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Step 1 - Buyer's Consultation
Congratulations, you have started the purchasing journey!
Thank you for meeting with Alaska House Hunting and completing your buyer's consultation. We look forward to helping you find the perfect property for your needs and wants. If you haven't already, please send over the completed Buyer's Questionnaire.
As we complete the following next steps, please let us know if you have any questions, or if there is anything we may further assist with.
Step 2 - Apply For Your Home Loan
Do you have a preferred lender? If yes, please let us know who you plan on using. If no, please click here to see our recommendations.
Step 3 - Receive Loan Pre Approval
Congratulations! Please let us know who you are pre-approved with, and send us a copy of your 90% or reapproval letter. Now that we know your buying power it's time to start searching for your dream home.
Step 4 - View Properties
This is the fun and exciting part! We will be touring properties and finding the one you envision making your next investment. Helping you find a home is a process of elimination; not a process of selection. Viewing homes you don’t like is not a waste of time; it helps build a frame of reference to help you find what you do like.
Step 5 - Offer to Purchase
We have found "The One." Now we will negotiate the best offer for you.
Step 6 - Earnest Money Deposited
This is typically 1% of the Purchase Price, this money is held in Jack White Trust Account to solidify the contract.
Step 7 - Negotiated/Counter
It is a time for further negotiations in order to finalize a purchase and sale agreement, please keep in mind this step is not always required!
Step 8 - Offer accepted
Congratulations, we are officially in contract!
It’s always so exciting to look at homes, negotiate the offer, and then anxiously wait for an answer from the seller, which some consider one of the hardest parts of buying a home!
That part is, thankfully, over, and now we’re in contract!
As we complete the following NEXT STEPS, please let us know if you have any questions, or if there is anything I can further assist with.
Step 9 - Verification of Income
Most lenders only require verbal confirmation, but some will seek email or fax verification. Lenders can verify self-employment income by obtaining tax return transcripts from the IRS.
Step 10 - Title Commitment Ordered
This is your protection against unforeseen issues with a parcel of land you wish to buy. It contains the results of the title search, including the legal owner, the legal description of the property, and any problems clouding the title such as liens and encroachments.
Step 11 - Home Inspection Completed
The Home inspection has been completed! You will receive a copy of the report shortly, via docusign!
The next steps:
Step 12 - Repair Negotiations
Once we receive the report, we will walk you through the list of recommended repairs to see which items you would like to address with the sellers, we will then type up a repair request to send to the sellers!
Step 13 - Repair Agreement & Appraisal Ordered
Congratulations! We have completed what some consider the most difficult part of the home buying process, Repair Negotiations! Now that we are in agreement on repairs, we wanted to let you know that the Appraisal has been ordered.
The next steps:
Step 14 - Start Shopping for Homeowners Insurance Quotes
Not only does homeowners insurance protect your home and your belongings from theft, fire, accidents and even the weather, but it's also a necessity to receive a mortgage. Homeowners insurance is often misunderstood because it protects more than just your physical home and the items inside.
Step 15 - Final Credit Report Ordered
Many lenders require a secondary credit check just before to closing to verify your credit score remains the same.
Step 16 - Repairs are Being Completed
The sellers have been working on completing the agreed upon repairs, proof of repairs will be submitted to you via photos or invoices from the seller.
Quiet Period - This is approximately a 2 to a 3-week period where the seller is completing repairs, the appraiser is working on their report, and the lender is working on getting everything processed for your home loan.
While we may not be in constant communication during this time period, please know that we are here and there are a lot of things working in the background. Your lender may contact you regarding items that are needed for your loan, however, things will be mostly quiet. We are here if you have any questions during this time, and we will keep you up to date with any information we receive in the meantime.
Step 17 - Appraisal Received
We have received a copy of the Appraisal, you will receive a copy of the report shortly.
The next steps:
Step 18 - Reinspection
This is an opportunity for you to reinspect the home before completing the purchase, you can complete this walkthrough yourself, or if you choose you can schedule for your Home Inspector to go back out and complete the reinspection!
Step 19 - Loan is Submitted Loan to Underwriting
This is when your lender verifies your income, assets, debt and property details in order to issue final approval for your loan.
Step 20 - Loan Approved / CD has been Issued
Your loan application has been approved, you should have received your Closing Disclosure from your lender!
The next steps:
Step 21
All loan documents will be sent to the title company.
Step 22 - Final Walkthrough
For you to view the property and ensure it is the same condition as your original walkthrough before completing the purchase.
Step 23 - Schedule Closing
Step 24 - Homeownership
Congratulations you have completed all the necessary steps of the home buying process!
It brings us great joy to have assisted you with your property needs, and we would be honored if you would help us do the same for your friends and family.
If you know someone currently looking to buy or sell a home, we would love to guide them through that exciting journey.
If you would be kind enough to pass along our contact information, or if you would be willing to share their name and number with us, we promise to show them the same high level of commitment and service you’ve come to expect.
Thank you, and we look forward to working with you and/or your loved ones in the
not-so-distant future!