The process of buying a home:
- Identify the criteria for a new house such as location, price, size and features.
- If you are planning to finance you purchase, get pre-approved by a lender of your choice.
- Look at properties that match your criteria.
- Once we find the home you would like to purchase, we will run a market analysis and estimate the right price for the property.
- We discuss the terms of the offer including price, title transfer / possession dates, inspections, contingencies, home warranties, items included with the property and other.
- We, as your agents, present an offer on your behalf to a listing agent, who in turn, presents it to the Seller(s).
- If Seller(s) agrees to our price and conditions and signs our offer, we have a binding agreement/contract with the Seller and we proceed according to the terms of the contract.
- Seller(s) may counter or reject our offer. At this point we have a choice of accepting Sellers counter offer, counter Sellers counter offer, or stick to our original offer and see if Seller(s) reconsiders it. Once the negotiations are over and Seller(s) and Buyer(s) agree on the price and terms, both Seller(s) and Buyer(s), sign the final copy of the contract and mutually binding executed purchase agreement/contract is formed.
- We, as your agents, will make sure your lender and the title company receive a copy of the contract and start working on your deal.
- Now it’s time for inspections. We usually have 7 days to complete all the necessary inspections. A price of a general inspection is around $350-$550 and you should receive a report within 48 hours.
- There are 10 main reasons to do the inspections which include your options after the report is received. See below.
- After the inspections, Buyer(s), has a choice to:
a. Accept the property as is, in its current condition, or
b. Ask Seller(s) to fix certain items if they are major or health related, or
c. Ask Seller(s) for a discount based on the specific estimates you receive from your contractor(s).
d. Back out of the deal if you don’t feel comfortable with the findings.
- The above is done by signing a contingency removal form which will describe one of the 4 options. If Seller(s) agrees, we move forward with the purchase.
- As a Buyer(s), you will have to work closely with your bank/mortgage company and provide all the necessary financial documents to secure financing. Make sure to be prompt with their requests as you are under contract to perform by certain date. It usually takes 4 to 6 weeks for a final approval and closing.
- During this time the Title Company will be working on making sure you receive clean, marketable Title without any leans so they can transfer the Title in to your name when the time comes for closing.
- Now it’s time to relax and wait for the bank’s final approval of the loan. Once the loan is approved, we, as your agents, will coordinate the closing date and time with the Title company.
- Closing takes about an hour and takes place anywhere convenient for you. It involves signing a lot of legal paperwork, mortgage documents and giving the Title company a down payment in the form of a Cashier’s check. Please, make sure to have to have your driver’s licenses or State issued ID’s.
- When all documents are signed by both, buyer and a seller, the Title Company will fund the transaction and register you, as a new home owner, at the county recorder’s office.
- It could take up to two days to transfer the Title in to your name.
- As soon as the Title transfers, we will deliver you the Keys to your new home.