When working with Projection Realty – We become your REALTOR® giving you access to all properties. We will set you up on a property search that meets your criteria, work with your lender, inspectors, appraiser, title & escrow – network and negotiate on your behalf to helping you find and negotiate the best possible deal.

You will be represented during your complete transaction, so you never have to worry about talking to multiple REALTOR®s, knowing what’s next, missing out on properties or getting your questions answered. Your REALTOR® will be here acting as your representative to help schedule showings, gather property data, answer questions, write offers, make recommendations and get you to the closing table.

You will need to get a preapproval showing that you are a qualified purchaser before the search begins – Doing so strengthens your offer and lets you know how much you can and want to afford.
If you are a cash purchaser, the preapproval / lending section does not apply.

If you are a current property owner but haven’t purchased a home in the last 3 years you are considered a 1st time home buyer again which is great! Your lender will be able to go over the mortgage option available for you.

Your lender will ask for the following items :
Last 2 year Tax Statements ( Sometimes only 1 depending on loan / Employment)
Last 3 Bank Statements
Last 3 Check Stubs
Release of Tax Info Sheet ( Lender will provide)
This will vary If using a Hard money lender, private funding or cash. You will need to provide proof of funds.

Funds needed upfront include –
Earnest Money – about 1% of the offer amount.
Inspection Fees – Varies per inspections and type of property.
Appraisal Fee – Varies per Appraisal company your lender uses.
Closing Costs & Prepaids – Avg 3 – 3.5 % of the purchase price (May be negotiated)
Down Payment – Depends on the loan you will be using (Your lender will help fig. Costs)
The down payment varies based on different factors, type of loan and property type.
Each property purchase is different and has different requirements.

Once you have a preapproval and are ready to start property shopping – you will need a REALTOR® who represents you.

Your REALTOR® will help you decide on the best terms and conditions when making your offer, pull area comparables, help you price and come up with a strategy to negotiate.

Upon making make an offer you will need to have your earnest money available – Earnest money averages about 1% of the purchase price and is submitted to The title company 3 days upon your offer being accepted.

You will need to have your pre approval or proof of funds ready, This includes funds ready to cover your earnest money & inspections.

Once your offer is accepted you will have 10 business days to complete the property inspections. Depending on the property will depend on the inspections to get, if the home is rural you may want to include other inspections besides a home inspection, such as – well testing, septic inspection, radon test. If the home is on public sewer/water you may want a sewer scope and radon test to go along with your home inspection. All inspectors require payment at / or before the time of inspections.

Avg price for a home inspection vary per sq ft – $400 – $575.00
Sewer Scope avg $125+, Radon Testing $125+, flow testing for a well is around $175+ per hr.
If there is a septic it may need pumped, cleaned and inspected – this is something that may be negotiated w/ seller regarding the cost associated which averages between $700 – $950 depending on the size of the tank.
Sellers with Properties that have wells are required to provide the well testing for lead, bacteria, etc – however they are not required to provide a flow test.

The cost and/or Inspections for Multifamily, Commercial and Land may be different due to each property having different needs, conditions and possibilities. Your REALTOR® will be able to direct and make recommendations regarding inspections.

Once the seller has accepted your offer, you will receive the sellers property disclosures this will be signed off by you and your REALTOR®, the sellers property disclosure contains property information known and unknown by the seller.

Once all property inspections are complete you will have the option to accept or negotiate any repairs on the property – Upon complete acceptance of the property the lender will order the appraisal.

Upon completion and any negotiations your lender will order the appraisal.
Appraisal fees vary from $675 – $900, all the above funds must be available to complete the transaction and inspections during the inspection period – this does not include the money down on your loan and may vary determined on the type loan you get.
Once your home appraises and there are no contingencies – meaning the appraiser has not called anything out, we will schedule a time to meet with title & escrow to sign closing documents and proceed to close on the closing date set.

Cash purchases do not require an appraisal, therefore there are no appraisal contingencies.

Your REALTOR® will be here walking you through each step and timeline, negotiating on your behalf and getting you to the closing table – If you are not in town during inspections, signing etc Your REALTOR® will be there to help meet inspectors/contractors and getting you set up with title and escrow.

When purchasing a home averages 30-45 days when using a lender.
Cash purchases can close as early as 3 – 14 days depending on when we receive the preliminary title reports, all pay offs are met and the sellers agree. (May also differ depending on Seller and/or circumstance).

The Title and Escrow company will collect your earnest money, open title, prepare a Preliminary title report, showing all outstanding liens, taxes and any form of easements or rights on the property.

This will ensure a clean title report when the property closes and catch anything that the buyer or seller may not have been aware of also making for an insurable title.
In the background the Title company will be in contact with your lender sharing title information and gathering lender documentation.
Once your lender has all documents in order and the appraisal has been complete, your lender will send the documents to title.
When received your title and escrow officer will contact your REALTOR® to schedule signing.
Closing documents will be signed by both the seller and buyer accepting and releasing title for the property and loan. Each party buyer and seller are scheduled for private signings separately.
Your REALTOR® and sometimes your lender will be present during the signing of your closing documents.

Once signing is scheduled, you will be required to bring in a copy of your state or federal issued ID, you will bring in payment for any closing or prepaid costs that are due.
Payment is usually accepted via cashiers check, personal check or money wire.

Closing varies based on the contract and closing date chosen and/or agreed upon within the accepted offer, all parties may sign in advance and sometimes the same day of closing.
These steps vary based on the purchase type, cash or lender funded.

Once closing docs are signed by all parties, the documents will be sent back to your lender to be signed off on to release funds, usually funds are released the following day upon release.

Once lender funds are released and funded, the title and escrow officer will record title with the county in which the property was purchased. This step records the purchaser as the new owner of record.

Upon Recording, the title company will contact your REALTOR® and all parties to let them know that the Property Title has been recorded with the county.
The purchaser will take over the property usually by 5pm on the closing date chosen or upon the date recorded before keys may be released.
Once all steps have been taken and recording has happened, your REALTOR® will schedule a time with you to release the keys to your new property completing the entire transaction.

Residential dwellings include:

Single family homes – These types of properties come in different styles and builds on their own land and sometimes have lending requirement dependent upon property condition.

Condos & Townhomes – Usually have HOA’s, CCR’s & By Laws that creating potential conflicts of what can and cannot be done when under ownership. May also have some types of lending requirement dependent upon property condition and insurability.

Lots & Land – This type of property has multiple facets and lending requirements based on type of use and zoning.

Manufactured Home – Manufactured homes may be purchased on private land or located within a park. Manufactured homes usually require special lending depending on location of in park or private land. There are not many lenders who will lend on manufactured homes and do carry lender requirements.

Commercial Property – Commercial property is based on zoning & use. This type of property has multiple facets and lending requirements based on type of use, zoning and occupancy – vacant, non-vacant.

For fixer properties, Short sales or Bank owned homes you may need a rehab loan or cash.
Distressed property sellers / REO’s and Bank owned homes are usually sold as-is with seller decline of any repairs and/or buyer credits.

Should the property be a fixer and need any repairs – Your lender may require repairs to be completed before letting you close on the property, making repairs contingent upon you getting a loan for that particular property, so keep this in mind when looking.

There are alternative ways to purchase these types of properties which may include use of private funds the use of hard money and/or through means of negotiations dependent upon conditions.

Buying A Short Sale, What’s The Benefit? 

By purchasing a Short Sale you are helping someone in the community avoid foreclosure. In most cases you are also getting a discount per market value as this is a home the homeowner and bank are motivated to sell, giving you buying power. Many Different Types Of Buyers Purchase Short Sales.

What Are The Pros And Cons Of Purchasing A Short Sale?

The short sale process is usually NOT short, it can take 1-2 months to get an approval from the bank.  You will most likely be able to purchase the property at below market value, that can be a great benefit and worth waiting around for.  The property may be sold as is, the lender may decide not to fix anything needed in order to finance, but there are loans out there that will approve such property.

The seller and lender ARE motivated to sell in order to beat foreclosure, the bank saves money even after the short pay off vs. foreclosing. Your offer is not completely accepted until the bank and/or lien holders have signed off as approved.

The home may be the perfect fit and right price out of all other homes and under market value – you just can’t beat that. With all the waiting sometime the bank comes back and puts you on a deadline.

You are still able to request closing and prepaid costs associated with the purchase.

What Is The Buying Process Of A Short Sale?

As with all buyers – you must be able to provide a pre approval from your lender, or proof of funds showing you have the funds to buy. You will also need earnest money, this is usually 1% of the sales price of the home and due upon an accepted offer. Earnest money goes toward the purchase price of the home, This is showing the seller a promise to buy as long as all needs are met and agreed upon by all parties, your earnest money will be held into title and escrow until the purchase is final. Also be aware of closing costs. Closing costs are separate from earnest money and usually run about 3.5% – 4% of the sales amount, when you have a home in mind your lender should be able to give you an estimate of closing costs and prepaid that will be needed and due at closing – This estimate includes taxes, private mortgage insurance, lender processing, credit reports, any title and escrow settlement fee to record title, and credits to the buyer and/or seller.

Your REALTOR® will be able to help you negotiate these in your offer, although it is always recommended to have some funds available should closing or prepaids change at closing – this occurs due to proration of taxes and rates per day to the closing date. The seller may even decide they will not negotiate the whole amount. Purchasing a short sale is the same as purchasing any other type of property except the waiting period for approval. The first offer will be submitted to the homeowner, once accepted the offer will be submitted to the lender, The lender and /or lien holders may take a while to respond – there is really no set time on the lenders response. Once the seller has accepted your offer, you will receive the sellers property disclosures this will be signed off by you and your REALTOR®, the sellers property disclosure contains property information known and unknown by the seller.

Once the offer is accepted by the lender all terms of the offer or counter offer agreed to are set in motion, such as when and where to pay earnest money – this will be paid to the title and escrow company agreed upon in the offer, the inspection period begins – the time frame you gave yourself is the time you have to get the inspection(s) complete and either accept the property, negotiate further or request repairs to be complete. Your closing date is the same as agreed upon – with a short sale usually this will be changed with an addendum due to the time of response from the lender/ lien holders.