Wednesday, March 18, 2009

Home Buying Process, or home buying for dummies :)

I'm finding that many buyers are uneducated about the home buying process. Just look at the questions on Zillow or Trulia and read behind the see uncertainty and nervousness. I hold first-time home buyer workshops several times a year in my local area, but you don't have to be a first time home buyer to need information. This is the handout I use at that workshop about the steps we take to purchase a new home:

Home Buying Process

Step One: Indentify Properties of Interest and Go See Them

1)Preview properties online and on MLS Gateway Website
2)Identify properties that appear to fit criteria
3)Get Financial details and listing background

Step Two: Write Offers on One or More Possible Homes

1)Write offers with no deposit or obligation
2)Recieve counter offers and give them our response
3)Come to an agreement on one great home, or keep looking

Step Three: Open Escrow

1) We are assigned an escrow officer and number
2)Deposit check will be sent to escrow

Step Four: Contingency Period (17 Days) time to explore details of the home

1) Home Inspection
2)Loan Approval
4) Seller Disclosures
5) Home Owner Association CC & Rs and financial stability

****Important**** All contingencies are removed in writing!!!

Step Five: Coast to the Close

1) Review and sign loan documents
2) Transfer any funds necessary to close to escrow
3) Close Escrow and title is recorded


I hope this is helpful to understand the process....obviously this is an overview....but it's really a simple process, and we take things in an orderly manner. One step at a time!

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