Selling a home can be a rigorous and tiresome process. For many, it may be their first selling experience and as a result they might not fully understand how much time and effort is required of them as the seller. From house showings to repairs and renovations, many times the hidden expenses in selling a home can make the selling process rather overwhelming. One of the most important things for the seller to realize is that this is a common among all sellers.
Just about everyone has sold a home and had to pay a little extra to get it back up to par. After you recover from the initial shock of realizing what it takes to sell, you must realize that its time to start the process of looking to find a house to buy. Maybe you get to this point by taking a drive through a neighborhood that you have always dreamed of living in, or maybe you have a friend trying to sell that has always lived in a home you admired, or perhaps you just know you want to buy and will do what it takes to get there. Ultimately, that choice is up to you.
Eventually, the day will come when you come around the right corner and your next home awaits you. At this time, it is almost as if something clicks and you realize it immediately, “This is where I need to be”. So the next question you may ask is: “What is it going to take to make me the owner of this new home?” Initially, you need to decide how you are going to finance your home; will you be using the proceeds of your previous home’s sale to pay for your new home? Will you be planning to take out a loan to purchase? These are important questions to consider.
In the event that you decide on a loan (third-party financing), you will have to submit an application to the lender of your choosing and they will need to approve it. Keep in mind that following your submission of application that a check on your credit score as well as an appraisal and survey of the property you intend to buy will be performed by your lender. Legal documents will be prepared, for both you and your new home’s seller to sign. This will include deeds, notes, mortgages, etc. The title of the property you are purchasing will be researched in order to determine what debts on the property are owed and who its legal owner is.
Once everything has taken order, a time for settlement will need to take place. This settlement can is also referred to as a “closing”. In this closing the seller will sign a deed over to you, you will sign a note and mortgage to your lender, the old loan on your property will be paid off and your new loan will take effect.
ECATCO, seller, and realtor will all be paid, and upon completion of this your title insurance policy will be issued to you and your lender.