What
To Expect When Working With Me on Your Next Property Purchase
Working with the top lenders, mortgage brokers, escrow
officers and inspectors in Northern California, I have put together a plan
that puts you at the best advantage when purchasing a home, rental,
vacation retreat, or business. I have developed the following plan
for your next purchase:
Pre-Qualify for a Loan
You and one of our recommended lenders or mortgage brokers
communicate by e-mail, telephone or in person. The loan application is
completed and arrangements are made for obtaining a credit report. The
emphasis here is to get Pre-Approved for a loan so that you know exactly
what price range is workable. This eliminates disappointments and wasted
time.
Sometimes you may be surprised to find that you
comfortably qualify for more than you thought. Pre-Approval also will show
you what your monthly payments will be and you receive a full disclosure
at time of application of all other costs needed to close your sale. If
there are any glitches in your qualifying for a loan, they can be cleared
up ahead of time. You then have what could be considered cash sale. With a
Pre-Approval you will be in an excellent negotiating position.
Counseling With Me
I will meet with you and discuss your time schedule, your
needs and your desires. You will learn more about the buying process and
what to expect and I will learn what I need to know to help you find the
property that fits your needs and budget.
Shopping
I will investigate and preview properties that potentially
fulfill your needs. You will then tour these properties and narrow down
the possibilities. When you decide on the property that meets your
criteria, you are ready for the next step.
The Offer
This step is where getting Pre-Approved is especially
effective. When I write the offer of purchase; I can SHOW that you are
Pre-Approved by enclosing the Pre-Approval letter with the offer. With the
Pre-Approval letter, I am also able to let the seller know that a fast
escrow is possible. These facts increase your opportunity to
purchase the property for the very best price. I will also include
the inspections, a time schedule, and all other conditions that are
important to you in the offer to purchase.
Counter Offer and Other Considerations
I will help you negotiate a Win- Win result. The seller
may counter your offer. You can accept or reject the counter offer or the
process can go back and forth until you are satisfied. The day the
agreement is reached is the day of acceptance.
Escrow is Opened
This is the beginning of the escrow timetable of
inspections, loan processing, and other terms of the contract. The
Lender, Escrow Officer, and I make sure the 'I’s' are dotted and the 'T’s'
are crossed. Your deposit check will be cashed and the funds held by
the escrow company. The escrow company has the job of ensuring that all of
the necessary conditions of the contract are fulfilled before transfer of
the title to the property takes place. In Northern California, the
title research and escrow are done by the same company and escrow
documents are signed just before the close of escrow.
Inspections
You and I now begin the process of inspections including
(but not limited to) a pest control inspection, a complete home
inspection, a roof inspection, and chimney inspection. In rural
areas -- well and septic inspection and certification, and/or any other
inspections that seem prudent to protect your interests. You will see the
Homeowner’s Policies (CC&R’s) if you are moving into a condo or
planned subdivision; the White Report if you are moving into a brand new
subdivision, a copy of the ownership responsibilities of private road
maintenance, and a complete preliminary title report from the title
company showing status of title on the property. A clear title will be
obtained before close of escrow and you will see these documents at the
time you sign your escrow papers.
Walk Through
Shortly before close of escrow, I will accompany you on a
"Walk Through" inspection during which you will assure yourself
that all of the items that were supposed to be done are complete and that
all of the major systems of the property are in good working order.
Completing the Escrow
When all of the conditions of the escrow are complete, you
will meet with the Escrow Officer and me and sign all of the papers.
A few days before you are to sign, the Escrow Officer will tell you the
exact amount of cash you need to put into the escrow. You will need to
obtain a cashier’s check drawn on a California bank and have it made out
to the title company. One other way to transfer the money into the escrow
account is to make arrangements ahead of time for your bank to wire the
funds to the escrow account.
Funding
The endorsed paperwork goes back to the lender for final
review. The lender then funds the loan and send these funds to your title
company.
Recording
The title company will have the Grant Deed recorded, which
places the property in your name. Now it is YOUR PROPERTY -- move on in.
To start this process, fill out this
form with information that is important to YOU.
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