THE HOME BUYING PROCESS

CHOOSING A REALTOR®

The home buying process begins with finding an experienced REALTOR® that you are completely confident in, and signing a Buyer Agency Agreement. This guarantees by the laws of the state that your needs are professionally represented throughout the entire process of buying your home.

This is also the time you begin the mortgage process, including becoming aware of how much you will qualify to purchase.

VIEWING PROPERTIES

Using a process that we call the “funnel,” we will determine which homes are suitable to your needs and make appointments to view those properties. We will also complete a comparative market analysis on your top three choices before submitting any offers to make sure that you don’t pay more than your new future home is worth.

MAKING AN OFFER

When you find your dream home, you should present a competitive offer immediately. As your agent, I possess superior contract and negotiation skills and knowledge.

REVIEWING THE CONTRACT

When the seller accepts your offer, you enter a phase commonly referred to as “under contract.” It is essential that every detail is handled immediately and accurately.

INSPECTIONS

Final details are attended to and inspections are performed to ensure the property is “perfect” for you. Contract details are further negotiated, and we progress toward closing!

A HOMEOWNER AT LAST

Finally the time has arrived! All funds have been transferred to the Seller and you get the keys to your new home.

 

6 STEPS IN THE LOAN PROCESS

1 FIND A LENDER

In the home buying process, it is important to find an experienced lender at the same time as you find a REALTOR®. You begin the mortgage process once you begin looking for your home, that way you’ll know what to expect as far as qualification and budget.

2 PROCESS THE LOAN APPLICATION

The lender begins processing your loan application, ordering credit reports, and performing verifications. This is the pre-qualification phase. Therefore, when you go looking for your dream home, you know how much you can spend for it and you’ll be ready to make an offer when you find the perfect home.

3 FINAL LENDER PRE-QUALIFICATION

When you have final lender pre-qualification, you can seriously concentrate on finding a home that you know you qualify to purchase immediately.

4 UNDER CONTRACT

Once the home enters the “under contract” phase, title work will begin, and the lender will process the necessary paperwork. Your real estate agent will secure a reputable title company and begin the detailed process.

5 UNDERWRITING

Once your application is complete and verified, the file will be given to the Underwriting Department for the final seal of approval!

6 SEALING THE DEAL

Upon completion of the loan process, you may go to the closing appointment and secure the keys to your newly acquired property. Your next steps will be over the threshold of your new home!

 

REPRESENTATION GUIDE

In California, real estate brokers and their salespersons are required to disclose the type of working relationship they have with the buyers in a real estate transaction. There are several types of relationships that are available to you. You should understand these at the time a broker provides specific assistance to you in buying real estate. Buyer’s Agent and Seller’s Agent relationships are commonly referred to as “agency” relationships and carry with them legal duties and responsibilities for the broker as well as for the buyer and seller. The Transaction Broker relationship places the broker in the role of a “middleman” who assists both parties in the transaction.

BUYER’S AGENT

A Buyer’s Agent acts solely on behalf of the buyer and owes duties to the buyer which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of and act as an advocate for the buyer. The buyer is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to sellers all adverse material facts concerning the buyer’s financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property. A separate written buyer’s agreement is required which sets forth the duties and obligations of the parties.

SELLER’S AGENT

A Seller’s Agent acts solely on behalf of the seller and owes duties to the seller which include the utmost good faith, loyalty, and fidelity. The agent will negotiate on behalf of and act as an advocate for the seller. The seller is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must disclose to buyers or tenants all adverse material facts about the property known by the agent. A separate written listing agreement is required which sets forth the duties and obligations of the parties.

DUAL AGENT

A Dual Agent is an agent that represents both parties in a transaction. After this relationship has been fully disclosed and accepted by both parties, a dual agent represents both sides in a transaction and is responsible for providing all of the duties described above to all involved in the transaction.

TRANSACTION BROKER

A Transaction Broker assists the buyer or seller or both throughout a real estate transaction with communication, advice, negotiation, contracting, and closing without being an agent or advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of a Transaction Broker and a Transaction Broker does not owe those parties the duties of an agent. However, a Transaction Broker does owe the parties a number of statutory obligations and responsibilities, including using reasonable skill and care in the performance of any oral or written agreements. A Transaction Broker must also make the same disclosures as agents about adverse material facts concerning a property or a buyer’s financial ability to perform the terms of a transaction and whether the buyer intends to occupy the property.

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