Home Buying Process

Buying a home involves several stages. The following is a list of the more common steps during a residential transaction.  Your situation may vary, so please contact me for your personalized information.

Contact me for more information regarding your Home Buying Process.

Common Steps for Buying a Home:

Initial Meeting

  • I meet with the Buyer to implement a personalized plan for the Buyer’s home purchase
  • Determine needs and wants
  • Determine financial eligibility

Loan Qualification

  • Buyer reviews finances with Lender
  • Buyer submits a loan application to their Lender and obtains prequalification
  • Buyer deposits funds for appraisal and credit check to Lender, if required

Find a Home

  • Buyer selects the desired property
  • Buyer and I discuss their desired contract terms
  • Buyer reviews and signs contract that I have prepared upon their behalf

Present and Negotiate Offer

  • Offer is presented to Seller, which will be accepted, rejected, or countered
  • Realtors communicate negotiations with clients until contract is mutually agreed upon
  • Buyer submits “earnest money” deposit (typically, 1 to 3% of purchase price)

Open Escrow

  • Realtors to supply contract documentation to escrow
  • Buyer to deposit “earnest money” into escrow
  • Escrow will open file and order Preliminary Title Report

Loan Processing

  • I will supply contract documentation to Lender
  • Buyer to supply ongoing documentation as requested by Lender for loan processing

Contingency Period

  • Buyer orders physical Inspections of property conducted by qualified inspectors (Buyer may accept the property as is, negotiate repairs to mutual acceptance, or terminate transaction)
  • Buyer reviews Seller’s Property Disclosure (Buyer may request more information if necessary, then approve disclosure or terminate transaction)
  • Buyer reviews Preliminary Report and CC&R’s (Buyer may approve report or terminate transaction)
  • Lender to conduct property appraisal
  • Lender to obtain final loan approval
  • Buyer to transfer property utilities into their name as of their possession date

Obtain Homeowners Insurance

  • Buyer selects insurance company and coverage and provides to Lender
  • Insurance will be in effect at close of escrow

Cash Reserves

  • Buyer prepares cashier’s check or wire transfer for down payment and closing costs (escrow will inform you of required amount)

The Closing Process

  • Buyer attends escrow to sign documents and submits payment for remaining down payment and closing costs
  • Lender sends balance of purchase price to escrow
  • Deed is recorded with County Recorder’s office
  • I will provide keys to Buyer upon the possession date
  • Time to move!