The VA Home Buying Process

Step 1:
Initial Consultation
Meeting with a Veterans Buyer Specialist to discuss in depth your wants, needs, financial situation, and what costs will be involved in the purchase of your new home.  Before this appointment, a home Loan Specialist will have walked you through the financing process and gathered all the information that is needed to provide you with a loan pre-approval as well as peace of mind.  At no cost or obligation to you, this Loan Officer will issue you a pre-approval based on your job history, income, and credit history.

Step 2:
Showings
Once we have established your wants, needs, and comfort zone for the price, your Veterans Buyer Specialist will meet with you to visit the homes that we have determined fit your criteria and price range.  After the first showing appointment, the homes will be reviewed to determine if your criteria need to be reevaluated.

Step 3:
Offers
Don’t be surprised if during the first appointment to see homes you find “the one”.  Our exclusive process often will illuminate the best values and most desirable homes on the market that suit your needs and comfort zone for price.   At this point, we will identify the top two homes that you like and sit down to discuss the negotiation strategy that will best suit your situation while still achieving the best results.  Next, we will go over the contracts to ensure that you understand and are comfortable with all of the terms and implications of the agreement.  During this appointment, you will give a deposit check to your Veterans Buying Specialist that will be forwarded to the escrow provider after the offer on your new home is fully negotiated.  Once the offers are complete, your Veterans Buyers Specialist will immediately transmit them to the listing agents of the properties.

 

Step 5:
Escrow
Once the buyer and seller of a home have established a set of terms and conditions for the transfer of the ownership of that home (i.e. an accepted offer to purchase), an escrow will be opened with the agreed upon Escrow Provider.  During the timelines specified in the purchase contract, any investigations by the buyer will be completed and all conditions met.

Step 6:
Closing
The close of Escrow is the culmination of the home buying process.  It signifies the legal transfer of title (ownership) to the home from the seller to the buyer.  Approximately seven days before the scheduled close of escrow, the loan documents are signed by the home buyer. The new lender usually requires 24 to 72 hours to review the signed loan documents.  After this review period any new conditions are met and then the lender will wire the loan funds to the title company.  Escrow collects the remainder, if any, of the buyer’s down payment and closing costs at the time of the loan document signing so as to be ready to close escrow within the new lenders time frame.  Once the loan funds are wired, the file is then set up to “record.”  This is the legal transfer of title from the seller to the home buyer and usually will occur the same day the loan funds are wired.  Once the title has been transferred to the buyer, the escrow holder will handle all final accounting and issuance of official closing statements and distribute any remaining proceeds to the appropriate parties.

Step 7:
The Final Consultation
Once your escrow has closed, your Veterans Buyer Specialist will meet with you for a final consultation during which you will receive your closing statement and keys as well as a customer service survey to tell us what you thought of our service and the process.  Unlike many agents, your Specialist’s job does not end when your escrow closes.  They will remain available to assist you with any issues that may come up and to act as a long term advisor on Real Estate.