Documents you'll need as a buyer (and what they're actually for)

Nobody hands you this list up front, so here's what's typically involved — both what your lender will ask for and what you'll receive as part of the sale.

What your lender will likely ask for

Exact requirements vary by lender and loan type, but a typical pre-approval packet includes:

• The last two years of W-2s
• Your two most recent pay stubs
• The last two years of tax returns, all schedules and pages (personal, and business if applicable)
• The last two months of bank statements — all pages, including blank ones
• Your most recent 401(k) or retirement account statement
• A copy of your driver's license
• If you've had a bankruptcy in the last seven years: the full schedules and discharge paperwork

Talk to your lender before gathering everything — confirm exactly what they need and in what form before you send anything.

What you'll receive from the seller

• Seller's Disclosure Statement. Michigan law generally requires sellers to disclose known conditions of the property. Some transfers are exempt (certain estate sales, foreclosures, and a few other categories) — if you don't receive one, ask why.
• Lead-Based Paint Disclosure. Required for any home built before 1978. You should also receive the EPA's Protect Your Family From Lead in Your Home booklet — it's a federal requirement, not optional paperwork.
• Agency Disclosure. This spells out who each agent in the transaction actually represents. Make sure it's clear whether your agent represents only you.

Questions about any of this? Let's talk

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