Steps for Buying a Home
- Select a Realtor® and establish a relationship
Find a full time professional Realtor® with extensive lending, title, escrow and market knowledge who has good relationships with fellow agents and brokers. You are in good hands with the Plisky Group and it's amazing team of full time agents. When you Choose to work with one of the Plisky Group's agents, you will receive the support, availability knowledge and experience of the entire team!
- Initial consultation with your Realtors® to evaluate your needs
Once your needs are established, your Realtors® will provide guidance and direction to financial institutions where you can obtain information in order to get the best financing available. You will discuss your needs and analyze your resources.
- Meet with a preferred lender and create a home buying plan Your Realtor will put you in touch with a lender who will have the knowledge and resources to ensure success and maximize your potential. It is imperative to be in a position where you are ready to go before you find the property you want to purchase.
- Identify property to buy
You will be shown homes based upon the criteria that you establish. The more precise and direct you are with your Realtors®, the more successful your search will be.
- Determine Seller's motivation
Once you have found the home that you wish to purchase, your Realtors® will do the necessary research to help you structure an effective offer.
- Write offer to purchase
Your Realtors® will draft the Purchase Agreement for you, advising you on protective contingencies, customary practices, and local regulations. At this time you will need to provide an "earnest money" deposit, usually from 1 to 3% of the purchase price (the deposit is not cashed until your offer has been accepted by the Seller).
- Presentation of offer
Your Realtors® will present your offer to the Seller and or the Seller's agent. The Seller has three options: they can accept your offer, counter your offer, or reject your offer. Your Realtor's® personal knowledge of your needs and qualifications will enable them to represent you in the best way possible.
- Seller's response
Your Realtors® will review the Seller's response with you. Their experience, negotiating skills and knowledge will benefit you in reaching a final agreement.
- Open escrow
When the Purchase Agreement is accepted and signed by all parties, your Realtors® will open escrow for you. At this time your earnest money will be deposited. The escrow company will receive, hold and disburse all funds associated with your transaction. They will work closely with title and the lender. Its ia important that you complete and return all paperwork you receive from escrow as soon as possible.
- Contingency period
Contindency timeframes can vary. This is the time allowed per your purchase Agreement to obtain financing, perform inspections, and satisfy any other contingencies to which your purchase is subject. Typical contingencies include:
- Approval of the Seller's Transfer
- Approval of the Preliminary Report from the Title Company
- Loan approval
- Appraisal of the property
- Physical inspections of the property
- Pest inspection and certification
- Down payment funds
You will need a Cashier's Check or money transfer several days prior to the closing date of escrow.
- Homeowner's Insurance You wil need to select an insurance company well before closing and provide this information to escrow. Escrow will coordinate with your insurance agent and make sure your policy is in effect and adheres top lender requirements prior to funding.
- Close escrow
When all of the conditions of the purchase agreement have been met, and the funding conditions have been satisfied for the lender, escrow wil lprepare your loan documents and arrange for an appointment with you and a corporate approved notary. You will sign your loan documents and escrow closing papers. You will deposit the balance of your down payment and closing costs to escrow. It is important that youmake sure that these funds are readily available for deposit into escrow at least three business days before closing. The lender will then fund your loan. The next business day after funding occurs, the deed will then be recorded at the County Recorder's office. The County recorder wil notify escrow when the deed is recorded (confirmation) and you will take ownership of your new home.