The Buying Process

1. Initial Interview

  • Determine needs, wants, and desires
  • Discuss parameters
  • Discuss financial qualifications

2. Get Pre-qualified by Lender

  • Obtain pre-qualification letter

3. Property Tours

  • Show you available homes that suit your needs and emotions
  • Listen to you carefully to fine tune your “ideal home”
  • Educate you about the current market

4. Write an Offer on the Ideal Home

  • This procedure will take 1-3 hours
  • Review with you the blank contract enclosed in this booklet
  • Deliver your earnest money deposit (this check will be held until we have a ratified contract)

5. Present the Offer

  • Your real estate agent will prepare my presentation by highlighting the strengths of the offer and your strength as a buyer
  •  Your real estate agent will present the offer to the sellers and the sellers’ agent
  • The sellers will either accept the offer, counter your offer or reject it

6. Counter Offer

  • You and your real estate agent will discuss the counter offer and how it relates to your goals and prepare a response

7. Escrow

  • When the offer has been accepted and signed by all parties, your real estate agent will open escrow with a Title Company
  • Your earnest money will be deposited at this time
  • The escrow officer will order a Preliminary Title Report and send copies to your agent and lender

8. Loan Application

  • Submit a completed loan application with the lender of your choice and provide the lender with all the necessary documents

9. Contingency Period

  • Buyer’s approval of Seller’s Real Estate Transfer Disclosure Statement
  • Buyer’s approval of Preliminary Title Report
  • Physical inspections / pest inspections
  • Property appraisal and loan approval

10. Homeowners Insurance Coverage

  • Select an insurance company and discuss coverage
  • Give insurance agent information to escrow; They will need to order a copy of the policy for the new lender prior to escrow closing

11. Signing Documents at Title Company

  • Your lender will send the loan documents directly to the Title Company
  • You will receive copies of the title documents and lender documents
  • You will need Current Photo Identification

12. Down Payment and Closing Funds

  • Bring a cashier’s check to the Title Company several days prior to closing.
  • The escrow officer will provide a Buyer’s Estimated Closing Statement which will itemize your costs and credits with an estimate of total monies due

13. Funding

  • The lender will send funds to the Title Company

14. Close of Escrow

  • The deed will be recorded at the County Recorder’s office by the Title Company (You will receive the original back from the County Recorder in approximately 6 weeks).
  •  Your real estate agent will coordinate the transfer of the keys with you.