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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.