A Step By Step Guide to Buying a Home
- Select a Realtor®
and establish a relationship
I am a FULL-TIME, professional Realtor® with
extensive market knowledge. I will work closely
together to find the right home for you.
- Consult with your
Realtor® to evaluate your needs and resources
Once we establish your needs, I will provide
guidance to financial institutions where you can
obtain information in order to get the best
financing available. I will meet with you to discuss
your needs and analyze your resources.
- Identify property
to buy
I will show you homes based on the criteria that we
establish together. The more precise and direct you
are with me, the more successful your search will
be.
- Determine seller's
motivation
Once you have found the home that you wish to
purchase, I will do all the necessary research to
help you structure an effective offer.
- Write offer to
purchase
We will draft the Purchase Agreement for you,
advising you on protective contingencies, customary
practices, and local regulations. At this time you
will need to provide an "earnest money" deposit,
usually from 1 to 3% of the purchase price. (This
deposit is not cashed until your offer has been
accepted by the Seller).
- Present offer
I will present your offer to the Seller's
agent. The Seller has three options: they can accept
your offer, counter your offer, or reject your
offer. My personal knowledge of your needs and
qualifications will enable me to represent you in
the best way possible.
- Review seller's
response
We will review the Seller's response with you. Our
negotiating skills and knowledge will benefit you in
reaching a final agreement.
- Open escrow
When the Purchase Agreement is accepted and signed
by all parties, we will open escrow for you. At this
time your earnest money will be deposited. The
escrow, or title company will receive, hold, and
disburse all funds associated with your transaction.
- Begin contingency
period
The contingency period is the time allowed, per your
Purchase Agreement, to obtain financing, perform
inspections, and satisfy any other contingencies to
which your purchase is subject. Typical
contingencies include:
- Approval of the Preliminary Title Report
- Loan approval, including an appraisal
of the property
- Physical inspections of the property
- Pest inspection and certification
- Acquire
homeowner's insurance
We will coordinate between your Insurance Agent and
the Title Officer to make sure your policy is in
effect at the close of escrow.
- Make down payment
You will need a Cashier's Check or money transfer
several days prior to the closing date of escrow.
- Close escrow
When all the conditions of the Purchase Agreement
have been met, you will sign your loan documents
closing papers. You will deposit the balance of your
down payment and closing costs to escrow and your
lender will deposit the balance of the purchase
price. You will take ownership of your home. The
Deed will then be recorded at the County Recorder's
office.
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