Buying a Home
The DAN Group will …….
- Help you identify your wants and needs.
- Familiarize you with the process and the paperwork needed to make an offer.
- Introduce you to a number of our strategic partners who can help you obtain a mortgage preapproval which is necessary for any offer being submitted.
- Keep you up to date on all properties that meet your criteria as they become available as well as keep you updated on current market trends.
Major Milestones in The Buying Process
- The first step is to start visiting the properties that meet your criteria.
- We will solicit your feedback, both positive and negative, for each property. We often find during this phase that things originally thought important become less important and vice versa. This helps us to better understand your desires and allows us to preview properties on your behalf and find a property more quickly.
Making an offer
- In this competitive market, submitting your offer quickly and accurately can mean the difference between getting your dream house or losing it to someone else. The DAN Group uses state of the art technology to make sure that all documents are out to you in the quickest way possible to ensure your offer is seen in the earliest timeframe possible.
- Often we will ask you to provide us with some personal information about you and your family to go with your offer. Helping sellers understand who is buying and how much they want the house can go a long way to helping your offer be the accepted one.
- We will always try to present your offer in person.
- Once your offer is presented, we will negotiate on your behalf to help you get the best terms possible.
Your Offer Is Accepted
- Once the offer is signed by the seller, we will get it to you and to your attorney. If you haven’t already retained an attorney, we will be happy to assist you with an introduction to a number of attorneys who we have worked closely with to provide you with representation.
- When the signed documents are delivered, you start attorney review. REMEMBER…During attorney review, either you or the Seller can back out of the contract for any reason.
- Your attorney will review it with the seller’s attorney. One or both attorneys will have changes to the contract. When the attorneys agree, we are out of attorney review.
- At that point, it is time to hire a home inspection company. Home inspections can take from 2 to 5 hours and will give you an opportunity to learn from a professional about the inner workings of your potential purchase. Of course, The DAN Group can help with recommendations should you not have your own inspector.
- Types of Inspections:
- House, Wood Destroying Insect, and Radon inspections are performed at the same time. Lead Paint and Tank Sweep inspections are done depending upon the age of the house. Finally, Well and Septic inspections are performed mostly for suburban homes.
- If any major issues are discovered, we will assist you going back to the owner to see if we can get some relief, either by having the owner remedy the situation or by providing financial relief under the contract for you to remedy after closing.
The Second Deposit
- The initial deposit is made with the initial offer (usually $1,000). The second deposit, which will be part of the contract, is usually due 10 days after attorney review.
Waiting for the Mortgage Approval
- Your mortgage broker, bank, etc. will assist you to providing all paperwork necessary to get your mortgage approved. Providing this information quickly and accurately will speed this process along and lessen the chances of problems arising as we get closer to the closing date.
- The bank will send out an appraiser to value the property. The appraisal is for the bank, but you can usually ask for a copy. The appraiser may be required to go back to the house a final time before the closing. This has become a more prevalent practice after Hurricane Sandy.
- The loan will go into underwriting to make sure all the documentation is complete.
- The commitment will be issued.
The Final Walk Thru
- On the day of the closing, you will walk thru the house to make sure everything is in the same condition as it was when we first made the offer. The house must be broom clean. All problems will be dealt with by the lawyers at closing. If the problems are substantial, the closing might be delayed until the issues are remedied.
- You will be signing a lot of paperwork. Your attorney will go over everything. You may need to bring funds to the closing. Check with your attorney, the check may need to be certified.
Congratulations on buying your new home!!!