Our emphasis is education. We want you to see that you’re in the know. That you’re in charge. And that you know what to expect out of this real estate market with respect to Grand Rapids home values — whether you’re selling or buying (honestly, it’s most likely both, because if you’re selling, you’re most likely buying as well!).
That Being Said, There Are Two Things You Need to Know About Your Home:
First off is the purchase process — what to expect.
As you see here, this is a process that will take as little as 30 days…or as many as 45 days. Our job is to make those days fly by fast.
Once you make that home purchase (or accept that offer), the rest is all downhill. Day 1 simply involves the title company’s research into your property, plus the lender’s attachment and a survey to ensure you know what you’re buying or selling.
The next couple of days involves the EMD, or simply “Good Faith Funds,” which is an earnest money deposit, a transaction that typically will take 48 hours max. It’s at this time that the title to the home is examined.
Within 10 days, you can expect inspections of the home. By 15 days, any repairs needed will be addressed, plus an appraisal. By day 20, you can expect to know the actual value of the home and whether or not any safety requirements are necessary. Title commitment, purchase documents, and the appraisal are all delivered, an underwriter looks it all over, and final conditions are requested after 25 days.
And then what happens on day 30? The closing. The day you get your keys! (Or GIVE THEM)
Not Knowing This Process Can Make the Process a Pain! Even More so Is the Fact That You Don’t Know What Lenders Want When You’re Looking for That Home Loan!
That’s the second thing — it’s all about the lenders! You can’t get that home loan without knowing what lenders want, which is why you need to know this:
Be prepared to be shocked…. Getting that home loan isn’t just about your credit score! You’ve got to watch out for….
- Income Requirements
- Employment History
- and Assets and Reserves!
A lot goes into the process of determining your eligibility for a home loan. So bear that in mind. You need to provide proof of income, the history of your employment, and just how much money you have in your bank account, basically.
Good stuff to know before jumping into the real estate waters without a life vest, don’t you think?
It’s Like We Said: We at GRHV Are Here to Hold Your Hand
And this real estate process will go real smooth. The end result? Your escrow, your bottom line, your sold home, or…. Your purchased home in no time!
So what are you waiting for? CONTACT US RIGHT NOW!