Whats the next step after prequalifying and finding a home?
Once you have agreed on a sales price with the seller, the next step is to have a sales agreement drawn up. This should be done by either a lawyer (usually the seller’s lawyer) or a real estate agent. You should have your own lawyer review it if possible. The agreement should include: projected mortgage approval and closing dates, down payment amount, and type of loan. Contingencies should include: building inspection (conducted by a qualified/licensed person), mortgage approval, vacancy of units (if it’s an issue), and whatever else needs to be done prior to your closing (repair of systems, cleaning, etc.). Should major repairs be needed, you may want to adjust your purchase price accordingly (if the seller agrees to it) or have the seller make the repairs prior to the closing. Be sure to ask for documentation on those repairs. Both the lender and the College (Community Relations) will need a copy of your sales agreement in order to proceed with the necessary paperwork. Must I use Rho
