As a buyer, working with a Realtor is commonly a free service. Normally, the seller pays the Homebuyer’s Realtor a commission. Real Estate Agents also help buyers with the process of searching for a home and working on the buyer’s behalf in the negotiating of the sales price. The Real Estate Agent will also help the buyer is negotiating the terms of the sales contract. Realtors also provide information about the community and neighborhoods. Their service is extremely important to the homebuyer.
Step 3 – Contract Is Accepted, Property Is Placed In Escrow
For many states, once the contract is accepted, the property is placed in escrow. For states like Texas, the earnest deposit and contract is dropped off at a Title Company.
Step 4 – Buyer Submits More Detailed Loan Application, Selects Home Mortgage Type And Locks Rate
Once the property has been identified, the mortgage company can now assist the buyer with choosing a mortgage program like first time home buyer loans. The buyer can lock the rate of the home mortgage. The buyer will also provide the paperwork to complete the home mortgage loan. The paperwork consists of
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Step 5 – Once Homebuyer Information Is Verified, Lender Orders Title And Property Appraisal
Appraisals and titles are an important step in the loan process. The appraisal will give the home a current market value while the title will check for current liens on the property. In order to close on the property, the title company will make sure that all liens are paid so the transfer from seller to buyer is smooth.