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Staring Out On The Journey of
Finding Your New Home
1. A Realtor should Interview you to:
• Determine your criteria in a home.
• Discuss parameters.
• Discuss financial qualifications.
2. Get "Pre-Qualified" by a lender
• A loan pre-qualification approval letter is obtained
from your lender.
• This will make your offer much stronger and put you in
better position to have your offer accepted.
• Also, you will know what will fit into your budget.
3. Arrange property tours
• Tour available homes that suit your needs.
• Ask your Realtor about the current market.
4. Target a home that's IDEAL and draw up the offer
• The Realtor will write the offer on your "Ideal" home.
• Writing an offer takes approximately 1-3 hours.
• Deposit in a safe your earnest money deposit made
payable to "Prudential California Realty Trust Account"
(this check will be held until we have an accepted
offer).
5. The offer is then presented to the seller
• The Realtor will prepare a presentation highlighting
the strengths of the buyer and the offer.
• The Realtor presents the offer to the seller and the
sellers' agent.
• The seller accepts, counters or rejects the offer.
6. Counter offer
• If the initial offer has not been accepted the Realtor
will discuss with you various options to prepare a
counter offer.
Finding Your New Home
1. A Realtor should Interview you to:
• Determine your criteria in a home.
• Discuss parameters.
• Discuss financial qualifications.
2. Get "Pre-Qualified" by a lender
• A loan pre-qualification approval letter is obtained
from your lender.
• This will make your offer much stronger and put you in
better position to have your offer accepted.
• Also, you will know what will fit into your budget.
3. Arrange property tours
• Tour available homes that suit your needs.
• Ask your Realtor about the current market.
4. Target a home that's IDEAL and draw up the offer
• The Realtor will write the offer on your "Ideal" home.
• Writing an offer takes approximately 1-3 hours.
• Deposit in a safe your earnest money deposit made
payable to "Prudential California Realty Trust Account"
(this check will be held until we have an accepted
offer).
5. The offer is then presented to the seller
• The Realtor will prepare a presentation highlighting
the strengths of the buyer and the offer.
• The Realtor presents the offer to the seller and the
sellers' agent.
• The seller accepts, counters or rejects the offer.
6. Counter offer
• If the initial offer has not been accepted the Realtor
will discuss with you various options to prepare a
counter offer.
| The Process of Buying Your Home |
| Once The Offer is Accepted 1. Escrow • Once the offer is accepted and conveyed, escrow is opened. Your earnest money is deposited at this time. Escrow orders a Preliminary Title report and sends copies to the agents and your lender. • Escrow instructions are issued to all parties. 2. Loan Application • Submit a completed loan application to the lender of your choice with all necessary documentation. 3. Contingency Period • Buyer receives and approves Seller's Real Estate Transfer Disclosure Statement. • Buyer approves Preliminary Title report. • Physical inspections / pest inspections are completed. • Property appraisal and loan approval are in progress. 4. Home owner insurance coverage • Buyer's obtain a Homeowner Insurance Policy for their new home and insurance information is given • Escrow orders a copy of the Homeowner insurance policy for the new lender prior to escrow closing. 5. Signing documents at Escrow • Buyers will need to bring current photo ID to sign notarized loan documents. • Buyers will also need to bring a cashiers check for the closing cost and down payment. If it is a zero down offer then only the funds for the closing are necessary. • Copies of title and lender documents are given to buyers. 6. Down payment and closing cost • The escrow officer provides you with a Buyer's Estimated Closing Statement which itemizes your costs and advises you of total monies due. 7. Funding • The lender sends funds to the title company. 8. Close of Escrow • All funds are distributed • The deed is recorded at the County Recorder's office by the title company. • The keys are transferred from the seller to the buyer. |
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| Realtor®, Broker Associate, CRS®, e-Pro®, ABR®,SRES® Phone (209) 444-6610 Lic.: 01468373 |
