Engel Volkers Buyer & Seller Guide Bozeman - Manual / Resource - Page 42
E n g E l & Vö l k E r s | B oz E M a n
The purchase process
step by step guide on becoming the owner of a new home.
Loan
Qualifications
Home
Search
contact a loan officer;
discuss financial resources
& obtain pre-qualification
letter
tour available properties
with your advisor and
earn about different
opportunities
Contact Your
Advisor
to determine requirements,
preferences, and final
qualifications
Inspections &
Disclosures
Find The
Perfect Home
Present &
Negotiate Offer
must be approved by all
parties along with the title
commitment as permitted
by the contract
Your advisor will
present/ negotiate terms
with listing agent
Discuss strategy with your
advisor and decide
on an offer
Submit Loan
Application
to lender with all
necessary documents
Escrow
Opened
submit earnest money
deposit to escrow
Negotiate
Repairs
Underwriting
& Appraisal
Title
Commitment
if critical issues are
discovered in disclosures,
inspections, etc.,
as permitted by contract
issued in response to
application for
title insurance
the lender will review
buyer’s files in underwriting
if loan is needed. appraisal
establishes value of property
Remove
Contingencies
inspection,
appraisal, Financial
Homeowner’s
Insurance
select an insurance company
and coverage, then give
insurance agent and lender
escrow information
42
Sign
Documents
sign loan documents,
escrow documents, etc. at
title and escrow company
Down Payments
& Loan Funding
Lender sends funds
to title company
Record/Transfer
Deeds are recorded at
county Recorder’s office
