Home buying process

The process of buying a home

If you have an accepted offer on a property here in the Salem Oregon area, then this is what you can generally expect from here on out.

  1. Your earnest money check will be deposited or your promissory note will need to be redeemed.
  2. Escrow will be opened and the title report ordered.
  3. Your real estate agent will assist you in finding a home inspector if you need one.
  4. Your mortgage broker will take a copy of your contract and will start the process of getting your file ready to send to the underwriter.
  5. You will have your home inspected. What types of inspections occur will depend on the type of property you are purchasing.
  6. If everything looks good on the inspection report your mortgage broker will order the appraisal of the home.
  7. You will receive a copy of the title report for your review.
  8. You will need to decide on a homeowner’s insurance policy.
  9. Your loan application, the contract, the insurance binder, and the appraisal all head off to the underwriter for the lender.
  10. As soon as you have underwriter approval of your loan, you can start calling the local Salem Oregon utility companies to get services switched over.
  11. The lender sends the documents over to the escrow company to process them.
  12. You will receive a preliminary settlement statement to review.
  13. You will set up a time to sign the documents at the title company.
  14. About 24-48 hours (in business days), the title company will get the funds released and your deed recorded with the county.
  15. You get the keys to you new home and you start to move in!
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