The Anchorage Home Buying Process
|Initial Meeting: Sit down and share with Lonnie Logan of REMAX Properties what you are looking for in a home.
Initial Call: Phone our preferred Lender to determine your budget for buying an Anchorage home. It takes about 10 minutes and is at no cost or obligation to you. This is also a good time to schedule an appointment to begin pre-qualifying.Pre-Qualified: When making an offer on a home, being pre-approved for your mortgage loan will enhance your negotiating position; most Sellers request a Pre-Qualification Letter to be submitted with an offer. Pre-qualification means the lender has reviewed and approved your credit, income, and asset documentation for financing within a given price range.Search for Anchorage, Eagle River, Chugiak Properties: We will supply a list of available homes that fall within your parameters. Drive by those homes at your leisure, judging house and neighborhood from the outside. Eliminate the Anchorage homes you know you don’t want to see inside of, and then call or e-mail our office with those Anchorage homes you want to view.
Viewing: We will arrange for viewing the inside of the selected houses. Then, we will provide a new list, and you continue to search and view until…
Found It! You discover the very best Anchorage home!
Seller’s Disclosure Statement: You should receive a copy of the 6-page disclosure statement completed by the Seller prior to writing an offer to purchase a home. In the event that you don’t; or if you receive an amendment to the disclosure, you have 3 days to review the questionnaire. If you see anything that makes you not want to buy the house, you can give notice that you disapprove of the report, void the Agreement, and receive your Earnest Money back.
The Offer: We will help you prepare the offer. Presenting the offer to the Sellers (you do not attend in person), representing your best interest and negotiating on your behalf.
Counter Offer: The Sellers may counter your offer. We will discuss the counter with you and you make the final decision. Contracts are finalized when “Mutual Agreement” is reached.
Anchorage Home Inspection: You will schedule the structural inspection with one of our recommended Inspectors; you should arrange to be present. We will again negotiate on your behalf for any major repairs you want to request the Seller to make. The inspection and reply are usually completed within 10 days following Mutual Agreement.
Homeowners’ Insurance: You will call your Anchorage insurance agent and request a homeowners’ insurance binder. You can use your current auto insurance agent or we can provide you with a referral.
Condominium Resale Certificate: The Seller will provide the Resale Certificate, from the Homeowners Association, to you within 10 days following Mutual Agreement. You will have 5 days to review this document once you receive it. If there is anything regarding the rules, regulations, bylaws, or financial records that you are concerned about, you can elect to terminate the Purchase and Sale Agreement and have your full earnest money deposit returned.
Title Insurance: The Preliminary Title Report will arrive in the mail, for your review. A copy will also be provided to your Lender.
Appraisal: The Appraiser inspects the Anchorage property for value. The Appraiser may require repairs even though we have already finished negotiating the inspection. Any work requested by the Appraiser must be completed prior to closing; or arrangements made for the funds to be held in escrow so the work can be completed after closing. We will again negotiate on your behalf.
Loan Process: Continue to provide the Lender with all the requested documents. It is not unusual to have request for documentation at the last minute. Underwriters are notorious for this!
Formal Loan Approval: After Formal Loan Approval has been received; the Lender will provide instructions to the Escrow Officer to prepare the official closing documents.
Utilities: Call all utility companies to have accounts put in your name, as of the possession date. Also, consider having locks re-keyed after taking possession.
Escrow: A few days before closing, the Escrow Company will call to schedule an appointment to sign documents. (The Sellers sign at a different time.) The Escrow Officer will tell you the exact amount of money you will need to bring; via a cashiers’ check for your down payment and closing cost.
Closing/Recording: The sale records with the municipality after signing has occurred. Once this happens the home is yours!!
You move in and have achieved the American Dream…….
YOU’RE A NEW ANCHORAGE HOME OWNER!