How to Buy
                                                       The Offering Process:
Asset managers (The person between the real estate broker and the actual lender (Offers can not be submitted directly to asset
managers by "investors")) have their own process that must be followed in order to make a successful offer. Listing agents are given
instructions that are conveyed directly to brokers. These instructions are displayed in the MLS system along with required addendum's
where required. This information is only visible to participating Realtors or their brokers.Your offer will need to be submitted on the
proper forms along with a pre approval letter from a  lender or proof of funds when paying cash. Your Realtor will also attach any
required addendum's with your offer. All forms will usually be sent via e-mail and fax to speed the process.
After your offer is transmitted and received by the listing broker, your offer will be entered into an asset management system online
or, in some rare instances where the asset manager (The banks representative) does not utilize management systems; your offer is
forwarded on directly to the asset manager. In most cases, they will not see your actual offer. What is transmitted to them is only your
name, the purchase price offered and the general terms of your offer (Whether there is financing involved, the amount of your
deposit,  the amount of your down payment and any other contractual provisions ). There is no need to explain your offer or provide
additional details, they will not see it. The simpler your offer is, the better.  Once transmitted, received and entered or forwarded to the
bank, all you can do is wait. It is typical to hear nothing at all for a few days or, up to a week or more. Sometimes a response will be
received in a matter of hours. Patience is a virtue. Hounding your Realtor will not speed the process. Nothing will speed the process at
this point other than a clean and easy to accept offer. Even then, there is no guarantee your offer will receive a quick response. When
responding to your offer, the banks asset manager will do so using a counter offer. Even if they agree on all of the terms as
submitted, they will provide a counter offer that must be returned to them within a specified period of time (Usually 1-3 days) after
which their offer will be null and void. Time is of the essence so, be prepared to respond. If  they are not in agreement, the counter
offer will contain the terms that they are willing to accept unless another, more desirable offer, is received before your acceptance. You
can either accept their terms or,  have your Realtor complete a counter offer in return. Rarely will an  asset manager complete more
than 2-3counter offers. If you can not reach an agreement after 2-3 counter offers, it is usually time to move on.

                            
 After the offer is accepted:

Once the terms are agreed upon and the counter offers and addendum's are returned, youroriginal offer and counter offer(s) will then
be returned to the bank for signatures. It may take an additional week or more for them to be returned and escrow opened. It is
imperative that all the terms and conditions contained within their final counter offer are followed regardless of being returned and
escrow being opened.  Some counter offers will state that your contingency time frames start from your signature and others will state
that these periods start only after escrow receives the signed documents from the owner-bank. Although rare, it is possible for the
lender to accept another, more desirable offer, before your contact is signed. If this does happen, there is nothing you can do other
than leave your offer as a back up or, move on. Contracts are not fully ratified until signed by the banks representatives.
Once escrow is opened, the escrow officer will forward initial documents for your review and completion. These documents need to be
completed and returned as soon as possible and within the time frames allowed by the bank. When obtaining a loan, you will also
need to complete all of the required paperwork that they require as soon as possible. The closing dates set by the bank are firm and
their contract will usually contain a per diem charge for each day beyond the closing date specified ($100.00 per day or more). During
this time you will also need to complete your home inspection, termite inspection or other agreed upon inspections contained in the
contract. Failure to complete your inspections or other required conditions within the specified time frames could put your deposit at
risk. Time is of the essence. Your Realtor will help you through the process but, ultimately, it is your responsibility to follow the
contract. When you have completed your inspections, your loan has been fully approved, an appraisal has been completed and all
other
conditions have been complete and accepted, your lender will order loan documents or, when paying cash, escrow will provide a closing
estimate which will include the total amount that will need to be deposited by wire or certified funds to escrow and will then, after
receipt of funds,  record and close within 24-48 hours.  Once loan documents are received back to your lender or to escrow, you will
need to sign the loan documents before a Notary Public. This happens either at the escrow office chosen by the bank, at the lenders
office or, on occasion, at your home or office. When returned to escrow, your lender will review the documents, complete final
verifications and then prepare for funding of the loan. Loans will typically fund, if no issues exist, within 24-48 hours after received
and approved. Any conditions of funding must be completed prior to actual funding. Once funded, escrow will record and close within
24-48 hours. Before close of escrow, no work should ever commence on the property. Attempting to start repairs or, moving into the
property prior to confirmation of closing could void the contract. After you receive notification of closing, the property is yours.
Congratulations!                         
For more info please call:
407-963-0470
alehernandez@centralfloridabankhomes.com
Alejandra Hernandez
Realty Executives