Keeping track of real estate documents is an essential aspect of buying or selling a home, as there are a lot of important legal contracts involved. Learning how to understand those documents, having the right tools to easily share signed paperwork, and setting up an organizational system to keep everything neat and accessible will help you get through the home buying or selling process with as little stress as possible.
First, let’s talk about what you need to know when buying a home:
There are several options available when it comes to applying for a home loan, so it’s important to do a little research to see which ones you qualify for and how much you can afford. The lender you choose will need quite a bit of information from you in order to find the best fit, including your current employment situation, income, and how much you’re looking to spend; they’ll also look up your credit score to make sure you’re a favorable candidate.
Once you’ve created a budget and found the right mortgage option for your needs, there are several documents you’ll need to provide your lender. These might include:
● Tax returns
● Proof of employment
● Pay stubs, W-2s, or a 1099 statement if you’re self-employed
● Credit history
● Employer contact information
● State-issued ID
● Student loan information
If you have a large amount of debt, you may be tempted to pay it off once you start going through statements and other financial documents, but this should be done well before you start the homebuying process; otherwise, it could create issues with your credit score or reduce the amount of money you have put aside for your down payment. Staying current with debt payments can help improve your chances of loan approval. Don’t have the best credit score?
If you already own a home and are looking to sell, you’ll need to gather several items for potential buyers. Giving them all the information you have on the property will expedite the buying process, which benefits both of you. They’ll want documents such as:
● The original sales contract
● A mortgage payoff statement
● Tax and insurance information
● Home repair receipts, which could hold several benefits
● Paperwork related to a professional appraisal/inspection
● User manuals and warranty cards
● The deed
Once you have a buyer for your home, there will be a number of contracts involved, including a purchase agreement and any mandatory disclosures about the property (such as past land disputes or major water damage).
Once you’ve gathered all the required paperwork and signed off on it, you’ll need helpful toolsthat will allow you to keep track of each document and share files so that all necessary parties have access to them. Digitizing your real estate paperwork can take a little time, but it’s absolutely worthwhile to have it all at your fingertips when you need it. Use an online PDF tool that allows you to manipulate your files so you can organize and share them as needed no matter where you are. You can use this method to add a page or change the order they’re in so you can easily keep track of deadlines or other important info.
Buying or selling a home comes with a lot to think about and keep track of, so getting organized is essential. By utilizing digital tools to stay on top of it all and researching your mortgage options, you can go into the process with a solid plan and stay stress-free.
Looking for more information about the resources offered at Inland Real Estate School? Get in touch today.
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