The Process of Buying a Home at The Best Possible Price!
Certain steps for purchasing a house may vary from state to state, or even from county to county. Your Realtor's goal throughout the process is the same in any location: to get you the home you want at the Best Possible Price. During the buyer's interview, I like to explain the process to my clients so that they know what to expect at every step along the way. The following is a summary of the process when you are purchasing a home on the Monterey Peninsula with me by your side:
Know what you're shopping for before you start. Build your dream house! And don't keep it a secret!
Shop for a mortgage before you shop for a home. You are in a strong bargaining position when you have already been pre-approved for a loan.
Pick a winning team to help you. The value of a great Realtor is the ability to negotiate the Best Possible Price for you. Make sure that I as your Realtor know what you want - the more you tell me, the greater chance we have of finding more of what you want. If you are new to the Peninsula, we'll have fun taking the Grand Tour so that you learn first hand about our communities and can easily make a decision about where you would like to live - near the ocean, in the Salinas Valley, in beautiful Carmel, Pacific Grove, the many areas in Monterey, or perhaps down the coast in Big Sur.
Have your Realtor make an offer. Your Realtor will prepare a Purchase Offer for Your Signature---this is the beginning of the negotiations. The Offer is presented by your Realtor with your Pre-Approval Letter from your Lender to the Sellers/Sellers' Agent. During negotiations you can decide how much you are willing to pay for what you want. An initial deposit check is held by your Realtor until the offer is accepted.
Offer Accepted/Escrow Begins. Your deposit check is given to the title company. The title company opens escrow to begin the process of transferring title.
Disclosure Period. The home buying process is one of discovery of property condition. Throughout, you will receive crucial information on the condition of the property - from its physical attributes to the condition of its title. During this period (generally 17 days) the seller will provide the buyer with information about the condition of the property including any material defects. Anyone buying a home is advised to first have it inspected by a professional, certified home inspector.
Your home inspector will provide you with a written report, which will advise you of the physical condition of the property as determined from the inspection of accessible areas. The cost is approximately $300-$500.
The report also will identify areas that could not be inspected and may recommend additional inspections by other experts. I am always present at all inspections. Other inspections may be required by the City/Water District.
This is also the time to obtain Homeowner's Insurance. Your Lender will have the house appraised and finalize the approval of your mortgage.
Negotiate Repairs. Your Realtor will negotiate for you with the Seller to fix the problems prior to close of escrow; receive a credit from the Seller for an amount to make the repairs; or cancel the contract if you and the Seller cannot agree on the repairs or their costs.
Remove Contingencies and Move Forward to Close Escrow. Once you are satisfied with the condition of the property and have your loan approved, your will sign a document to remove these contingencies and increase your deposit. This time period will be specified in Purchase Offer - generally on the 17th day after the offer is accepted - but the timeline is negotiatable. Once the contingencies are all removed, the Buyer's deposit may be retained by the Seller if the transaction is not completed.
Approximately one week before close of escrow, the Seller and Buyers separately sign escrow and loan documents at the Title Office.
Buyers Do a Final Walkthrough of the Property Approximately 5 days before Close of Escrow
Your Loan Funds. The money is wired to the Title Company. The Buyers Provide the Balance of their Downpayment and Closing Costs One Day Prior To Close of Escrow.
Sale is Recorded in the County Court House. This is officially the close of escrow and the Buyers take possession of their new home. Congratulations! Your Moving Day has Arrived!
For More Information, please contact Mary Aguilar, Realtor, GRI, ABR, e-PRO
John Saar Properties. Carmel, California (831) 277-1073, http://www.maryaguilarhomescom
Remember In This Market, You Can Be a Winner!