What to Expect When You Buy a Home Online with Abodefy

We've done our best to give buyers the most inclusive online shopping experience with our listings with state-of-the-art photos, videos, and interactive animation.

We realize that there is no substitute for physically standing in your possible new home and getting an up-close view of the house and neighborhood. All Abodefy listings are equipped with self-guided tour options. When you click the Tour This Property button, you can choose from any number of tour dates and times.

We will provide you with a secure access code at the time of your tour, so you can walk the property with privacy at a time that is convenient for you.

Like what you see and want to take a friend or family member to the property to weigh in on your decision? Feel free!

You can book as many tours as you like. We want you to feel good about your decision.

Getting pre-approved as you begin your home shopping journey is a critical step in the process. It empowers you to know exactly what price range you should be shopping in. Your pre-approval will give you peace of mind, knowing how much you can afford and the ability to show sellers you are a serious buyer.

Abodefy listings will show a Click to Buy option to buyers once they have reached a pre-approval status within their designated price range.

Buyers can apply for financing through Abodefy with a completely digital, online process. Abodefy financing offers an online application, online approval, and online loan closing experience. Abodefy also provides competitive interest rates and low closing fees.

If you are pre-approved with an independent lender, you can upload your pre-approval letter within the Homebase of your Abodefy profile. Once verified, your buyer status will change so you can access the Click to Buy option on Abodefy listings.

Be aware that if you elect to finance your purchase through a third-party lender, they may not be equipped to allow a fully digital, online closing experience.

When you Click to Buy on a home you want to purchase, Abodefy will show you all the information unique to your purchase that will be used to complete the purchase contract you will sign to submit your offer.

You will have the opportunity to review all of these terms prior to submitting your offer. Some terms will be grayed out, indicating they cannot be edited. These terms are pre-set by Abodefy based on the listing information. The rest of the terms will be pre-populated based on the property listing and your buyer profile. You will be able to edit those fields and should review them carefully.

Once you've reviewed and approved the terms, Abodefy will use that information to draft the actual purchase contract. The draft purchase contract will then be emailed to you for signature. Abodefy uses secure DocuSign technology to enable easy digital signatures on the purchase agreement.

If you have questions regarding the Terms or the Purchase Contract, Abodefy Coordinators are available to meet with you via video conference to answer your questions.

While most of your purchase will be financed through a home loan, there are a few costs that need to be paid during the contract phase. The biggest expense will be your down payment, which is dependent on the type of loan you’re approved for. Buyers typically contribute a percentage of the purchase price toward their down payment.

Your down payment and any closing fees will be clearly outlined on your Closing Disclosure, which you’ll review before your closing appointment.

The first upfront cost is your Earnest Money Deposit, which shows your commitment as a buyer. Abodefy defaults this amount to $1,000 in its contracts. Industry standard is to provide the earnest money within three days of signing the purchase contract.

The earnest money is held by the title company and is applied toward your closing costs when the sale is completed.

Once your purchase contract is accepted by the seller, Abodefy will send the contract to your lender to start processing your loan.

Your lender will order an appraisal to verify that the property’s value matches or exceeds the purchase price. Most appraisals require payment before the appointment.

If you're using Abodefy for financing, we’ll send a link with instructions to pay for the appraisal online.

A pre-approval is important before submitting an offer on a home. This allows the lender to verify your basic personal information, like income and employment, which will be considered for your loan.

Once you choose a property, the lender will verify the value of the home to ensure their loan will be secure. This helps protect the lender's investment.

Once your contract is accepted by the seller, the lender will take the following steps to fulfill your financing.

The first thing your lender will do is order an appraisal. An appraiser will visit the property and compare it to other homes in the area to confirm the market value is in line with the sales price

Your lender may ask for additional documents to verify the employment and income information you disclosed in your loan application.

Your lender will review the terms of your loan with you, including the interest rate, term, and payment amounts.

Once the appraisal and all of your provided information are reviewed, your lender will issue a Full Approval, indicating that all requirements for your loan have been met.

As your closing date approaches, you will receive your Closing Disclosures. These documents will outline all charges and credits related to the final purchase totals. Abodefy coordinators are available to answer any questions about these disclosures.

Your lender will require you to have a homeowner's insurance policy in place at closing. This policy's first-year premium will be included in your closing costs. You just need to provide your insurance agent's contact information within your Abodefy Homebase profile.

If you're unsure about the role of the title company, it manages two things: money and documents. The title company receives, holds, and disburses funds, and oversees the signatures required to transfer ownership of your home.

When you deposit your earnest money, the title company holds those funds and applies them toward your purchase at closing.

The title company carefully reviews all property documents to verify that the legal description is correct, taxes are paid, any existing liens are cleared before transferring ownership, and ensures that you become the legal owner of the property. The initial document you will receive is called a Title Commitment, which provides the starting point for the title company to clear these requirements.

Once the title company has thoroughly reviewed and remedied any outstanding liens or encumbrances, they will declare your property Clear to Close, meaning they are ready to take the final steps to transfer ownership to you as the new owner.

Just as with your earnest money, the title company will provide you with a secure link to deposit your closing funds. These funds will cover all the charges detailed in your Closing Disclosure, and they must be paid to complete your purchase.

Some of your closing documents will require a notarized signature. The title company will provide a Remote Notary, allowing you to sign your documents digitally without any hassle.

The title company is responsible for ensuring that all funds are properly accounted for in your purchase. They will make sure that both your funds and your loan funds are properly received, held, and ultimately disbursed at closing to cover all the charges and fees detailed on your Closing Disclosure.

Historically, a buyer's closing appointment takes place at the title company office. Abodefy is working to change that by offering online, digital closings that provide buyers with the flexibility to close when and where they want.

We want to celebrate this momentous occasion with you, so we’re prepared to conduct your closing appointment wherever you feel most comfortable—HOME!

To make things more convenient, we like to schedule your final walkthrough of the property and your closing appointment at the same time. This allows you to finalize everything in one appointment.

During the final walkthrough, an Abodefy Coordinator will guide you through your new home, showing you where all the systems are located and how they work. From the sprinkler system to air filters, you’ll be shown everything you need to know about your new home.

You will also complete your warranty checklist to understand what’s covered under your home’s warranty. This ensures you understand what is covered under your new home’s warranty, giving you peace of mind.

Once you’ve completed the walkthrough, your Abodefy Coordinator will log into your remote notary session so you can sign all closing documents digitally. The title company will also join the video session to help answer any questions you may have.

The best part of completing your walk through and signing your documents in one appointment at the property is that, when you are done, you're HOME! This appointment should be your final step in your journey to becoming a new homeowner.