Home Buyer’s Step-by-Step:

Choose and Meet your Realtor …..

Building a solid relationship with a realtor is important. He or she will be working closely with you in finding the perfect home to meet your unique needs. Professional realtors have extensive market knowledge and will provide guidance in your buying process.

Finding the Perfect Home …..

Your realtor will show you homes based on the criteria that you have given him/her. The more precise and direct you are with your realtor, the more successful your search will be.

Determine the Seller’s Motivation …..

Once you have found your perfect property, your realtor will research the homeowner’s motiva tion for selling, helping leverage your negotiating power in an offer to purchase.

Offer to Purchase …..

Your realtor will draft a purchase agreement, advising you on customary practices, local regulations, and protective contingencies. You will need to provide an “earnest money” deposit at this time, usually ranging from 1% to 3% of the purchase price (deposit amount is not cashed until your offer is accepted by the seller.)

Your realtor will present your offer to the seller’s realtor. The seller will accept your offer, counter your offer, or reject your offer.

Seller’s Response …..

You and your realtor will review the seller’s response. Your realtor’s knowledge of the process and strong negotiating skills will help you reach an agreement you feel good about.

Open Escrow …..

Your realtor will open escrow for you once the purchase agreement is accepted and signed by all parties. Your “earnest money” will be deposited at this time. All funds associated with your transaction, either held, received, or distributed, will be handled by your escrow or Title Company and go towards your purchase price.

Contingency Period …..

This time period is determined by your purchase agreement and is used to obtain and perform the following items:

* Secure a lender

* Obtain Loan Approval

* Approval of Seller’s Disclosure Statement

* Physical Inspection of Property

* Property Pest Inspection

* Property Appraisal

* Preliminary Report Approval from Title Company

* Satisfy Purchase Contingencies

Homeowners Insurance …..

You will need to provide proof of insurance on your home purchase to your lender and Title Company.

Down Payment Funds …..

Prior to the closing date of escrow, you will need a cashier’s check or wire transfer for the amount of your down payment and closing costs.

Close Escrow …..

You will sign all loan documents and closing papers when all conditions of the purchase agreement have been met. After you deposit the balance of your down payment and closing costs to the escrow officer, your lender, after review, will deposit the balance of the purchase price. The County Recorder’s office will record the deed, and you will take ownership of your home.

Congratulations! You are the proud owner of your new home!