The Process of Buying a Home
If you have an accepted offer on a property here in the Salem Oregon area, then this is what you can generally expect from here on out.
- Your earnest money check will be deposited or your promissory note will need to be redeemed.
- Escrow will be opened and the title report ordered.
- Your real estate agent will assist you in finding a home inspector if you need one.
- Your mortgage broker will take a copy of your contract and will start the process of getting your file ready to send to the underwriter.
- You will have your home inspected. What types of inspections occur will depend on the type of property you are purchasing.
- If everything looks good on the inspection report your mortgage broker will order the appraisal of the home.
- You will receive a copy of the title report for your review.
- You will need to decide on a homeowner’s insurance policy.
- Your loan application, the contract, the insurance binder, and the appraisal all head off to the underwriter for the lender.
- As soon as you have underwriter approval of your loan, you can start calling the local Salem Oregon utility companies to get services switched over.
- The lender sends the documents over to the escrow company to process them.
- You will receive a preliminary settlement statement to review.
- You will set up a time to sign the documents at the title company.
- About 24-48 hours (in business days), the title company will get the funds released and your deed recorded with the county.
- You get the keys to you new home and you start to move in!