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Step-By-Step To Home Buying
1. Select a Real Estate Agent.
- I have hopefully made this step an easy one for you.
2. Identify Property to buy
- We will look at properties based on the criteria you have given me. From these properties you can select a property that best meets your needs.
3. Preparing your offer to purchase
- Once we find the home of your choice, I will advise whether or not the asking price is a fair one. As well, I will make suggestions toward a good offer. This offer will be based on many factors, i.e. how long the property has been on the market, how motivated the sellers are, prices paid in comparable sales in the neighborhood, etc. Contingencies will be included in the offer based on your wishes, such as length of escrow, personal property included in the offer, etc.
4. Earnest Money
- Included in your offer will be a "good faith" deposit of about 1% to 3% of the purchase price. The money will not be cashed until your offer is accepted at which time it will be deposited into an escrow trust account.
5. Presenting your offer
- I will present your offer to the seller or his real estate agent. As your agent, I will return with the seller's response which could be an outright acceptance, a counteroffer, or a rejection.
6. Open escrow
- After negotiating an acceptable offer, and upon acceptance, escrow on your new home will be opened and your earnest money will be deposited into the escrow trust account.
7. Contingencies in escrow
- This is the time allowed in escrow to obtain financing, perform inspections,
and satisfy any other contingencies to which the purchase is subject.
These contingencies may include:
a) Approval of preliminary report
b) Loan approval by lender of your choice
c) Physical inspection of property
d) Termite inspection by company of your choice
8. Homeowner's insurance
- A homeowner's policy must be purchased and submitted to escrow naming yourself and the new lender as the loss payee.
9. Remainder of down payment funds
- At least 24 hours prior to the close of escrow you will be required to deposit in escrow by way of a cashier's check or money transfer the remainder of your down payment.
10. Close escrow
- As soon as all conditions of the purchase agreement have been met, you will be asked to sign loan documents and closing papers. The lender will deposit with the title company the loan proceeds from your new loan. The deed conveying the property to you will be recorded in the office of the county recorder and you will take ownership of your new home.
11. Arrange for the movers and obtain the key.
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