Clients Benefits Package -Expired Listing General Draft

STEP-BY-STEP CLIENT PROCESS FLOW
STEP 1 - PRELIMINARY RESEARCH
• If purchasing land, search around for available land costs.
• Visit to get some ideas on size, floor plans,
options and costs.
STEP 2 - GET PRE-QUALIFIED
• Contact Dawn Wilson at Linwood Homes to fill out a loan
application.
• One of Linwood's Loan Consultants will then pull your credit report.
• Your Loan Consultant will provide you a list of documents required
for the pre-qualification.
• Additional information may be required and additional credit
conditions will apply.
STEP 3 - PRE-QUALIFICATION AND PROJECT BUDGET
Once your Loan Consultant has the required information, and has
determined creditworthiness, you will receive a pre-qualification letter.
You will need this letter for your land purchase offer, if applicable. Your
Loan Consultant will also review your total project budget.
The following fees/costs are included in your construction loan:
• Closing Costs.
• Prepaid property taxes and homeowners insurance.
• Construction Soft Costs (Draw inspection fees/costs).
• Construction Interest (Interest during construction).
- Used for interest payments during construction process. Therefore,
no payments required by borrower until completion of project
Your Loan Consultant will deduct these fees/costs from your total loan
amount and send your builder a budget for their
maximum contract amount, plus the price of land, if applicable.
STEP 4 - IF YOU OWN THE LAND, OR IF LAND IS BEING GIFTED
We will need:
• Copy of Deed.
• Copy of Closing Statement if purchased within one year.
• If land is currently financed, we will need contact information for
Note Holder.
• If land is Gifted to you, we will also need a Gift Letter and copy of
survey.
STEP 5 - IF YOU ARE BUYING THE LAND
The land does not have a separate closing. The land contract is closed
and funded along with the construction contract. However, your Loan
Consultant will need to talk with your real estate agent before an
offer is made.
STEP 5- CONTINUED...
Land Contract Contigencies:
• Minimum of 90-day closing of escrow.
• Minimum 60 days for appraisal contingency.
• Minimum of 45 days for inspection contingency.
• Title & Escrow Company is buyer’s choice.
» NOTE: This process could take several weeks or months depending
Send executed Land Contract and any Addendums to your Loan Consultant
once your offer is accepted.
STEP 6 - WORKING WITH LINWOOD & YOUR BUILDER
Work with to finalize the complete design and
cost of your home construction, plus all land improvements including,
building permits, grading, foundation, utilities, etc.
» NOTE: This process could take several weeks or months depending
on the complexity of your project.
typically require a deposit for the home and advance
payment for preparing the site construction estimate. In some situations,
part or all of the permit fees will need to be paid prior to closing.
» NOTE: Any money you pay out-of-pocket towards the project can
possibly be credited towards your down payment.
Once the numbers are 100% final, will send your Loan
Consultant the cost of the home and the cost of all site construction. Your
Loan Consultant will calculate all of your loan fees/loan costs as
mentioned in Step 3. All of the loan fees will be added to the Builders
Contract.
STEP 7 - FINAL BUILDER CONTRACT
• Sign the BuilderContract, Floor & Elevation Plans and Specifications (all
pages), and any other construction documents required.
• Your Loan Consultant will order the appraisal and you will need to pay
for the appraisal out-of-pocket.
• The loan will close approximately 45 days after the appraisal is ordered.
• The land will be paid at closing and your builder will begin construction.
STEP 8 - PROJECT COMPLETION AND LOAN PAYMENT
• Once all construction is complete, your loan interest rate may be
modified to a lower rate depending on market rates at that time;
however, it cannot increase from when it was locked at closing.
• An Occupancy Permit will then be issued so you can now move in. You
will begin making monthly mortgage payments 30 days after.
CONTACT TODAY FOR MORE INFORMATION
Dawn Wilson
Construction Finance Specialist
Cell: 714-606-3446
Email: dwilson@linwoodhomes.com