:: Why Use a Realtor?

The Buying Process

Choosing the right realtor is a very important step to a successful real estate transaction. Licensed by the state, your realtor has access to Multiple Listing Services, thus able to find you your dream home.

Your Realtor should be assisting you throughout the buying period. Following is a step by step over view of the buying process.

1. Initial Interview

• Determine needs, wants, and desires
• Discuss parameters.
• Discuss financial qualifications.

2. Get Pre-qualified by lender

• Obtain a pre-qualification letter
• Get pre-approved as soon as possible.

3. Property tours

• Show you available homes that meet your needs.
• Review and evaluate current market conditions and trends.

4. Finding your home and writing your offer.

• This procedure will take 1-3 hours.
• Review with you the blank contract enclosed in this booklet.
• Deliver your earnest money deposit (this check will be held until we have a ratified contract)

5. Present your Offer

• I will prepare my presentation by highlighting the strengths of the offer and your strength as a buyer.
• Will present the offer on your behalf.
• The sellers will accept the offer, counter your offer or reject it.

6. Counter offer (if any)

• We will discuss the counter offer and how it meets your requirements and prepare a response.

7. Escrow

• When your offer has been accepted and signed by all parties, I will open escrow with a title company, such as Commonwealth Land Title Company, or a title company of your choice.
• Your earnest money will be deposited at this time.
• The escrow officer will order a Preliminary Report and send copies to your agent and lender.

8. Loan Application

• Submit a completed loan application with the lender of your choice and provide the lender with all the necessary documents.

9. Contingency Period

• Buyer’s approval of Seller’s Real Estate Transfer Disclosure Statements.
• Buyer’s approval of Preliminary Title Report.
• Physical inspections/pest inspections.
• Property appraisal and loan approval.

10. Homeowners Insurance Coverage

• Select an insurance company and discuss coverage.
• Give insurance agent information to escrow; they will need to order a copy of the policy for the new lender prior to escrow closing.

11. Signing documents at Title Company

• Your lender will send the loan documents directly to escrow.
• You will receive copies of title documents and lender documents.
• You will need current photo Identification.

12. Down Payment and Closing Funds

• Bring a cashier’s check to the Title Company several days prior to closing.
• The escrow officer will provide a Buyer’s Estimated Closing Statement, which will itemize your cost and credits with an estimate of total monies due.

13. Funding

• The lender will send funds to the Title Company.

14. Close of Escrow

• The Title Company will record the deed at the County Recorder’s office. (You will receive the original back from the County Recorder in approximately 6 weeks).
• I will coordinate the transfer of the keys with you.

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