12 Steps to a Successful Settlement on Your Dream Home

Just as with a GPS system, to get an accurate complete road map to your destination , you need a starting point and an end point. Following below steps, will help you to navigate Real Estate settlement transaction and to get to your desired destination - new home.

1. First: Get “Pre-Approval” letter by reputable lender or mortgage broker.
2. Second: Write up the list of housing desires /wishes (house futures, location and etc.)
3. Third: Get the knowledge of the state of the market and get understanding why it is an excellent time to buy. Search for your home and see them.
4. Fourth: Once you have identified the best property to buy and ready to enter into the bid/ contract process, ask agent to see comparable recent sold homes and provide to you Comparable Market Analysis (CMA) and /or order appraisal. Make an offer for your new home - sign all offer documents an agent provided to you. Write a check for your escrow account (deposit is hold in Trust account until you are ready to settlement and it will be used toward your settlement charges)
5. Fifth: Once contract is fully ratified / executed (signed by sellers and buyers), contact the lender and get a commitment letter from the lender not later then 10 business days from contract acceptance. Lenders are required to provide borrowers with a Good Faith Estimate (GFE) of closing costs and Truth in Lending Disclosure within 72 hours of application.
6. Sixth: Contact the lender to make sure providing all required documents to render a final loan approval. Ascertain that an appraisal has been ordered and the date scheduled.
7. Seventh: Hire licensed home inspector. Get the inspection report. If necessary, re-negotiate contract and provide updated version to the lender.
8. Eighth: Communicate with the lender every couple of days to ensure all elements of the loan process are in order and proceeding in accordance with the contract commitment date.
9. Ninth: When you have received the formal loan commitment, coordinate directly with lender to make certain any and all underwriting conditions have or will be satisfied.
10. Tenth: When the lender’s commitment letter is received, in coordination with the agent, order title work and schedule the settlement date and time acceptable to all parties.
11. Eleventh: Find insurance company for your new home. Insurance policy’s effective date must coincide with the settlement date.
12. Twelfth: Ask the agent to order Home Warranty for your new home.


If you are consistent and realistic about all of above real estate transaction steps, while enlisting your "Team of Experts" - your real estate agent, lender, inspector, title company / attorney, you will successfully settle on the home of your dream. Be persistent. Good luck!

Tatyana Baytler
443-527-4375
www.LagretRealEstate.com

5 Home Projects to Finish Before Labor Day

If the back-to-school radio or television commercials haven’t clued you in yet, summer is nearly over and with that, so will be the longer days and warmer temperatures.

Now is the time to finish up those home improvement projects sitting at the top of the to-do list before Labor Day and the beginning of fall.

Curb Appeal Projects

Get going on outdoor projects that can increase your home value and up your curb appeal, such as exterior painting, landscaping or installing a new front door. Paint won’t cure in cold or wet weather, so tackle this big project before the weather takes a turn.

Clean and Caulk Windows

Make things a bit clearer by taking time to clean the outside of your windows. While you clean them, take note of any cracks or any places that may need caulking. Sealing your windows (and doors) well will ensure your home stays warmer and your utility bill stays lower during the colder winter months.

Scrub and Seal Your Deck

Your deck gets a beating year-round from rain and snow and freezing temperatures during the winter and sun and dry air during the summer. Give it a scrub with approved deck cleaner to get rid of mold, then apply a stain or sealant to protect it from rain and snow during the upcoming months.


Clean out the Garage (or other spaces)

It’s no fun to labor in a garage in the dead of winter, so get de-cluttering and organizing now when the weather is nicer. Donate unwanted items to charity or host a garage sale.

Seal the Driveway

If you’re seeing cracks or holes in your driveway this summer, they will most likely get worse with winter weather. Seal or repair your driveway to prevent further damage. Additionally, asphalt pavement doesn’t cure as well in cold weather; if you are considering a paved driveway, summer is the time to do it.