Bart Medlock, ABR/e-Pro
Cell/Text: 812-987-6387
Email: Bart@BartMedlock.com
Fax: 800-851-1091
Cell/Text: 812-987-6387
Email: Bart@BartMedlock.com
Fax: 800-851-1091
The Home Buying Process:
I've helped many clients buy their first home.
For clients with limited money to buy their first home, having an
agent who is experienced with putting together such purchases is
key to becoming a homeowner. Not all agents are created equal.
Steps to Home Ownership
NOTE: Once you make application for a mortgage it's very important you NOT
change jobs, apply for any other loans/credit, or make any large withdrawals
or deposits without discussing such with your loan officer or myself.
For clients with limited money to buy their first home, having an
agent who is experienced with putting together such purchases is
key to becoming a homeowner. Not all agents are created equal.
Steps to Home Ownership
NOTE: Once you make application for a mortgage it's very important you NOT
change jobs, apply for any other loans/credit, or make any large withdrawals
or deposits without discussing such with your loan officer or myself.
- Pre-Approval Letter. You will need your most recent 30
days pay stubs, last two years W-2 forms, last two months
bank statements and most recent statement for any 401K,
IRA, or other retirement/investment accounts if applicable.
We will work with the lender of your choice or a lender I
already have a relationship with if you have no preference. - Search the MLS using this site to find a homes you want
me to show you. I will also be searching to find you the right
home in the price range and location you want. - Setting appointments. As your Buyer's Agent, I'll set
appointments for any homes you want to see. There may be
another company or agent's name on the sign, but that
person is the seller's agent representing the seller. I will be
your agent representing you, answering any questions you
have about the homes, showing you all homes and writing up
any offers on your behalf to help you get the best terms for
the home you want to buy. Not only that, but its important I
write up any offers according to the mortgage you are pre-
approved for especially if we need the seller to pay your
closing costs. - Making an offer. When we find the home you want to
make an offer on, I will provide you with selling prices of
similar homes in that neighborhood to help you determine
what you want to offer. I will write the offer up according to
your instructions and based on what the pre-approval letter
states. If we need the seller to pay a certain amount toward
your closing costs, I will include that information. You will
have the opportunity to select any inspections you want to
have, possession, home warranty, review of the sellers
disclosure, and an approximate closing date. After you
approve and sign, I will present the offer to the seller's agent. - Negotiations. The seller will accept, reject or counter the
offer. During this time I will be negotiating on your behalf and
representing your interests. If acceptable terms cannot be
met, we look for another home. - Offer Acceptance. Once the terms are agreed to, I will
need to collect an earnest money deposit from you to be
deposited and held in the listing agency's escrow account
until closing. At this time, you will proceed with having any
inspections you desire within the time frame allowed in the
contract. You can find a list of service providers in the
Communities and Services section of this website. I don't
endorse or recommend any of these service providers. The
sole purpose of the service providers listed is convenience
for you. Feel free to search the yellow pages and use any
service provider you choose. - Inspections. Once you have conducted inspections per
the contract, we will review the inspections together. You will
then instruct me what, if any, repairs you want to request the
seller complete. The seller can choose to complete all, some
or none of the items you request be repaired. Indiana and
Kentucky have different language in their respective
contracts with regard to inspections. I discuss options with
clients on a case by case basis. Feel free to ask me any
questions. - Loan Processing. While we are handling the above, the
bank or broker we are using will be processing your file.
They will be gathering updated pay stubs, bank statements
or other documents from you. They will also be ordering the
appraisal and title search as well as working with the
homeowners agent of your choice to prepare the file for
underwriting. - Underwriting Submission. Once the file is submitted to
the underwriter, it will be reviewed to see if anything else is
needed prior to final loan approval. Its imperative any items
the loan officer requests from you are submitted as quickly
as possible. - Final Loan Approval. When the loan is given final
approval the bank will issue a "clear to close" and a we will
schedule a closing for the most convenient time available. - Closing. You will need to bring two forms of ID along with a
certified check for funds, if any, needed to close. Closing will
typically take 45 minutes to an hour unless any issues arise.
Be prepared to sign your name a number of times. - After Closing. You will call me anytime you need anything I
can assist you with. Also, for Indiana homeowners, about 30
days after closing you will need to file for your mortgage and
homestead exemptions. This will save you money on your
property taxes.
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