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Understanding The process for buying your home.
First, get a loan commitment, not a pre-qual or pre-approval. There are no standard criteria in Lending or Real Estate that dictates what being pre-qualified or pre-approved means. This can lead to last minute surprises, higher rates, higher fees & higher monthly payments than you were expecting. Sometimes this can delay or even cancel a closing and you could lose your earnest money. By following our proven system, that will never happen to you. Get a CLG Loan Commitment! This way, you know your loan will close…On Time, Under Budget, with No Surprises!
- You’ll make an offer to purchase a home, which is a purchase CONTRACT, outlining everything you and the seller must do to close on the purchase. It is a legally binding contract.
- You will include an Earnest money check that will be cashed when your offer is accepted.
- By working with a truly professional, full time real estate agent, you will negotiate price, terms, concessions and a closing date that works for both you and the seller.
- You will go to your home inspection, with a licensed home inspector that your Realtor can help you select.
- You are looking for major potential problems, not “wear and tear” issues. Anything that needs to be addressed at this time will be. (Plumbing, electrical, sewer, foundation, furnace, roof etc.) If the seller does not agree to fix something, this will be an opportunity for you to cancel your contract, and retrieve your earnest money.
- The appraisal is the next step and the home must be worth at least what you agreed to pay. If it’s worth less, the seller can either agree to lower the price, or you can elect to make up the difference. If the seller refuses the lower the price, you can cancel the contract, and get your earnest money back. If it appraises for more than you agreed to buy it for, congratulations, you have already made a profit!
- Loan commitment deadline. This is the date on your contract after which, if you cannot close on the transaction for any reason, the seller has the right to keep your earnest money. We manage our internal systems entirely to this date, so that we can assure you that your loan will close on time! Your earnest money will not be at risk. We will confirm your loan commitment, your ability to close, on that day with you, your agent and the listing agent.
- Two days before you close, we will review with you your final numbers, how much money you will need on closing day and confirm all the loan details so that your closing is merely a formality. This is not how 95% of the real estate transactions go in America. It’s usually very stressful at the last minute, and sometimes, what should have been the most exciting day in your life, can turn into one of the worst. By doing business our way, this NEVER happens!
- You go to the title company that has been selected to facilitate the closing, to sign all the loan and real estate closing papers. Since you have already reviewed the most important of these loan documents with us, the loan signing is a formality. You will bring your funds to close with either a cashier’s check, or a wire transfer. We will have all your loan papers there along with your money before you arrive.
Congratulations, you are a new homeowner!
Click here to find out what it takes to get started – and we won’t ask you to fill out anything online!
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Why you must stop renting
