What it is: This is the stage where you get ready to find the home of our dreams – or, let’s be honest, sometimes it’s just the home of our needs 🙂
What to expect: If I haven’t already, I will be asking you for information about what type of property you are looking for, your budget, how you plan to finance the purchase, and personal information about anyone that will be involved in the purchase. In fact, if you haven’t already, just fill out this handy survey!
What you need to know: Purchasing a home is usually one of the largest, if not the single largest financial transaction in your life. As such, how you plan to pay for the property and not making any missteps along the journey is of utmost importance. Unless, you plan to purchase in cash (without a loan), you need to be aware of the following:
- Do not buy a new car or trade up to a bigger lease.
- Do not quit your job to change industries or start a new company.
- Do not switch from a salaried job to a heavily commissioned job.
- Do not transfer large sums of money between bank accounts.
- Do not accept cash gifts without filing the proper “gift” paperwork – talk to your lender!
- Do not make any random, undocumented deposits into your bank account
- Do not forget to pay your bills – even the ones in dispute
- Do not open new credit cards
- Do not open any new lines of credit (ex: buying your new furniture on a line of credit)
- Do not make any overdrafts
If you do plan to do a “cash purchase”, I will still need to see “proof of funds”.
What you will need to do: If you have not already, please fill out this form so we can get started with the search. Aside from reading and understanding the above, I will need you to select what lender you want to use for the purchase as I will need to be in communication with them as we move along in the process.
Next step: The Search
Note: Refer to emails or your Project Dashboard for details specific to your transaction