Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Negotiator assigned
I feel like our real estate agent thinks we know a lot about buying a home, and we are first-timers and to be honest, we know very little. I'm finding myself researching a LOT. Which is good, I'm learning more than I thought I would.
So I've shared here a lot, and the short sale we put an offer down on Jan. 26th came back 1st bank approved, and the 2nd bank just assigned a negotiator to it (the BPO has already been completed). The agent talking to our REA says she expects a very quick approval from the second bank. Assuming the 2nd bank gives us the green light, is this the next series of steps for us?:
- Appraisal
- Inspection
- Apply for loan
- Sign the contract/put down payment down/earnest money down
- Sign papers to close, pay closing costs
- Keys
- Happily ever after
Am I missing anything? I feel really lost.
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Re: Negotiator assigned
I don't know if it's different for short sales/in your state, but for our traditional transaction in Florida, we did...
- Sign sales contract/put earnest money down
- Inspection (we had an inspection contingency but we had to have it done within 10 days)
- Apply for loan
- Appraisal (our lender ordered the appraisal as the house needed to appraise at or below our purchase price and meet certain standards for our FHA loan)
- Sign papers to close, pay closing costs and downpayment (still to do)
- Keys (still to do)
Your agent should be able to clue you in. She may assume you know a lot, but you need to ask questions. That's her job. Tell her to walk you through the next steps, should you get approval. It's just easier if you know what steps to anticipate and can prepare adequately.
GL!
This is helpful! Thank you!
We had to get the mortgage commitment prior to anything else on our short sale in NJ.
Appraisal
Inspections
Close
Keys