1. A REALTOR WILL INTERVIEW YOU TO
Determine your criteria in a home
Discuss parameters
Discuss financial qualifications
2. GET PRE-QUALIFIED BY LENDER
A loan pre-qualification approval
letter is obtained from your lender.
3. ARRANGE PROPERTY TOURS
Tour available homes that suit your needs.
Ask your Realtor about the current market.
4. TARGET A HOME THAT IS "IDEAL" AND WRITE THE
OFFER
The Realtor will write the offer on your "Ideal" home.
Writing an offer takes approximately 1-3 hours
Deliver your earnest money deposit made payable to a title company or broker
trust account (this check will be held until we have a ratified contract).
5. THE OFFER IS PRESENTED TO THE SELLER
The Realtor will prepare a presentation highlighting the strengths of the
offer and the buyer.
The Realtor presents the offer to the seller and the sellers 'agent.
The seller accepts, counters or rejects the offer.
6. COUNTEROFFER
The counter offer is discussed and prepared by the Realtor.
Additional Steps:
7. ESCROW
Once the offer is accepted and conveyed, escrow is opened with a title or
escrow company.
Earnest money is deposited at this time.
Escrow orders a Preliminary Title report and sends copies to the agents and
your lender.
Escrow instructions are issued to all parties.
8. LOAN APPLICATION
Submit a completed loan application to the lender of your choice with all
necessary documentation.
(see Loan Information Needed To Apply for a loan.)
9. CONTINGENCY PERIOD
Buyer receives and approves Seller's Real Estate Transfer Disclosure
Statement.
Buyer approves Preliminary Title report.
Physical inspections/pest inspections are completed.
Property appraisal and loan approval are in progress.
10. HOMEOWNER INSURANCE COVERAGE
Buyers obtain a Homeowner Insurance Policy for their new home and insurance
information is given to escrow.
Escrow orders a copy of the Homeowner insurance policy for the new lender
prior to escrow closing.
11. SIGNING DOCUMENTS AT THE TITLE/ESCROW
COMPANY
Buyers need to bring current photo ID to sign notarized loan documents at
Alliance Title Company.
Copies of tide and lender documents are given to buyers.
12. DOWN PAYMENT AND CLOSING COSTS
The escrow officer provides you with a Buyer's Estimated Closing Statement
which itemizes your costs and advises You of total monies due.
The buyer brings a cashier's check to title company several days prior to
closing.
13. FUNDING
* The lender sends funds to the title Company, normally 1 day prior to the
closing of escrow.
14. CLOSE OF ESCROW
The deed is recorded at the County Recorder's office and You will receive
the original Deed back from the county recorder in approximately 6+ weeks)
The keys are transferred from the seller to the buyer.
Congratulations: To
Buyer: You are now a new owner
To Seller: You have sold your home and no more mortgage payments
