2. INITIAL CONSULTATION WITH YOUR AGENT TO EVALUATE YOUR NEEDS AND RESOURCES.
We will meet to discuss your needs and analyze your 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.
3. FIND THE RIGHT HOME FOR YOU.
I will show you homes based upon the criteria that we have established together. The more precise and direct you are with me, the more successful our search will be.
4. DETERMINE THE SELLER’S MOTIVATION.
Once we have found the home that you wish to purchase, I will do the necessary research to help structure a successful offer.
5. WRITE THE PURCHASE OFFER.
I 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. The deposit check is not cashed until your offer has been accepted by the seller.
6. HOW TO FIND A LENDER.
Today, lenders can be found through a variety of sources. Online searches and referrals are common methods of finding a lender. We utilize several lenders with proven track records and competitive rates, even with problem properties or poor credit.
7. SELLER RESPONDS.
I will review the seller’s response with you. My negotiating skills and knowledge will benefit you in reaching a final agreement.
8. OPEN ESCROW.
When the purchase agreement is accepted and signed by all parties, I will open escrow for you. At this time your earnest money will be deposited. The escrow company will receive, hold and disburse all funds associated with your transaction.
ESCROW : A procedure in which a third party acts as a stakeholder for both the buyer and the seller, carrying out both parties’ instructions and assuming responsibility for handling all the paperwork and distribution of funds
9. THE CONTINGENCY PERIOD.
This 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 seller’s transfer disclosure statement.
• Approval of the preliminary report from the title company.
• Loan approval, including an appraisal of the property.
• Physical inspections of the property.
• Pest inspection and certification.
10. OBTAIN HOMEOWNER’S INSURANCE
I will work with your insurance agent and escrow office to make sure your policy is in effect at the close of escrow.
11. MAKE DOWN PAYMENT
You will need a cashier’s check or money transfer for the down payment several days prior to the closing date of escrow.
12. CLOSE ESCROW!
When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs into escrow and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder’s office and you will take ownership of your new home!