The Buying Process
What To Expect When Anticipating Purchasing A Home
1. Get Pre-Qualified by Lender
• Obtain pre-qualification letter.
2. Property tours
• Tour homes that suit your needs and preferences.
• Educate yourself about the current housing market.
3. Target an IDEAL home & write an offer
• Deliver your earnest money deposit (this check will be held until there is a ratified contract).
4. Present the offer
• Your Realtor® will prepare a presentation highlighting the benefits of your offer and your strength as a buyer.
• Your Realtor® will present the offer to the sellers and the sellers’ agent.
• The sellers will either accept the offer, counter your offer, or reject it.
5. Counter offer
• Your Realtor® will discuss the counter offer and how it relates to your goals and prepare a response.
• When the offer has been accepted and signed by all parties, your Realtor® will open escrow with Title
• Your earnest money will be deposited at this time.
• The escrow officer will order a Preliminary Report and send copies to your agent and lender.
7. Loan application
• Submit a completed loan application to the lender of your choice and provide the lender with all the necessary documents.
8. Contingency period
• Buyer’s approval of seller’s Real Estate Transfer Disclosure Statement.
• Buyer’s approval of Preliminary Report.
• Physical inspections/pest inspections.• Property appraisal and loan approval.
9. Homeowners insurance coverage
• Select an insurance company and discuss coverage.
• Give insurance agent information to escrow; Escrow will need to order a copy of the policy for the new lender prior to escrow closing.
10. Signing documents
• Your lender will send the loan documents directly to Title.
• You will receive copies of title documents and lender documents.
• You will need a current photo I.D.
11. Down payment and closing funds
• Submit a cashiers check to Title 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 moneys due.12. Funding• The lender will send funds to Title.
13. Close of escrow
• The deed will be recorded at the County Recorder’s office by Title (you will receive the original back from the County Recorder in approximately six weeks).
• Your Realtor® will coordinate with you the transfer of the keys and delivery of possessions.
14. Move in!