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Real Estate 101 MRR Ebook

Real Estate 101 MRR Ebook
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License Type: Master Resell Rights
File Size: 394 KB
File Type: ZIP
SKU: 24868
Shipping: Online Download
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Chapter 10 - Getting Your Financing Set

Once you are set on the purchase of your home and the contract has been approved by the seller, you must then forward the contract to your lender who will schedule an appraisal of the house. The appraisal usually does not take a long time and will determine the value of the house based on comparisons in the area.

You should also schedule your home inspection. If you are using a real estate agent, ask them to do this for you. Your responsibility is to schedule the real estate inspection and get your financing situation. It is the responsibility of the lender to schedule the appraisal.

The seller will have the responsibility of ordering a title commitment and a survey. If the property is a condominium, no survey is required. You are entitled to a copy of the title commitment and survey prior to closing for review. If you are using an attorney, your attorney will get the title commitment and be able to review it for you.

Your real estate agent cannot act as your attorney and review title. Neither can your lender. When you go to the closing (usually held at a title company) , the escrow officer who facilitates your closing cannot give you any legal advice or explain any documents to you. If you are unsure about signing documents, you should hire an attorney.

You should be aware, however, that if you are getting a mortgage, your lender will review the title commitment and survey and make sure that everything is in good shape before proceeding. Your lender has just as much on the line as you do when it comes to the deal. In some cases, they may have more.

To get your financing set, you will need to provide your lender with documentation about the money that you are planning to use for a down payment. This entails a bank statement. If the money is a loan from a family member, you need to provide a gift letter stating that the money is a gift and they do not want to be paid back.

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