Here are the 15 steps that need to be taken to purchase a home:
1. The Initial Interview
* Determine what you need and want in your new home
* Discuss the parameters of your search
* Discuss financing
2. Get Pre-Qualified By a Lender
* Obtain a pre-qualification letter
3. Property Tours
* View available properties that match your needs and emotions
* Listen to you carefully to find out what features you need in your ideal home
* Provide you with information about the current market and what it means to you
4. Find the Home That Matches Your Needs and Write The Offer
* Writing the offer will take between 1-3 hours
* Complete the purchase agreement contract
* Deliver the earnest money deposit(this will be held until and accepted contact is created)
5. Present the Offer
* Prepare a presentation by highlighting the strengths of your offer and your strengths as a buyer
* Present the offer to the seller and the sellers' real estate professional
* The sellers will either accept, counter or reject the offer
6. Counter-Offer
* Discuss the counter offer and how it relates to your goals, and prepare a response
7. Escrow
* When the offer is accepted and has been signed by all parties, the escrow will be opened
* Your earnest money deposit will be deposited
* The Escrow Officer will order a Preliminary Title Report and send copies to the lender and I
8. Loan Application
* Submit a complete loan application and all the necessary loan documents to your chosen lender
9. The Contingency Period
* Your approval of the sellers Disclosures
* Your approval of the Preliminary Title Report
* Physical inspections and pest inspections
* Property appraisal and loan approval
10. Homeowners Insurance Coverage
* Select an insurance company and discuss coverage
* Give the insurance agent the escrow information(they will need to order a copy of the policy for the new lender prior to escrow closing)
11. Signing Documents at the Title Company
* The lender will send the loan documents directly to the title company
* You will receive copies of the title and lender documents
* You will need a current photo ID
12. Down Payment and Closing Fund
* Bring a cashiers check to the title company(depending on circumstances) several days prior to closing
* The Escrow Officer will prepare a Buyers' estimated closing statement, which will itemize costs and credits, and estimate the total money due
13. Funding
* The lender will wire the funds to the title company
14. Close Of Escrow
* The deed will be recorded at the county recorder's office by the title company(you will receive the original back from the county in approximately six weeks)
* I will coordinate the transfer of the house keys
15. It's Time to Move In!
Hamid Grinage sells Oakland Ca real estate with Prudential California Realty. His Oakland real estate website lets you search the MLS for real estate in Oakland and the Bay Area 24/7 using the latest technology.
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