After the Offer – 30 Days Until Ownership A Complete Guide to what happens after the offer is accepted <ul><li>Thank you f...
After the Offer – 30 Days to Own <ul><li>The Purpose and Goals of this Class </li></ul><ul><li>Purpose:  To Create and Emp...
After the Offer – 30 Days to Own <ul><li>Topics we will cover </li></ul><ul><li>A Brief Overview of the home buying proces...
After the Offer – 30 Days to Own <ul><li>Ask Questions throughout presentation </li></ul><ul><li>You may type questions in...
After the Offer – 30 Days to Own <ul><li>Overview of the Home Buying Process </li></ul><ul><li>Offer is accepted </li></ul...
After the Offer – 30 Days to Own <ul><li>Overview of the Home Buying Process </li></ul><ul><li>Two ways you can receive ac...
After the Offer – 30 Days to Own <ul><li>The Players – Who they are </li></ul><ul><li>Who’s working on your purchase? </li...
After the Offer – 30 Days to Own <ul><li>The Players – What their roles are </li></ul><ul><li>Seller’s Agent </li></ul><ul...
After the Offer – 30 Days to Own <ul><li>The Players – What their roles are </li></ul><ul><li>Escrow Company </li></ul><ul...
After the Offer – 30 Days to Own <ul><li>The Players – What their roles are </li></ul><ul><li>Lender providing financing f...
After the Offer – 30 Days to Own <ul><li>Time Line for the Buying Process </li></ul><ul><li>Escrow period establishes clos...
After the Offer – 30 Days to Own <ul><li>The Contingencies </li></ul><ul><li>Contingency Period establishes time line for ...
After the Offer – 30 Days to Own <ul><li>The Contingencies </li></ul><ul><li>17 days for financing / Appraisal – Default <...
After the Offer – 30 Days to Own <ul><li>What Can Go Wrong </li></ul><ul><li>Many things can happen that would cause the p...
After the Offer – 30 Days to Own <ul><li>What Can Go Wrong </li></ul><ul><li>Many things can happen that would cause the p...
After the Offer – 30 Days to Own <ul><li>What options you have  </li></ul><ul><li>Depending on the challenge – there  are ...
After the Offer – 30 Days to Own <ul><li>What options you have  </li></ul><ul><li>Depending on the challenge – there  are ...
After the Offer – 30 Days to Own <ul><li>The Home Stretch </li></ul><ul><li>It ain’t over ‘till it’s over – Anything can p...
After the Offer – 30 Days to Own <ul><li>Wrap up and Take Aways </li></ul><ul><li>Demystifying the process is a huge step ...
After the Offer – 30 Days to Own <ul><li>Wrap up and Take Aways </li></ul><ul><li>Broadview Mortgage Corporation is a dire...
After the Offer – 30 Days to Own <ul><li>Wrap up and Take Aways </li></ul><ul><li>You will receive a “Thank you” email wit...
Thank You for Attending If you enjoyed this class – Tell a friend   <ul><li>Please tell us how we’re doing </li></ul><ul>...
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30 Days to Close: What Happens After Your Offer is Accepted

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Once your Purchase offer is accepted, that's where the stress really starts to kick in!

We walk you through the people, the process and the timelines that you can expect once you get your offer accepted.

These are the slides from the online webinar, please feel free to contact us for questions or more information

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30 Days to Close: What Happens After Your Offer is Accepted

  1. 1. After the Offer – 30 Days Until Ownership A Complete Guide to what happens after the offer is accepted <ul><li>Thank you for attending </li></ul><ul><li>We will begin in a moment </li></ul><ul><li>Class Scheduled to begin at 6:00pm </li></ul><ul><li>Homeownership Educator </li></ul><ul><li>Scott Schang </li></ul><ul><li>Branch Manager </li></ul><ul><li>Broadview Mortgage Corporation </li></ul><ul><li>1-866-667-6724 </li></ul>
  2. 2. After the Offer – 30 Days to Own <ul><li>The Purpose and Goals of this Class </li></ul><ul><li>Purpose: To Create and Empower Homeowners </li></ul><ul><li>Goal: Introduce you to the buying process after the offer is accepted and demystify the steps to buying a home </li></ul><ul><li>Goal: Educate you about the time lines and coordinated efforts of everyone involved in the home buying process </li></ul><ul><li>Goal: Empower you with the ability to understand the process and reduce “surprises” throughout the purchase of your home </li></ul>
  3. 3. After the Offer – 30 Days to Own <ul><li>Topics we will cover </li></ul><ul><li>A Brief Overview of the home buying process </li></ul><ul><li>The Players: Who’s working on your purchase? </li></ul><ul><li>The Timeline: what needs to take place and by when </li></ul><ul><li>The Contingencies, Who needs to do what by when? </li></ul><ul><li>What can go wrong, why, and what options you have </li></ul><ul><li>The Home Stretch – “It’s not over ‘till it’s over” </li></ul>
  4. 4. After the Offer – 30 Days to Own <ul><li>Ask Questions throughout presentation </li></ul><ul><li>You may type questions in at any time during the presentation – Questions box on your screen </li></ul><ul><li>Homeownership experts are standing by to answer your questions during the presentation </li></ul><ul><li>This is an interactive learning environment. You will get the most value by having your specific questions answered </li></ul><ul><li>The only dumb question is the one you don’t ask </li></ul><ul><li>Write this number down in case of technical difficulty </li></ul><ul><li>1-866-667-6724 </li></ul>
  5. 5. After the Offer – 30 Days to Own <ul><li>Overview of the Home Buying Process </li></ul><ul><li>Offer is accepted </li></ul><ul><li>Escrow is Opened </li></ul><ul><li>Inspections are completed </li></ul><ul><li>Loan approval is Finalized </li></ul><ul><li>Loan documents are drawn and signed </li></ul><ul><li>Loan funds / Loan records </li></ul><ul><li>Close of escrow – purchase complete </li></ul>
  6. 6. After the Offer – 30 Days to Own <ul><li>Overview of the Home Buying Process </li></ul><ul><li>Two ways you can receive acceptance of your offer </li></ul><ul><li>Verbal Acceptance </li></ul><ul><ul><li>Common with short sales and foreclosures </li></ul></ul><ul><ul><li>Seller’s agent relays “verbal” acceptance by seller </li></ul></ul><ul><ul><li>Contract is accepted by loss mitigator on behalf of selling bank, still requires “final” signatures – red tape </li></ul></ul><ul><ul><li>Escrow is opened, process starts, pending executed contract </li></ul></ul><ul><li>Fully Executed Contract </li></ul><ul><ul><li>Both buyer and seller signatures are on “final” purchase agreement </li></ul></ul>
  7. 7. After the Offer – 30 Days to Own <ul><li>The Players – Who they are </li></ul><ul><li>Who’s working on your purchase? </li></ul><ul><ul><li>Seller’s Agent </li></ul></ul><ul><ul><ul><li>Transaction Coordinator </li></ul></ul></ul><ul><ul><li>Your (Buyer’s) Agent </li></ul></ul><ul><ul><ul><li>Transaction Coordinator </li></ul></ul></ul><ul><ul><li>Escrow Company </li></ul></ul><ul><ul><ul><li>Escrow officer / Assistants </li></ul></ul></ul><ul><ul><ul><li>Title Company / Representative </li></ul></ul></ul><ul><ul><li>Lender providing financing for your purchase </li></ul></ul><ul><ul><ul><li>Loan Officer </li></ul></ul></ul><ul><ul><ul><li>Loan Processor </li></ul></ul></ul><ul><ul><ul><li>Loan Underwriter </li></ul></ul></ul>
  8. 8. After the Offer – 30 Days to Own <ul><li>The Players – What their roles are </li></ul><ul><li>Seller’s Agent </li></ul><ul><ul><li>Responsible for communicating the terms and interests of the seller to escrow and buyer’s agent </li></ul></ul><ul><ul><ul><li>Provides escrow and title information to buyer’s parties…ie – Agent, Lender </li></ul></ul></ul><ul><ul><ul><li>Responsible for “seller’s side disclosures” </li></ul></ul></ul><ul><li>Your (Buyer’s) Agent </li></ul><ul><ul><li>Responsible for communicating with Seller’s agent to receive all seller disclosures and make arrangements for entry into property for inspections / appraisal </li></ul></ul><ul><ul><li>Orders home inspection </li></ul></ul><ul><ul><li>Responsible for communicating to you status of process </li></ul></ul>
  9. 9. After the Offer – 30 Days to Own <ul><li>The Players – What their roles are </li></ul><ul><li>Escrow Company </li></ul><ul><ul><li>Third party coordinator of all contracts, reports, monies, addendums and instructions by all parties involved </li></ul></ul><ul><ul><ul><li>Collect and hold deposit / earnest money </li></ul></ul></ul><ul><ul><ul><li>Collect and hold down payment </li></ul></ul></ul><ul><ul><li>Order the preliminary title report from title company </li></ul></ul><ul><ul><li>Title Company researches “chain of title” to establish free and clear rights to ownership of property </li></ul></ul><ul><ul><ul><li>Insurance provides guarantee clean title </li></ul></ul></ul><ul><ul><li>Ensures that the instructions laid out in the purchase contract and the terms of the loan approval are all met </li></ul></ul>
  10. 10. After the Offer – 30 Days to Own <ul><li>The Players – What their roles are </li></ul><ul><li>Lender providing financing for your purchase </li></ul><ul><ul><li>Loan Officer – Communication of terms, conditions and status of loan approval to you, your Agent and any other parties that wish to be in the loop </li></ul></ul><ul><ul><li>Responsible for coordinating all communications and needs from Loan Underwriter and Loan Processor to you for the purposes of final loan approval </li></ul></ul><ul><ul><li>Loan Processor - Communicates with escrow, title, loan officer, buyer, seller’s agent, buyer’s agent to coordinate the receipt and delivery of required documents required for loan </li></ul></ul><ul><ul><li>Loan Underwriter – Receives and reviews all contracts, addendums, inspections, appraisal, income and asset documentation, credit profile for compliance with underwriting guidelines of the loan you have applied for </li></ul></ul>
  11. 11. After the Offer – 30 Days to Own <ul><li>Time Line for the Buying Process </li></ul><ul><li>Escrow period establishes closing date </li></ul><ul><ul><ul><li>30 days is normal </li></ul></ul></ul><ul><ul><ul><li>Longer or shorter is possible and common if all parties agree </li></ul></ul></ul><ul><li>Contingency Period </li></ul><ul><ul><li>17 days for financing / Appraisal - default </li></ul></ul><ul><ul><li>10 days for inspections – default </li></ul></ul><ul><li>Finalization of Financing </li></ul><ul><ul><li>Prior to documents (PTD) conditions approved - ASAP </li></ul></ul><ul><ul><li>Lender draws loan documents to be signed – 24-48 hours </li></ul></ul><ul><ul><li>Buyer signs loan docs – back to escrow/lender - 24 hours </li></ul></ul><ul><ul><li>Loan docs reviewed – 24-48 hours </li></ul></ul><ul><ul><li>Prior to funding (PTF) conditions met - Funds 24-48 hours </li></ul></ul><ul><ul><li>Record loan – Next day usually – 24 hours </li></ul></ul>
  12. 12. After the Offer – 30 Days to Own <ul><li>The Contingencies </li></ul><ul><li>Contingency Period establishes time line for performing certain requirements of purchase contract </li></ul><ul><li>If the result of a contingent action causes you or seller to back out of purchase – all monies would be returned and both parties would be held harmless </li></ul><ul><li>California Association of Realtors 8 page purchase contract keeps contingencies in place until close of escrow unless otherwise specified or released </li></ul><ul><li>A buyer that makes a “contingent offer” means that they must close on the sale of existing home prior to closing on new home – not as attractive to sellers </li></ul>
  13. 13. After the Offer – 30 Days to Own <ul><li>The Contingencies </li></ul><ul><li>17 days for financing / Appraisal – Default </li></ul><ul><ul><li>Lender is responsible for placing appraisal order </li></ul></ul><ul><ul><li>Appraisal is ordered on day of acceptance - $350-$450 </li></ul></ul><ul><ul><li>Typical turn around is 3-5 days </li></ul></ul><ul><ul><li>Received and reviewed by lender – 24-72 hours </li></ul></ul><ul><li>10 Days for optional buyer Inspections </li></ul><ul><ul><li>Buyer’s Agent is responsible for disclosing to buyer options and rights for performing inspections on property </li></ul></ul><ul><ul><li>Home inspection is recommended at very least - $250-$350 </li></ul></ul><ul><ul><li>Buyer is responsible for choosing to perform non-required inspections – Agent can refer professional services </li></ul></ul>
  14. 14. After the Offer – 30 Days to Own <ul><li>What Can Go Wrong </li></ul><ul><li>Many things can happen that would cause the purchase to go “sideways” </li></ul><ul><ul><li>Some you can control / Some you cannot control </li></ul></ul><ul><li>Financing challenges </li></ul><ul><ul><li>Changes in your employment </li></ul></ul><ul><ul><li>Changes in your reserves / funds to close </li></ul></ul><ul><ul><li>Personal Liens, judgments, levys that “pop up” </li></ul></ul><ul><li>Inspection challenges </li></ul><ul><ul><li>Appraisal uncovers health or safety issues </li></ul></ul><ul><ul><li>Appraisal determines value is lower than sales price </li></ul></ul><ul><ul><li>Home inspection uncovers extensive challenges to condition </li></ul></ul><ul><ul><li>Pest/termite, Hazardous materials, other inspections uncover conditions which are not appealing or acceptable </li></ul></ul>
  15. 15. After the Offer – 30 Days to Own <ul><li>What Can Go Wrong </li></ul><ul><li>Many things can happen that would cause the purchase to go “sideways” </li></ul><ul><ul><li>Some you can control / Some you cannot control </li></ul></ul><ul><li>Preliminary Title Report </li></ul><ul><ul><li>Title search uncovers liens, zoning challenges that would create challenges with providing insurance </li></ul></ul><ul><li>Condominium Projects </li></ul><ul><ul><li>There can be challenges with financing for certain condominium projects if the following are present: </li></ul></ul><ul><ul><ul><li>More than 40-49% non-owner occupied </li></ul></ul></ul><ul><ul><ul><li>Certain cases of litigation against HOA </li></ul></ul></ul><ul><ul><ul><li>High % of HOA dues delinquent </li></ul></ul></ul>
  16. 16. After the Offer – 30 Days to Own <ul><li>What options you have </li></ul><ul><li>Depending on the challenge – there are options </li></ul><ul><li>Financing challenges </li></ul><ul><ul><li>Communicate with your loan officer and act quickly to produce documentation/paper trail to explain discrepancies </li></ul></ul><ul><ul><ul><li>Employment gaps, changes of employers / pay </li></ul></ul></ul><ul><ul><ul><li>Reserve documentation if funds move often or are difficult to source – large deposits are red flags </li></ul></ul></ul><ul><ul><ul><li>It NEVER pays to be elusive with your loan officer </li></ul></ul></ul><ul><li>Inspection challenges </li></ul><ul><ul><li>You may have just saved yourself lots of time and money by performing thorough condition inspections – back out </li></ul></ul><ul><ul><li>Go back to seller and ask to have conditions cured to proceed with purchase of home </li></ul></ul><ul><ul><li>Value comes in low – Most sellers will reduce sales price </li></ul></ul>
  17. 17. After the Offer – 30 Days to Own <ul><li>What options you have </li></ul><ul><li>Depending on the challenge – there are options </li></ul><ul><li>Preliminary Title Report </li></ul><ul><ul><li>There’s not much you can do as a buyer to resolve title issues </li></ul></ul><ul><ul><li>Have seen subordinate liens pop up – seller or buyer may resolve issue of compensation to lien holder </li></ul></ul><ul><ul><li>Title company typically will try to find resolution to challenge </li></ul></ul><ul><ul><li>Title company ultimately determines whether or not they will insure against clouds and insure as free and clear title </li></ul></ul><ul><li>Condominium Projects </li></ul><ul><ul><li>Lender decision – challenges with condominium projects affect the salability and insuring of mortgage on secondary market </li></ul></ul><ul><ul><li>Some lenders have higher tolerance for risk than others </li></ul></ul>
  18. 18. After the Offer – 30 Days to Own <ul><li>The Home Stretch </li></ul><ul><li>It ain’t over ‘till it’s over – Anything can pop up at almost anytime – Don’t be alarmed – it’s normal </li></ul><ul><li>Challenges are common – fatal challenges are NOT </li></ul><ul><li>Communication is key – make sure you ask your agent and loan officer “Ok, what’s the next step and when can I expect to see it completed?” </li></ul><ul><li>Manage your expectations based on actual events and not on anticipated results – you’ll sleep better at night! </li></ul><ul><li>Do not push your loan officer or agent to give you answers or status when you don’t like their first answer – trust that they are keeping you informed </li></ul>
  19. 19. After the Offer – 30 Days to Own <ul><li>Wrap up and Take Aways </li></ul><ul><li>Demystifying the process is a huge step toward being in control of the process – Ask lots of questions about anything you don’t understand </li></ul><ul><li>Do not let “fear of the unknown” cause undue stress educate yourself about the process, manage your expectations </li></ul><ul><li>Since the communication and the experience of your professional team are so vitally important to the home buying process – make sure you take your time, do your homework and purposely choose a qualified “team” </li></ul>
  20. 20. After the Offer – 30 Days to Own <ul><li>Wrap up and Take Aways </li></ul><ul><li>Broadview Mortgage Corporation is a direct Lender that specializes in CalSTRS, CalPERS, CalHFA, FHA, VA, USDA and Community based down payment assistance programs </li></ul><ul><li>We are more than happy to be your “second opinion” if you are already working with someone </li></ul><ul><li>We are more than happy to recommend a qualified Real Estate Agent that we have interviewed and worked with – Shares our values </li></ul>
  21. 21. After the Offer – 30 Days to Own <ul><li>Wrap up and Take Aways </li></ul><ul><li>You will receive a “Thank you” email with links to the information we’ve talked about here today including </li></ul><ul><ul><li>Copy of Workbook / Notes </li></ul></ul><ul><ul><li>Links to topics we discussed in class </li></ul></ul><ul><ul><li>Secure on-line loan application </li></ul></ul><ul><ul><li>Dream Home Finder request </li></ul></ul><ul><ul><li>A schedule of all upcoming classes </li></ul></ul>
  22. 22. Thank You for Attending If you enjoyed this class – Tell a friend  <ul><li>Please tell us how we’re doing </li></ul><ul><li>Follow up email includes a link to “Praise” page </li></ul><ul><li>Your feedback is greatly appreciated </li></ul><ul><li>For more information </li></ul><ul><li>1-866-667-6724 </li></ul><ul><li>Homeownership Educator </li></ul><ul><li>Scott Schang </li></ul><ul><li>Branch Manager </li></ul><ul><li>Broadview Mortgage Corporation </li></ul>

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