The Home Buying Process
1. Picking the right lender, and getting pre-approved for a mortgage loan.
A buyer cannot submit an offer to buy a house without attaching a complete loan pre-approval. There are hundreds of lenders out there, hundreds of programs, hundreds upon hundreds of Internet Mortgage Companies. Not all will deliver the rates, programs, fee structures, etc... that they may promise in their sales call with you.
This is where a top notch experienced realtor comes in to help you. The best, most experienced realtors are also experts in real estate financing! We are familiar with banks, rates, fee structure, etc... We have to be. We deal with loans every day in our attempts to provide great service for our buyers. We can recommend, and help you pick out the best lender, as well as the best loan program to suit your individual needs.
2. The All Important Home Search.
When you want to purchase a home it is great fun to look and shop. In 2016 you simply have to look on your smart phone for just about all the information you want on a house. Here is another area where our knowledge will help you: determining market value on houses, which varies within a particular subdivision, neighborhood, on one side of a freeway or the other, on the south side of town vs the north side, etc...
Construction standards, lot sizes, zoning laws, property uses all vary as well. We our your best resource to help you sort through the hundreds of issues that may arise while searching for your dream home.
3. Contract Negotiation
Other than the price of the home, there are approximately 25 other areas within a California Real Estate Purchase Contract that are negotiable between buyer and seller. The CAR contract itself is 12 pages of legal boilerplate info. It is not meant to intimidate, but once signed by all parties, it is a legally binding contract. Here are some of the negotiable items: When is COE (close of escrow)? Possession date to buyer? Who pays for what? Warranties? State mandated reports? Roof repairs? Pest repairs? Health and safety issues with the house?
There is much expert advice a home buyer needs for getting a seller to look at, and accept your very well thought out offer. There is no substitute to having a local, experienced Realtor on your team to help, and to properly explain every detail of the contract.
4. The Escrow Period.
Within the contract there are numerous dates that require when certain items need to be completed, such as timeframes for buyer due diligence (completing inspections and obtaining / reviewing those reports), timeframes for appraisal completion and removal of loan contingencies, when sellers need to submit disclosures, and deadlines for buyers to read, sign and return every document.
5. Closing the Transaction
Still, at this point, there are dozens of items that we check and coordinate. Are loan docs in title? Are they correct? Are the lender fees correct? Are the title fees the lowest they can be … and are they correct too?? Has the seller performed all of the required repairs and have they all been done by licensed professionals? Have permits been pulled and finalized with the City on all applicable repairs?
We follow up on all of these important items also.