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.

6. Escrow

• 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!