From Contract to Closing
What to expect during the home buying process
**Please advise your lender that you are buying a FORECLOSURE property in as is condition.
(this will help them to confirm you have the best loan product for your situation)
Obtain copy of fully executed Sales contract
Send copy of contract to Lender
Send copy of contract to closing attorney
HUD Properties- Requires HUD Utility activation form submitted to FSM prior to connection.
(HUD properties require buyers to activate services at buyer’s expense)
(some homes may need electrical inspection by licensed electrician and county prior to activation due to being disconnected for over 12 months)
(at buyer expense)
Schedule home inspection- Foreclosure property is sold in AS IS, where is condition. Inspections
are for buyer information only.
Inspections must be completed from 5-15 days (depending on seller)
Most Banks- 5-7 calendar days from fully executed contract date.
HUD- 15 calendar days from fully executed contract date.
Home Inspection Clearance & Lender follow up-
Inform lender of inspection results and remove Home Inspection/Condition contingency to
move forward to closing.
Lender follow up- Appraisal ordered
Lender follow up- Appraisal Completion Confirmed
NO REPAIRS PRIOR TO CLOSING ARE ALLOWED
Lender follow up- Appraisal Contingency Removal
Obtain full loan approval from lender
Lender follow up- Loan package delivered to closing attorney by lender
Schedule closing with Buyer Select Closing Attorney
Sign closing package with attorney and provide funds to close
Attorney records sale at county Register of Deeds
Congratulations You Are a Home Owner!!
Happy Moving Day!! & Thank You for Choosing Community Housing Center!