The Buying Process

Submitting An Offer
Once you have chosen a real estate professional they will guide you through the process of finding a property that fulfills your needs. First step is to have your financing in place so you know your price point.  It would be advisable to shop around for the best terms and have at least 2 lenders you are pre-qualified with.  In addition most sellers will not entertain an offer without a pre-qualification letter from a Lender.  If you are paying ALL CASH, then you will need to submit a proof of funds letter dated within the last 30 days from your bank along with the offer.  When you have chosen a property the real estate professional will draft a purchase agreement for you, advising you on protective contingencies, customary practices, and local regulations. The buyer can request the escrow and title company in the offer terms, however, it will be the seller who will confirm which escrow and title company will be chosen for the transaction. Once the offer is presented to the seller’s real estate professional, the seller will then accept, counter or reject the offer.

Opening Escrow
Once the offer is accepted and signed by all parties the sellers real estate professional will open escrow and the wire instructions for the earnest money deposit will be e-mailed directly to the buyer by the escrow company. All funds associated with the transaction will be handled through escrow. The buyer will have 3 days from acceptance to wire in the earnest money deposit funds into escrow.  This is the time allowed per your Purchase Agreement to perform inspections, and satisfy any other contingencies to which you purchase is subject.
Typical contingencies include:
 Approval of the Seller’s Transfer Disclosure Statement, Seller’s Property Questionnaire and Sellers Property         Questionnaire Addendum
 Approval of the Preliminary Report from the Title Company
 Loan Approval
 Appraisal of the property
 Physical inspections of the property
 Pest inspection and certification
 Satisfaction of any purchase contingencies & specific transaction requirements

Homeowners Insurance
Before the close of escrow the buyer must obtain homeowners insurance that is acceptable by the lender. The real estate professional will coordinate between your insurance agent and the Escrow Officer to make sure your policy is in effect at close of escrow.

Down Payment Funds
You will need a cashier’s check or wire transfer several days prior to the closing date of escrow. Escrow will provide a settlement statement with requires amount of funds needed to close including down payment and closing costs.

Signing Loan Documents
When all of the conditions of the Purchase Agreement have been met, you will sign your loan documents. Escrow usually sets up the appointment for your final signing.

Closing Escrow
After loan documents are signed, the buyer has deposited the remaining balance of fund needed to close and all of the purchase agreement requirements have been met the lender will review the loan documents. If everything is satisfactory the lender will fund the loan. The Deed will then be recorded at the County Recorder’s office and the buyer will take ownership of the home once notice of confirmation of deed recording is received by the sellers real estate professional.