Home Buying Process
Technology in Real Estate has changed dramatically over the past several years. Many buyers have already done a lot of home shopping in advance and have a greater understanding of and access to information.
One of the services I offer via TriValleyLife.com takes this process one step further. It is an IDX Feed which allows you to view and save desired properties during the initial search process. We select the neighborhoods and characteristics of your desired home and you will receive email updates with everything such as new listings and price reductions that only apply to your wants and needs.
While technology has revolutionized both the buying and selling process it cannot replace the basics involved with the next step of the transaction: Finding the right home, in the right neighborhood at the right price that is perfect for you and your family.
The Transaction Process
Opening Escrow:Once we have a ratified contract it is time for you to select a Title & Escrow Company to handle the transaction. I will provide them with all of the necessary information to generate a title report and begin the process of assembling an estimated closing statement for your review. You will also provide the earnest money deposit according to the terms of the contract.
The Inspections:Home, Roof & Pest Inspections are ordered at this time. It is recommended that you be present for these so we can do an initial review with the inspector(s) prior to receiving the written report. In some instances additional inspections may be warranted.
Financing: It is a prerequisite that you be preapproved for your home financing prior to looking for a home. At this point the items that pertain to the property will be provided to the lender. The purchase contract, disclosures & title report will be forwarded to your loan professional and the lender will order the home appraisal. It is imperative that the buyer’s agent and loan officer keep each other advised of any changes which may arise. When received and reviewed the inspections will also be forwarded.Reviewing the Inspections:
When I am in receipt of all of the inspection reports we will meet to thoroughly review them. If there are any items of concern we will go back to the seller and ask for repairs or other remedies. The seller need not grant these requests but this is another aspect of the negotiation process.
Releasing Contingencies:This is the end of the initial phase of the escrow and is the beginning of the next step. There is usually a 17 day period from the acceptance of the offer and all of the above steps need to be completed and approved by this date. Once the inspection, financing and/or appraisal contingencies are removed it can be difficult and potentially costly to cancel the transaction.
Preparing to Close:The seller’s agent, buyer’s agent, escrow officer & loan professional need to work together during the escrow period to avoid unnecessary delays or misunderstandings. I will always keep all parties apprised of the details and in so doing facilitate, to the best of my ability, a smooth transaction. During this last step you will sign your paperwork & deposit the final monies due. Escrow is ready to close and when recorded with the county you will receive the keys to your new home. Congratulations!
Knowledgeable...