I Failed at Homebuying, Now What?

1.How long has Seabrook and Associates been in operations?

Seabrook and Associates has been operating since August of 2017. Bernadette became a Licensed Real Estate Agent August 2011. She became a Licensed Broker in July 2017 and is an Associate Broker at Keller Williams Realty in Stockbridge, GA.

2. What is the purpose of a realtor?

• Consults with buyers to determine their unique wants and needs in a home
• Advise on making offers based on expert market evaluation so you don’t “overpay”
• A committed ally who will complete your purchase contract, present your offer, and negotiate on your behalf
• Protects and promotes the interest of their client(s)
• Preparation of all closing documents and guidance through the closing process with lender, closing attorney etc..
• Assist with Post Closing Issues

3. What ideal steps should you follow to begin the home buying process?

• Step 1 Loan Pre-Qualification: Loan Pre-Qualification is the first step in the home buying process. Pre-Qualification is a verification of credit, income, assets, etc. Pre-Qualification allows you to search for a home that is affordable for you. An application and supporting financial documents, such as paystubs, tax returns and account statements, must be submitted to your Loan Officer.

• Step 2 Property Search: Once you are pre-qualified and you know what price range fits your personal affordability, start shopping for a new home with your real estate agent.

• Step 3 Appraisal and Property Inspections: Once you find a home the offer to purchase is made. Price is negotiated with seller, buyer writes the offer and the seller accepts. Once the seller accepts your offer, an appraisal is ordered to identify any discrepancies between the sale price and the appraisal value. Properties are also inspected for damage and safety hazards.

• Processor’s and Underwriter’s Review: A loan processor will review the full file, gather all information needed for credit worthiness and send all information to an underwriter who will make the final decision to approve the loan.

• Final Loan Approval: Keep in mind; should your loan receive approval or conditional approval, there may be certain financial conditions or property conditions that must be met before your loan receives final approval.

• Signing: Loan documents, including any escrow documents and ownership transfer deed, get sent to escrow to be signed by you, the buyer and the seller at closing.

• Funding: A wire for the amount of the loan will be sent to the Escrow Company.

• Confirmation of Record: The Escrow Company or Closing Attorney confirms receipt of funds from all parties. Deeds are recorded with the county and the funds are disbursed to the seller and any and all appropriate parties.

4. What are the financial benefits of homeownership?

• Buying a home can be a wise investment
• Homes typically increase in value over time
• Build ownership interest – known as equity
• Interest paid on a home mortgage is typically tax deductible.

5. I found the perfect house, but it is “under contract,” what is the next step?

• The search must continue for homes that are active on the multiple listing systems

6. My dream home failed inspection, what is the next step?

• Address the inspection report with the seller’s agent and/or seller.

7. The lender wants more documents and I can’t provide them; how long will this delay the buying process?

• It depends on the documents requested and how long it will take the buyer(s) to provide the documents to the lender.

8. I have a home, but I want to purchase a new home. The problem is, my new home is contingent on the sale of my old home and time is running out. What should I do?

• You can have your agent request an extension, with the seller’s agent. If the seller decides not to extend, then the contract will be terminated for the transaction. Because the seller probably cannot or are not willing to extend, for several reasons.

9. It’s the day before closing and we are doing the walk-through. I noticed a leaking sink, who is responsible for the repair?

• The seller is responsible for the repair, because he/she/they still have ownership of the property. Closing can remain on schedule, providing the extent of the repair(s).

10. A week be closing, I lost my job. Will the lender cancel my loan?

• The lender will cancel the closing. Once the buyer(s) are employed again preferably in the same line of work. New income documents will need to be provided from the current employer to determine new qualification requirements.

11. I purchased a car the week before closing and the bank re-checked my credit. They decided to cancel my home loan. What can I do to get a new loan?

• Sell the car
• Earn more money
• Establish updated credit rating with new debt to income ratio etc…

12.What three mistakes do most home buyers make when purchasing a home?

• Don’t apply or take out new credit cards, auto or personal loans during the course of your loan process
• Don’t make any large unverifiable and un-documentable deposits or withdrawals to your checking or savings accounts.
• Don’t quit or change employment
• Don’t take any cash advances on credit cards to pay for your escrow deposit
• Don’t make a ‘Contract Purchase Offer” for an amount higher than your pre-approved amount without first discussing the details with your Mortgage Loan Officer

13. In closing, what advice do you have for home buyers who failed at completing the home buying process, but are still interested in purchasing a home?

We all fail at different things every day in our lives. The key is to learn from your mistakes and continue to move forward with your dream. Loan Officers, Underwriters and Realtors all have an important role in the home buying process. If you follow the instructions and advices given to you, the process will be an easier process. When documents are requested, please provide them expeditiously to continue to keep the process on schedule.

The closing process is normally 30 days, sometimes sooner.  VA loans and loans with down payment assistance programs may take approximately 45 days to close, sometimes sooner.