FAQ: How do I buy a home in San Mateo County or the Silicon Valley? What goes on in the home buying process?
These are questions I hear often, from first-time buyers as well as buyers from other areas. Since real estate is practiced differently in different areas, even within the State of California, I developed my:
Strategic Buyers' Plan
For Single Family Homes
We are committed to providing quality service to all of our clients. To ensure you receive the best representation possible, following are steps I typically take to help buyers successfully purchase a home:
- Arrange initial meeting with buyers to assess buyers wants and needs.
- Educate buyers about the local real estate market.
- Discuss pros and cons of various communities and amenities of each.
- Discuss financing options; refer to top-notch mortgage broker when appropriate.
- While formal lender pre-approval process is underway, stay in touch via phone and email about possible properties of interest, general market trends in particular areas.
- Once buyers are pre-approved (as opposed to being pre-qualified) arrange tours to potential properties.
- Educate buyers about the purchase offer form and the many items contained therein.
- Fine-tune future tours to properties that have the most appeal.
- Keep abreast of changing market conditions and inventory in area(s) of greatest appeal to buyers and communicate such to buyers.
- When buyers have found a property they wish to investigate in depth, or wish to purchase, obtain and read disclosure package (typically 60-150 pages).
- Give disclosure package to buyers for their review.
- Answer buyers questions regarding disclosures or any concerns they have or refer them to the proper authorities.
- Prepare a Comparative Market Analysis for property under consideration and discuss such with buyers.
- Talk with listing agent to determine sellers’ motivation and special needs, if any, and status of any other offers.
- Discuss pending sales with other agents, eliciting as much detailed information as possible.
- Have buyers sign all forms in the disclosure package, as well as any additional forms necessary.
- Obtain a formal pre-approval letter from the lender; have broker available by phone to answer any questions the seller or listing agent might have.
- Write letter to sellers, introducing the buyers with the goal of making my clients stand out from any others.
- Advise buyers of a price range likely to elicit a positive response.
- Write a strong, clean, compelling offer; discuss options with buyers.
- Present offer in person, to listing agent and seller, whenever possible.
- Negotiate any applicable counter-offers or addenda.
- Once in contract, promptly get contract and other necessary documents to lender and to the escrow handler.
- Turn in buyers’ deposit check to escrow per terms of the purchase offer.
- Arrange access to property for appraiser, other inspectors as outlined in purchase offer.
- Meet all contract deadlines regarding removal of contingencies.
- Stay in touch with lender regarding appraisal, when loan documents will be prepared.
- Arrange time for buyers to sign all documents related to the purchase.
- Attend sign-off with buyers; encourage lender/mortgage broker to be present, too.
- Give phone numbers of utility companies, insurance agents, etc. so buyers can easily arrange services in their names.
- Do walk-through inspection of property with buyers several days prior to close of escrow.
- Obtain keys from listing agent and deliver to buyers as soon as property transfer has occurred.
- Contact buyer 1-day after purchase/occupancy to make certain everything is satisfactory.
- Check in 1-week and 1-month after purchase, to see if help is needed in any way.
- Prepare file folder or CD disk containing copies of all contracts, documents, reports, etc. signed by all parties. Copy of the Settlement Statement is included, for ease at tax time.
- Be available to buyers whenever they have a question, need a recommendation to a service provider or have any other real estate need.
As you can see, buying a property in our fast-moving, competitive market in San Mateo County and the Silicon Valley can be quite challenging and complex. Make sure you have the proper guide on your side, your Realtor®