Home > For New Homebuyers > Purchase Process
This is an outline of a typical purchase process. Individual
circumstances may vary.
- Make an Affordability Appointment
Staff Housing for an affordability appointment. We will explain
the programs for which you are eligible, take down some financial information,
and run a model that shows how much of a house you can afford using all or
some of Stanford’s
programs based on assumptions you provide.
- Get Pre-approved
Before you have identified a house to purchase, complete and
make an appointment to submit a pre-approval loan application package to Faculty
Staff Housing. At that time, we can also update your affordability
model with new information. Concurrently, you will want to get pre-approved
by a commercial lender for the first mortgage. The pre-approval package
will contain a list of lenders who have experience with Stanford programs
and on-campus leases. It takes us about three weeks to process the pre-approval,
after which time you will receive a letter which you can use to make a
- Make an Offer
Using the pre-approval letters that you have obtained from Stanford
and a commercial lender, you may make an offer to purchase a home. If
you are making an offer on a campus home, you must use Stanford’s contract
document available at purchase
contract documents. If
you are using a real estate professional, work with him/her to
complete this process.
- Complete Your Financing
When your offer is accepted, you will need to complete
your loan approval. Once
you submit a copy of the fully executed purchase contract to Faculty
Staff Housing, we will request required disclosures, inspection reports, and
further documentation that you will need to provide. You will also need to meet any contingencies in
the contract, perform inspections, finalize your first mortgage, arrange for
hazard and earthquake insurance, and identify funds for the down payment. The
title company will supply a preliminary title report and Faculty Staff Housing will
order an appraisal of the property.
- Sign Documents
About a week before the close of escrow, you will sign loan and lease (if any) documents at Faculty Staff Housing. You will also need an appointment at the title
company to sign additional documents. At this time, the title company
will inform you of the exact amount of funds which will be required to
complete your transaction.
- Deposit Funds
You will need a cashier’s check or wire transfer to deposit
funds for the down payment and closing costs in the amount specified by the
title company. Deposit this amount at the title company on the business day before
the close of escrow.
- Take Possession
The title company will record documents and disburse funds
on the close of escrow date. Make arrangements with the seller to
transfer keys and take possession of your new home.
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Nothing on this site or in the documents it contains should be construed
as an offer or commitment of any kind. Programs and eligibility requirements
can be changed or discontinued without notice.