Congrats you two!
Real Estate has historically been such a weird transactional industry. Your task at hand is to lean into the ✨ fun ✨ of this adventure. My task is to make sure that you don't want to die from the ugh sides of this process.
As mentioned on our phone call we will swing between the right brain/left brain activities - peppering the paperwork and less fun tasks between the creative and exciting.
You've already done the daunting work of getting your pre-approval. This really is the golden ticket. Now you get to explore houses and neighborhoods, stay in the vision of your future home, and enjoy going on this adventure with each other as much as possible.
I'm excited to help.
<3 Frankie
THE OFFER
The Purchase Offer paperwork lays out 3 factors:
- Price
- Time of Possession/Escrow Length
- Contingencies
Contingencies are your safety nets in case you find something wrong with the property or if the house doesn't appraise. They give you a way to command+shift+delete the transaction without paying a penalty. The 3 main contingencies are:
- Inspections
- Appraisal
- Loan
The three items we need in order to submit an offer are:
- Pre-Approval Letter
- Proof of Funds for Down Payment
- Signed Purchase Offer
Proof of Funds can be either a bank statement or an investment account statement with the numbers blacked out.
ESCROW TIMELINE
Escrow can be anywhere from 10-60+ days depending on what the seller and buyer need, and funding requirements.
EXAMPLE OF A 21-DAY ESCROW:
day 1: Offer Countered or Accepted!
day 2: Go into Escrow!
day 1-3: Wire Earnest Money Deposit (usually 1-3%).
day 1-10: Investigation and Inspection Period.
day 7-14: Appraisal.
day 17-21: Final Walkthrough.
day 17-21: Loan Funds!
day 17-21: Wire Down Payment and Closing Costs.
day 21: KEYS!
It's strongly suggested that after you get your pre-approval letter you don't take on any new credit debt or make any massive purchases because it can greatly change your debt-to-income ratioand what you can afford for a monthly house payment. This includes co-signing a loan or apartment for a family member or leasing a new car.
Once escrow has closed you are free to pick up spending activities as normal!
Excited to talk more.