Home Buyer's Guide:
Home Buying Steps
STEP ONE
Choose and Meet Your Realtor
Building a solid relationship with a realtor is important. He or she will be
working closely with you in finding the perfect home to meet your unique needs.
Professional realtors have the extensive market knowledge and will provide
guidance in your buying process.
STEP TWO
Finding the Perfect Home
Your realtor will show you homes based on the criteria that you have given him.
The more precise and direct you are with your realtor, the more successful your
search will be.
STEP THREE
Determine the Seller's Motivation
Once you have found your perfect property, your realtor will research the
homeowner's motivation for selling, helping leverage your negotiating power in
an offer to purchase.
STEP FOUR
Offer to Purchase
Your realtor will draft a purchase agreement, advising you on customary
practices, local regulations, and protective contingencies. You will need to
provide an "earnest money" deposit at the time, usually ranging from
1% to 3% of the purchase price (deposit amount is not cashed until after an
offer is accepted by the seller).
Your realtor will
present your offer to the seller's realtor. The seller will then either accept
your offer, counter your offer, or reject your offer.
STEP FIVE
Seller's Response
You and your realtor will review the seller's response. Your realtor's knowledge
of the process and strong negotiating skills will help you reach an agreement
you feel good about.
STEP SIX
Open Escrow
Your realtor will open escrow for you once the purchase agreement is accepted
and signed by all parties. Your "earnest money" will be deposited at
this time. All funds associated with your transaction, either held, received, or
distributed, will be handled by your escrow company.
STEP SEVEN
Contingency Period
This time period is determined by your purchase agreement and is used to obtain
and perform the following items:
-
Physical
Inspection of Property
-
Property Pest
Inspection
-
Property
Appraisal
-
Secure a
Lender
-
Obtain Loan
Approval
-
Approval of
Seller's Transfer Disclosure Statement
-
Preliminary
Report Approval from the Title Company
-
Satisfy
Purchase Contingencies
STEP EIGHT
Homeowner's Insurance
Your realtor will work with your escrow and insurance agent to ensure policy is
in effect by the close of escrow.
STEP NINE
Down Payment Funds
Prior to the closing date of escrow, you will need a cashier's check or wire
transfer.
STEP TEN
Close Escrow
You will sign all documents and closing papers when all conditions of the
purchase agreement have been met. After you deposit the balance of your down
payment and closing costs with the escrow holder, your lender will deposit the
balance of the purchase price. The County Recorder's office will record the
deed, and you will take ownership of your home.
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