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Buying a Home: The Many Steps

My duty as your agent encompasses many aspects.  Below you will find a fairly brief outline of what to expect.  This by no means covers all of what you are about to encounter but it gives you enough information to help you feel comfortable and more familiar with the process that will begin to unfold shortly.

I am not here to Sell you a home;   I am here to help you find a home that You want to buy.

You begin with an idea of what you want and what you think your ideal home is.  As we go through the process of actively looking for a home those ideas change.  You find that what you thought you wanted may slip down to the bottom of the list and what you didn´t know you wanted is suddenly at the top of the list.

I guide you through this maze, help you set priorities, give you fundamental information that helps you sort through this information and determine what is important to you in the short term and the long term.

1.  We start out with the basic building blocks:  uppermost is the pre-qualification process.  In order to begin the home search you need to know what you are qualified to purchase, if you have credit issues that must be cleared before you shop for a home, what your monthly payment will be (including principle, interest, property tax, HOA fees, insurance, PMI, etc.) and what kind of payment you feel comfortable with. You achieve all of this by first talking with a lender.  I work with a preferred lender that also takes great care to guide and educate you.  However, you have the final say in your choice of lenders.

2. I will discuss the Agency Relationship, a California Association of Realtors document that must be signed before all other documents.  It identifies me as your agent and says I owe my honesty, due diligence and fiduciary duties to you, that your best interests are my number one priority.

3. The next document is the Buyer´s Representation Agreement.  This document identifies and employees me as your exclusive buyer´s agent in specific areas in which you are searching for a home.  The compensation that I receive is paid by the seller or builder.

4. I will introduce you to the purchase contract to give you a quick overview of what to expect.  It is quiet a lengthy form and I will briefly cover it in the beginning and thoroughly cover it with you when you have found a home you would like to purchase.

5. Once these items are understood and you feel comfortable knowing you are qualified to begin actively looking, we determine the details of what you are looking for in a home;  bedrooms, baths, age, square footage, pool  or no pool, price range, areas, cities and any other important qualities you want/need.

6.  We discuss your time frame; when do you want to start looking, when would you like to be settled in your new home?  

7. During the time we are searching for a home you will begin to understand property values and recognize when a property seems priced low or too high.  When we find a home that you are interested in I will provide you with the most recent sales in the neighborhood to determine if it is priced fairly.

8. If you decide to write an offer on the property we go over the comparable sales and determine what you feel is a fair offer on the home.  This is where my expertise and knowledge of the market and areas come into the picture.   

a. I can help you arrive at this figure by telling you more about the neighborhood.

b. What the current climate of the market is.

c. What has been happening with property values.

d. How to negotiate in a wise way to arrive at an acceptable price.

9. After determining what price you would like to offer we complete the purchase agreement and go over the details, which include:

a. Closing date

b. Financial information such as; earnest money deposit, interest rate, down payment.

c. Preferred escrow time. 

d. Loan and appraisal contingencies.

e. We cover your duties as a buyer.

f. Inspection time periods and what inspections you may want to consider.

g. Your personal property inspection and what you would like repaired.  Regarding this issue; In California all properties are sold in their present condition.  This means that the seller is not required to fix any items nor does he/she have to answer your letter requesting repairs.

This does not mean that the seller won´t make repairs.  Typically they do repair some items.  But if the seller chooses not to make  any repairs, you have the option of cancelling the agreement.

h. Other inspections that you may want to consider; asbestos, mold, roofing, pool, permits and others that are addressed in the contract, Megan´s Law, Natural Hazards Disclosures.

i. Title Insurance and Escrow and what those terms mean and how they affect you.

j. Time periods allotted for inspections and how important it is to meet those time periods.  I will keep you on track to be certain that we meet them.

k. We will cover Liquidated Damages and what that means to you.  

l. We will explore the differences between mediation/ arbitration as opposed to hiring an attorney if the need should arise and what the positives and negatives of each choice may be.

m. Property taxes, prorations and other costs will be discussed.

n. The two page ?Buyer´s Inspection Advisory´ and the eight page ?Statewide Buyer and Seller Advisory´ will be covered.

o. Once the purchase contract is completed we will indicate a time frame in which the seller must respond.  If the seller does not respond within that period, the contract is void.  If the seller responds with a counter offer, you will have a given time period to respond.  If you don´t respond the contract is void.

p. At some point the contract will be agreed to or void.

q. If an agreement is reached, we then open escrow.

10. The next phase is the escrow period.  During escrow everything that was agreed to in the purchase agreement must be fulfilled or the contract may become void.

11. The loan process will be handled by your lender and the process of inspections and review will be handled by me.

12. We will begin the inspections process and they must be complete within the time specified in the contract.

13. There are documents that the seller must provide you, such as the ?Transfer Disclosure Statement´, termite report, water heater/smoke detector compliance document, permit reports, ?Statewide Buyer/Seller Disclosures´, to mention just a few.  As we receive these documents I will go over them with you so that you understand what is expected and what they mean.

14. All the documents that are delivered to you through the escrow company must be reviewed and signed in a timely manner.  Some of the items are listed below.   This is not the entire list but some of the more important documents. 

a. The escrow instructions, which includes the purchase contract.

b. Home Owner´s Association Documents, CCR´s, minutes.

c. Natural Hazards Report.

d. Title Insurance information.

15.  As we proceed through the escrow you may find that there are additional negotiating points that we will have to address.  This may include inspection items, possible time frame extensions, concerns about the HOA, termite reports etc.  If there are issues that concern you we will discuss and clarify them.  If you are not satisfied with the reports and a resolution is not met it may be cause for you to cancel.

16. I will be there every step of the way to provide you with the information and explanations of this seemingly never ending barrage of paper work and reports.

17. If at any point during this process information is disclosed that would cause you to not want to purchase the property, you may cancel the agreement.  

18. There are many contingencies that you must be satisfied with.  If they cannot be satisfied, there may be grounds for cancelling the purchase.

19. Once all contingencies are met and approved and the loan is approved the next big steps take place.

20. You will sign loan documents, bring in all remaining funds necessary and the loan will fund.

21. Once the loan funds the recording of the Deed is scheduled for the following day.

22. The recording takes place in the early morning and the confirmation of the recording is delivered to me through the escrow officer, typically by noon.

23. I in turn will give you the long awaited message that the home is now yours!

24. I deliver the keys to your new home and Your hard work begins3;.moving day!!

Congratulations!  Welcome Home!!