1. SELECT THE RIGHT REAL ESTATE AGENT
A real estate agent, especially one who knows the local market well (like we do), can help you find and buy your ideal home, quickly, and make the entire process go smoothly for you. Nowadays it is easy to locate properties through a combination of open houses and online searching, however it may not be in the clients’ best interests to wait until they locate a house to select a specific agent.
Our agents are able to help you find the right neighborhood, get financing, understand the tax consequences of owning a home, find off-market opportunities, and answer questions that come up along the way. In addition to helping you find a property, our agents will also help screen properties on broker tours and notify you when any potential properties come up.
2. BUYER CONSULTATION
The buyers consultation will be very productive as we discuss your options and narrow your choices in order not to waste your valuable time looking at homes that don’t conform to your requirements. We will discuss your wish list and differentiate “need” versus “want”. We will discuss neighborhood choices, establish your budget, discuss your criteria, negotiation strategies, and review the entire buying process.
3. GET PRE-APPROVED
Getting pre-approved by a local lender or mortgage broker is one of the first things you should do for many reasons. In California, a pre-approval letter is a prerequisite for serious consideration of your offer. Knowing the available loan amount will aid in determining how much you intend to spend on your home and which neighborhoods to consider.
Generally, you should begin the pre-approval process immediately after meeting with your agent. If any issues come up, such as inaccuracies that make your credit score lower than expected, you will have time to resolve them. Our agents can help you with this process and recommend excellent lenders & mortgage brokers. Our recommendations are completely free of any conflict of interest; our agents do not benefit monetarily from providing recommendations.
4. FINDING THE RIGHT HOME AND MARKET EDUCATION
Most people looking to buy a house say that the house-hunting process is the best part of the whole process. Despite it being quite a task, we can guarantee help with all your needs and we'll do our best to make your life easier. We respect your time and we will show you only homes that meet the criteria we’ve already set out. We work tirelessly to find you the right house especially in a seller’s market with limited inventory.
Our agents will personally take you to some of the neighborhoods, give you an overview of the area, and show a few representative homes. We'll also provide you with information on the best schools, parks, and potential appreciation of homes in each area. This will make it easier for you to choose the one that fits both your needs & budget. Generally, people are reluctant to purchase a property before they've scouted enough neighborhoods and seen enough properties to truly recognize an excellent fit.
5. MAKE AN OFFER
Next, our agent will work with you to draft an offer. Our agent will speak with the listing agent ahead of time to ascertain the seller’s desires and to see if you can offer any items of value to the seller with little cost to you. This is an indication that you want to work with the seller and can improve the situation for both of you. Regarding the question of what to offer, our agent will provide you with a comparable market analysis, showing the selling price of recent comparable properties and what the market value is of the current property. Additionally, our agent will update you on the interest level of other parties and whether you may be in a multiple-offer situation.
6. ACCEPTANCE, REJECTION, OR COUNTERS
Once an offer is made, it can be accepted, rejected, or countered by the seller. A counteroffer accepts all the terms of the contract, except the terms that are mentioned. A counteroffer might increase the purchase price, shorten the escrow period or demand a higher deposit. A counteroffer can be made to one party or multiple parties. If there is only one counteroffer and that counteroffer is accepted, then a binding contract has formed. On the other hand, if there are multiple counteroffers, which may all have the same or different terms, the counteroffer must be accepted by the buyer and reaccepted by the seller, ensuring that the home sells to only one party.
7. DURING ESCROW
After the parties formed a contractual agreement, the escrow period begins. An escrow company is a neutral third party that acts as an intermediary between the buyer and seller. The most important job of the escrow company is to properly take the buyer’s money in exchange for the seller’s property. An average escrow period is 30 days, with the vast majority ranging from 15-45 days.
If your purchase contract has contingencies, such as a inspection contingency, then your agent will find inspectors to fully inspect the property during the contingency period. During this period, you can determine whether you want to proceed with the purchase. If you back out of a contract for a reason related to a contingency during the contingency period, then you are entitled to a full return of your “good faith deposit.”
Our buyer agents will negotiate on your behalf and ask the seller to credit you for any major problems discovered during your home inspections. Usually, an agreement can still be reached if the seller accepts your requests. If your findings uncover a major issue, such as bad foundation, then you will likely want to back out of the deal without seeking a credit, as this involves a lot of risk. If you have a loan, as most homebuyers do, the lender will require you to pay for a home appraisal. Also, our agents will work with your loan officer and escrow to ensure that your loan closes on time.
8. CLOSING DAY
On the day of closing, the escrow company transfers your funds to the seller and records the deed in your name with the county. Once you are on record with the county, our agent will provide you with the keys, garage opener, mailbox keys and access codes, if any. Other information, such as manuals for appliances, are usually left at the property. While you are the owner of record when escrow closes, you generally will not receive the official deed from the county until a few months later. Congratulations!! 🥳