Home Buying in San Diego Step by Step
There are 8 steps to buying a home. We will help you with each one.
1. Select a REALTOR® / establish a relationship.
I am a full time, professional REALTOR® with extensive market knowledge. We will work closely together to find the right home for you. Why should you select us to represent you as a buyers agent. Our philosophy: The Starfish Story. What others say about us. You should know your buyers rights and about exclusive buyers agency.
2. Loan Pre-approval: Become the same as a cash buyer!
Once we establish your needs, I can provide guidance to financial institutions where you can obtain information in order to get the best financing available. We will meet to discuss your needs and analyze your resources. We will start the mortgage pre-approval process to turn you into the equivalent as a cash buyer so you have the most leverage possible in the buying process. What questions should I ask my lender about loans? Click to view 5 Real Estate Buying Strategies I Always Recommend.
3. Identify property to buy.
I will show you homes based upon the criteria that we establish. The more precise and direct you are with me, the more successful your search will be. What is
on your wish list? How will you know when you
have seen enough homes to make the right choice?
4. Write offer to purchase.
Once you have found the home that you wish to purchase, I will do the necessary research to help you structure an effective offer. I will advise 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).
5. Presentation of offer and Seller's response.
I will present your offer to the Seller and the Seller's agent. The Seller has three options: they can accept your offer, counter your offer, or reject you offer. My personal knowledge of your needs and qualifications will enable me to represent you in the best way possible.
I will review the Seller's response with you. My negotiating skills and knowledge will benefit you in reaching a final agreement.
6. Open escrow.
When the Purchase Agreement is accepted and signed by all parties, I will open escrow for you. At this time your earnest money will be deposited. The escrow or title company will receive, hold and disburse all funds associated with your transaction.
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 Disclosure Statement
- Approval of the Preliminary Report from the Title Company
- Loan approval
- Appraisal of the property
7. Due Dilligence.
During the escrow process there are some activities you will be responsible for scheduling or completing. These include:
- Schedule a Professional Physical Inspection of the property. Once the report is received, I will review it with you in detail.
- Review the Pest Inspection report and certification once received by the seller.
- Obtain an Insurance Policy and coordinate between your Insurance Agent and the Escrow Officer to make sure your policy is in effect at close of escrow.
- Contact all the Utility Companies about 2 weeks before the close so you can transfer them into your name at the close of escrow. We will give you a list of local utilities
- Maintain your Credit Score by ensuring no new credit accounts are opened and avoiding larger credit purchases. .
- Be prepared to request a Cashier's Check or set up a Wire Money Transfer from your bank several days prior to the closing date of escrow.
8. Close escrow.
When all of the conditions of the Purchase Agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow and your lender will deposit the balance of the purchase price. The Deed will then be recorded at the County Recorder's office and you will take ownership of your home.
SPECIAL FINANCING PROGRAMS:
SPECIAL FINANCING OPTIONS are available for Law Enforcement, Public Employees, Teachers, 1st Time buyers, and Low Income buyers and Targeted Areas. Programs vary. Please check with me for more information.
How to contact us
Dennis Smith, ABR, SRES, e-PRO, CDPE, Realtor ® CalBRE #00476662
"Sunshine" Donna Smith SFR, Realtor ® CalBRE #01259837
Local 760-436-0087 Cell/Text: 760-212-8225
1265 Carlsbad Village Dr. #100, Carlsbad, CA 92008