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At a quick glance, the buying process will involve the following:
- Initial Interview
Determine needs, discuss financial qualifications
- Get pre-approved by a lender
And obtain a pre-qualification letter from the lender; complete loan application, finish necessary documentation
- Property tours
Show you available homes that suit your needs, fine tune your searches, attend open houses, educate you about the current market
- Target that “perfect” home to write an offer
Writing an offer will take 1-3 hours and now is when you deliver your earnest money deposit made payable to the Title Company
- Your offer is presented to the Seller
In presenting your offer, I will highlight the strengths of your offer and your strengths as a buyer. Your offer is countered, accepted or rejected at this point.
- Counter Offer
The counter offer is discussed and prepared.
- Escrow
Once an offer is accepted, you earnest money is deposited with the Title Company.
- Contingency Period
Buyer receives and approves Seller’s Real Estate Transfer Disclosure Statement, and other seller disclosures. Buyer approves Preliminary Title Report. Applicable physical inspections are completed
- Homeowners Insurance Coverage
Buyers obtain Homeowners Insurance Policy for their new home
- Signing documents at the Title Company
Buyers need to bring current photo identification to sign notarized loan documents at the Title Company.
- Down payment and closing funds
The escrow officer provides you with a Buyer’s Estimated Closing Statement which itemizes your costs and advises you of total monies due. Buyer brings a cashier’s check to Title Company at least 24 business hours prior to closing.
- Funding
The lender completes final credit of documents and then sends funds to Title Company.
- Close of Escrow
The deed is recorded at the
County
Recorder
’s Office by the Title Company. You will receive your copy in approximately six weeks. Keys are transferred from seller to buyer.
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