12 Easy Steps To Buying A P3DC Home

Opening Doors To A Home Of Your Own

BUYING A P3 HOME

The decision to buy a home is a big and important decision. Homeownership takes you to another level. When you become a homeowner, you are officially on the map. You are living the American Dream.

Prosperity Park Properties, LLC (www.p3dchomes.com) is our new construction and renovation division. With an eagle’s eye, our acquisitions team sources homes and land in great locations that are ripe for renovation. Upon acquisition, these homes are totally renovated to give you an amazing home without the worries that you will find with regular resale homes.

Buying a P3 Home is very simple and easy and the steps are as follows:

  1. GET PRE-APPROVED.  The very first step in the P3 Home Buying Process is to get pre-approved.  A pre-approval indicates that a lender has taken a detailed look into your credit information, analyzed your income, and has pre-approved you (subject to final underwriting) to buy a home at a certain price.  Because a pre-approval requires a credit check and an actual mortgage application, it's much more powerful than a pre-qualification letter, which generally only estimates what you may be able to borrow, based on information you've provided.
  2. FIND A P3 HOME.  We have many wonderful renovated homes to offer you.  Our homes are available for private showings on an "on-demand" basis (subject to pre-approval).  You can also see one of our homes at one of our many open houses.
  3. MAKE AN OFFER. You've seen one of our lovely homes and you want to buy one.  The next step is to make an offer.  Our offer process is very simple.  You make an offer and we will provide an acceptance or counter-offer within 24 hours. Once we agree on price and terms, we will ave a deal.
  4. CONTRACT RATIFICATION.  Once your offer has been accepted and all parties have initialed and signed the contract where appropriate, it is then deemed "ratified".  This is a very important step. The clock starts ticking upon contract ratification.
  5. LOAN APPLICATION.  Your contract with P3 will require you to make loan application within a certain amount of time. Be sure to have all of your documents together to ensure an efficient loan application process.  You'll need the following:
    • Tax Returns for the past 2 years; and,
    • Bank Statements for the past 3 months; and,
    • Pay Stubs for the past 2 months; and,
    • The Source of your down payment; and,
    • Government Issued Identification; and,
    • Other documents requested by your loan officer.
  6. HOME INSPECTION.  The floors may gleam and the granite may sparkle, but a home inspection is ALWAYS necessary.  Always, always, ALWAYS get a home inspection.  As a home buyer, you have the right to choose the home inspector of your choice.  It's a great idea to select a home inspector who is a member of the American Society of Home Inspectors.
    • P3DC HOMES PRE-INSPECTION.  Many of our retail homes are pre-inspected.  We pre-inspect our homes to ensure we are delivering the very best product to our home buyers and to stay ahead in the real estate transaction.  Even with our pre-inspection, you should get your own independent home inspection.
  7. APPRAISAL.  Without question, you want to know that the house you're buying is worth the asking price.  Residential home prices are generally established by comparable sales.  Your lender will require an independent appraisal.
  8. TITLE WORK.  The title process is very important.  The title company's role in the transaction is to represent the contract and not the buyer or the seller.  The title company researches title to the property via a title abstract which is essentially a condensed history of title to a particular piece of property.  The title company verifies ownership and that the seller has the ability to deliver to the buyer clear, free, and marketable title to the property.  As a home buyer, you have the right to select the title company of your choice.
    • P3DC HOMES PRE-TITLE.  Because we are a large volume buyer of real estate, we know which title companies are the best, the most thorough, and provide the best service.  In every transaction, we are able to provide our title insurance policy, evidence of ownership, and other important documents to your title company for maximum efficiency purposes. There are no clouded title issues with P3.
  9. HOMEOWNER'S INSURANCE.  Your home is a big investment, INSURE IT.  Most reputable insurance providers provide multiple policy discounts for their customers who carry homeowner's and auto insurance with them.  Please consult your insurance professional for insurance coverage that best fit your needs.
  10. PRE-CLOSING. "Things" come up in real estate transactions.  There are a number of pre-closing matters which MUST be addressed BEFORE you close. 
    • Pre-Closing Walk-Through Inspection. BEFORE you close, you will need to walk-through the home to ensure that ALL of the agreed upon home inspection repairs were completed to your satisfaction;
    • GOOD Title Work.  You will want to verify that the title work is GOOD and that the Seller can convey clear, free, and marketable title.
    • Appraisal.  You definitely want to ensure the house is worth what you're paying for it, in fact, the lender will NOT allow a closing if the collateral (the house) doesn't appraise.
    • Loan Approval.  Loan approval is very important.  Your loan approval is one of the most important pieces of paper you will see in your lifetime. It's the path to a new beginning.
  11. CLEAR-TO-CLOSE.  P3 defines a clear-to-close when you've had a successful home inspection, appraisal, title work, and loan approval.  When all four are complete, the transaction can be scheduled for closing.
  12. CLOSING.  Real estate closings should be a lot of fun.  There should be no issues or last minute surprises at the settlement table.  A successful closing is evidence that the transaction team (P3, loan officer, home inspector, appraisal, title company, and many other participants) did their job correctly.  Most importantly, it's your BIG DAY.  At P3, it's our goal to deliver great homes in great locations for deserving home buyers like you.  We can't wait to welcome you home.

Questions? Just Ask!

Copyright © 2018 | Information deemed reliable, but not guaranteed. | Privacy Policy
Real Estate Web Design by Dakno Marketing.