Buyer Resource Guide 2020 | Patrick Morgan

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BUYING PROCESSSNAPSHOTWANTSVS NEEDSNEIGHBORHOODIDENTIFICATIONPROPERTYREQUIREMENTSVIEWPROPERTIESPRE-APPROVALCOMPARATIVEMARKETANALYSIS“CMA”BUYERCONSULTATIONSUBMITOFFERCLOSINGDAY!TIME TONEGOTIATEFINAL WALKTHROUGHUNDERCONTRACTPROCEDURESLOANMONITORINGSETINSPECTIONAPPRAISAL8
BUYING PROCESSPRE-LOAN APPROVALDOCUMENTATION CHECKLISTSigned application package with borrower’s authorization and 4506-T (request for transcript of tax return)Your homeowner’s insurance agent name and phone numberExplanation letter for any derogatory credit, employment gap, or recent credit inquiriesASSETSMost recent 2 months bank statements with ALL pages attached, even the ones stating “intentionally left blank”Most recent 2 months statements for stocks, bonds, IRA’s or other assets required for closing and/or reservesADDITIONAL ITEMS - BORROWER SPECIFICSocial security and/or pension benefit awards letter(s)Evidence of any other income, example: child support, alimony, or disabilityAdjudicated divorce decree and separation paperLease agreements for any rental property owned if not reflected on tax returnsSchedule of real estate ownedMost recent 2 years corporate and/or partnership tax returns (all pages) including K-1’s (if 25% or more ownership ofa business) YTD profit and loss statement for any business ownedTitle held in “revocable trust” - copy of complete trust document (if applicable)Paystubs to cover 30 days2 years of W2’sDETERMINING YOUR BUDGETFactors to include when calculating your monthly payment:Monthly HOA paymentsProperty taxesInsurance costsSource: CityWide9
Page 1 and 2: YOUR GUIDE TOBUYING REAL ESTATE
Page 3 and 4: MADISON & COMPANY PROPERTIESYOUR BO
Page 5 and 6: ALL REAL ESTATE LICENSEES ARE NOT T
Page 10 and 11: BUYING PROCESSWANTS & NEEDSBefore w
Page 12 and 13: BUYING PROCESSTHE FUNNELFSBONEW CON
Page 14 and 15: BUYING PROCESSMARKET CONDITIONSAPPR
Page 16 and 17: UNDER CONTRACT PROCESS
Page 18 and 19: 2This is the second phase of being
Page 21 and 22: BUYING RESOURCESHELPFUL TIDBITSDON
Page 24: MADISON&C O . PROPERTIESWWW.MADISON

Buyer Resource Guide 2020 | Patrick Morgan

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