seller may offer credit in lieu of repairs (negotiable)
      • Both parties agree in writing
  • Financing
    • Full Loan Application is completed
    • Underwriting Approval is given subject to Appraisal
  • Appraisal
    • Lender orders immediately after receiving the Ratified Contract
    • Independent Appraiser determines value of Property
    • Requires Underwriter Approval once submitted to Lender
  • Application for Home Insurance
    • Submit application – within 7 days of Ratification
    • Usually requires payment one year in advance
  • Resale Package Submitted
    • Home Owner’s Association or Condo Package
    • 3-day Review for resale properties or
    • 15-day Review for New Construction

Settlement

  • Perform Pre-Settlement Walk-Thru – Day of or Day before Settlement
  • Final Approval from Underwriting
  • Schedule Cut-On of Utility Services
  • HUD-1 Review – ideally 24 hrs prior to Settlement
  • Buyer/Seller Perform Settlement
    • Selected Title Company facilitates entire transaction
    • Certified Funds from Buyer @ Settlement
    • Loan Documents & Deed are prepared for signatures
    • Keys exchanged @ Settlement