Buying a Home
Buying a home is usually one of your most significant purchases in life. Not only are you choosing your dwelling place, you are most likely investing a large portion of your assets into this venture. The more prepared you are at the outset, the less overwhelming and chaotic the buying process will be. My goal with this page is to provide you with detailed information to assist you in making an intelligent and informed decision. If you have any questions along the process, I’m only a phone call, text, or email away.
The First Step
The first step in the home buying process is to find a lender you’re comfortable with, to receive a pre-approval commitment from them. The importance of this step is twofold, first to familiarize yourself with the correct price range you’ll be able to qualify for, and second, you’ll need such a pre-approval when you start making offers on properties you like. (Offers is plural, because if you’re like most people, you’ll make more than one offer, before you’re successful in getting one accepted. It is usually a learning process.)
Choosing Your Lender
Part of step number one is to choose the lender you’ll be working with. It’s important to select one you’ll be comfortable with, as the process of buying a home can take a few months to complete, and you want to be as in synch with your lender, as you are with your agent. I have a couple of excellent lenders, whom I recommend, who have served my clients well, for the past few years.
Finding Your Home
Once you and your lender have determined a price range that you’ll be able to qualify for, the next step is to share that information with your agent – ME – along with the criteria you’ll be wanting in your home, such as location, features, ( How many bedrooms, baths, garages, etc.) so that I can begin the home finding process. I will typically look at 4 to 5 houses for every one that I show you. (I’ll be looking for the best combination of features that will satisfy your requirements.)
Making an Offer
Once we have found that special house, it’s time to make an offer on it. As every home buying experience is different, there is NO special formula to use in the offering process. Some houses will be extremely popular and may generate multiple buyers wanting to purchase them. I have years of experience in such scenarios, to guide you success in formulating a purchase strategy.
The next step is to open escrow, neutral company that collects and processes all the documents and monies, throughout the escrow period. A typical escrow period is between 30 and 45 days, although both shorter or longer are possible, depending on the needs of the buyer and the seller.
The Contingency Period
In the majority of transactions there is a contingency period – typically 17 days – during which the buyers can satisfy themselves with inspections – for potential repair issues – and an appraisal – to be certain of the home’s value. Once the buyer is satisfied, they will be asked to sign a removal of contingencies form. Up until this point, the buyer can usually withdraw from the escrow, if they have found a reason to withdraw, such as more repairs than anticipated, or the home’s value has fallen short.
Signing Final Papers and Closing Escrow
There is usually a flurry of activity during the last week of escrow, when the buyer is signing a thick pile of documents, to secure their mortgage, and to bringing in the balance of their down payment funds. They can also do a final walk-through inspection to make sure the home is being left in good condition, after which the escrow is set up to close, within a day or two. ( Finally, the transaction will record, with the title insurance company.)
The Home is Now YOURS! ( Almost!)
After the escrow has recorded, the buyer is given the keys to the property, in one of two ways. If the property is vacant, they will usually get the keys the same day of recording. If the home is still occupied – the usual situation – the seller is typically given 2 to 3 days to get out of the property, after which the buyer is then given the keys.
My job is to oversee the entire process, shown above, making certain that YOUR best interests are protected, every step along the way, including handing YOU the keys to your new home. I have been successfully doing this job since 1976 – over 41 years – and pride myself on making every transaction as smooth as possible for my clients. You’ll be able to rest assured, that this will be the case in YOUR purchase.