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 The Real Estate Store is your one-stop
resource for complete real estate services.
We offer the ability to search the multiple listing database through
our website, mortgage loan processing, and credit assistance.
We partner with the Metropolitan Resource Information
Systems Company, multiple mortgage lenders, and numerous title
companies to provide our clients with the most affordable deal.
Metropolitan Regional Information Systems
Company
A regional
multiple database listing resource with over 40,00 customers
in Maryland, Virginia, Pennsylvania, West Virginia, Delaware and the
District of Columbia. MRIS facilitates the sale of over $100 million
on a daily basis and operates the nation's largest online real
estate network for licensed agents, brokers and appraisers.
Mortgage Lending Institutions
The mortgage lender's responsibility is to assist the buyer in
completing and processing the
mortgage loan application. The
buyer must supply:
- employers' names and addresses
for the past two years
- financial institutions' names,
addresses and account numbers for asset verification and all
debts (installment and revolving)
- residency addresses for the
past two years an offer to purchase
Next,
the
lender reviews the credit report and verifies the borrower's debt
and payment histories as VOEs and VODs are returned. If there are
any late payments, collections or judgments shown on the credit
report, a written explanation is required from the borrower.
The lender also reviews the appraisal and checks to see if there are
any property issues that may require additional comment by the
appraiser. Any required repairs on the property are reported by the
real estate agent and borrower/seller.
Title Company
The title companies responsibility is to facilitate the closing
transactions. The
closing represents the final step in the mortgage application
process. An attorney will do a title search on the property, prepare
the legal documents necessary for the closing of the loan, and
provide you and/or your attorney with the exact closing costs. At the closing, the borrower obtains his or her loan proceeds and
presents a certified check to cover the balance of the down payment
and the closing costs. The loan closes. The borrower moves into the
new home.
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