Important FAQs & Terms To Know

 

CLOSING- Date the house is YOURS

MUTUAL ACCEPTANCE - Date the contract is mutually agreed between both parties.

ESCROW - Third party that officiates the closing.

LOAN DOCS - The loan documents that you will sign at Escrow, making it official.

TITLE - You must have free and clear title to the property before closing occurs.

SHORT SALE - A short sale is a sale that is selling for LESS than what the seller owes and therefore, the seller has to get permission from the bank to make the sale happen.  A short sale is the opposite of short-it can take A LONG TIME!

REO - An REO stands for Real Estate Owned by the BANK.  It is a home that the Bank foreclosed on and is now the "owner" of that property.

FANNIE MAE/FREDDIE MAC/HUD - These are all entities of the government-held real estate that's being sold as an REO.

CLOSING COSTS - The costs associated with your loan, typically 3%.  

 

DO:

Be 100% transparent with the lender.

Research schools, neighborhoods and areas you would like to live in.

Pay all bills on time and keep your credit in pristine condition! Also, work with lender to try to get credit higher.

LISTEN to your REALTOR! Our job is to guide you through this process and protect you!

 

DON'T:

LIE to the lender! They will find out anyhow!

Be unprepared with the area you want to live n.  Know what is important to you.

BUY ANYTHING! The worst thing you can do as a buyer is SPEND MONEY on CREDIT! If your credit drops, so may your home buying opportunity.

Take advice from your "friend" that knows "some stuff" about real estate.