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Applying for loan
Depending on your financial need, you can apply for a loan or skip this step. If you decide to apply for a loan, then there is an application process through which you will provide relevant financial documents. After reviewing your financial status, the loan originator would first give you a pre-approval letter for you to use. Generally speaking, the more upfront down payment you can put on the table, the more bargaining power you have.
From days to months
Now you can start viewing properties of your choice. However, before you start scheduling appointments, we recommend coming up with a budget range and a list of preferences, as these two metrics would make your selection process more targeted. We will also assist you to effectively locate your ideal properties.
From days to weeks
Once you've made the choice on a property, we will assist you to start the bidding process. This usually will start with an initial offering to the seller side, with some additional terms such as forms of payment and closing date. Depending on how far apart are the terms from the buyer and seller, the duration of the process could be different.
After the seller and buyer have agreed on a price, the lawyers from both parties would take hand and come up with a contract that specify all the relevant terms. These terms would not only include major components like price and date, but also more detailed ones such as what is considered a breach of contract and the resulted penalties.
After agreeing on a price, usually the buyer will also make a final inspection on the property. For an entire house, this would usually take a certified inspector, while for condo & co-op apartments in the city, this step can be skipped. We will assess the need and extent of the inspection for you.
Now you have the materials needed for the final approval and confirmation of the loan from the originator. During this step a final appraised value and a final interest rate would be made clear. If you are paying with all cash upfront then skip this step.
The buyer would hire a title search firm to conduct a thorough research on the legality of the title of the property. This is mainly to clear up any potential legal claim against the property later. Buyer would usually purchase a title insurance as well.
Condo / Co-op board application
If you are buying a condo or co-op, then you need to go through a review by the board of the condo or co-cop. During this process, the board will review your application document (board document) and make a final decision on your application.
A few hours
After going through all the previous steps, the seller and buyer would enter the final closing stage. Usually the buyer can do a final walk-though on the property in 24 hours before the closing. At the closing, both parties would sign the contract and exchange the payment for keys.
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