Timeline to Home Ownership - Three Months

Ninety days may seem to be sufficient time to find and close on a Metro Atlanta property. In fact, there are several steps involved in the process, including finding an acceptable property, getting an offer accepted, surviving all contingencies, lender underwriting and finally getting to settlement. An experienced real estate buyer’s agent can limit surprises while helping the buyer to the closing table all along the way, but is of even greater importance at this point. Residential agents will help with the search, negotiate offer terms, manage deadlines and otherwise protect the buyer’s rights during this unsettling time. The following steps represent an overview of some of the most important steps to be considered by those who plan to purchase using a mortgage.

Get Pre-approved – The home buying process should formally start with an approval from a direct lender so that all parties can benefit from a mutual win. Buyers must also consider the monthly payment that will best meet their needs, which is often less than their approval amount. Contact a real estate agent who knows how to figure the monthly payments for suggestions on good mortgage lenders and the typical documents needed for approval.

Mind the Finances – The mortgage lender will evaluate all financial statements for the 90 days prior to closing and will review credit reports again just before settlement so it is important to continue meeting financial obligations as promised. Avoid checking account overdrafts, moving around funds, making any unusual deposits or purchases during this critical time and obtain receipts for any purchases that might require an explanation.

For those with No Credit – Home ownership may be available to potential buyers without traditional credit history. Gather 12 months of rental payment receipts, utility and cell phone bills and proof of monthly payment for insurance and start contacting direct lenders.
Step Up the Search – The time has arrived to significantly enhance the search. Getting to the closing table can take up to 60 days after an offer has been accepted and buyers should have enough time to safely terminate the contract should that be desired. Flexibility is key at this point, so consider reviewing the emphasis placed on requested seller concessions and focus on well-priced individually-owned properties, foreclosures and approved short sales, making offers on multiple properties along the way.

Check the Lease – Remember that the mortgage lender will review credit histories once more prior to closing and the appearance of a housing related collections will stop settlement. Know the amount of time required to provide notice of any intent to move. Some sellers tend to be less cooperative as the closing date approaches, so determine if renting on a month-to-month basis is an option in case the need arises very late in the process to terminate the contract.

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Solomon Greene
REALTOR® / HUD-certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677 (Contact Me)