Buying with ProSell
From the first meeting to closing day, here’s an overview of what to expect when working with a ProSell broker on the purchase of your new home, condominium or investment property
01 | We will meet to discuss your specific needs, timetable, and review current housing inventory and market conditions.
02 | If not already connected, we will introduce you to the right lender for a pre-approval. Typically, lenders request two years of tax returns and bank statements.
03 | We will tour desirable properties and identify a property to submit an offer on. The offer process will be explained, and we will provide comparable sale listings to give insight into the property’s likely selling price and the competitiveness of the market.
04 | When the offer is accepted, the offer binder (usually $1,000) will be collected, and further due diligence—such as a building or pest inspection, radon test, etc.—will be conducted.
05 | The Purchase and Sale Agreement (P&S) will be drafted by the attorneys. Once finalized, you will sign and submit the P&S deposit, which is usually 5% of the purchase price.
06 | The lender will formally submit the loan application the day after executing the Purchase and Sale Agreement and will order an appraisal.
07 | Once the loan is approved and a property insurer is chosen, the lender will issue the Clear to Close!
08 | After the final walkthrough is completed, the closing will take place at your attorney’s office. Many documents will be signed, and the remaining down payment, along with the bank’s funds, will be paid. Congratulations—you are officially a homeowner!
Average Time Frame from an accepted offer until closing: normally 1.5 months
01 | Offer accepted to Inspection: 1 week
02 | Additional Due Diligence to Purchase and Sale: 1 week
03 | PNS to loan approval: 3 weeks
04 | Clear to Close from Lender to Closing: 1 week