Northern California is one of the most desirable real estate markets in the world and we understand that navigating the property buying process can seem challenging. However, with our expertise and breadth of knowledge, you are in trusted hands. We will guide and advise you during every step of the buying and/or selling process to help you find the perfect home that fits your needs, budget, and lifestyle.
Set up a time to sit down with your agent to discuss the neighborhoods you’re considering and can help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). Your agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help determine the price range for your search.
Now is the time to consider your ideal home’s location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, your agent will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.
Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter offer. Your agent will provide advice throughout.
(Life of an Escrow: 21 & 30 day escrow period)
Day 1 Once an offer is accepted, escrow is officially open and the clock begins on contingencies*
Day 2 Contact your insurance agent for homeowners coverage
Day 3 Initial deposit is due per terms of agreement
Day 1-7 Seller delivers disclosures to buyer. Buyer performs inspections (Step 6)
Step 1-10 Loan is in underwriting and appraisal occurs (Step 7
Day 7-21 Seller signs grant deed and staging is removed, if any(Step 7)
Day 14-30 End of Escrow - Within final week of escrow period, buyer signs loan and closing documents and wires in closing funds (Step 10)
Day 20-30 Loan funds and escrow closes (recordation)
It is the buyer’s duty to select all desired inspections and determine the overall condition of the property within the agreed timeline and contractualcontingencies. Buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.
Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, the buyer wires the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.
Congratulations! You are now a homeowner.
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Certain criteria that have to be met in order to finalize the sale.
Buyers in California usually deposit 3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
Value placed upon property for property tax purposes by the Tax Collector.
A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
A loan on which the interest rate and monthly payment do not change.
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.
Money given to a buyer from a seller through escrow or closing.
A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year.
The statement which lists the financial settlement between Buyer & Seller, and the costs each must pay.
A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.