Building a solid relationship with a Realtor is important. He or She will be working closely with you in finding the perfect home to meet your unique needs. Professional realtors have extensive market knowledge and will provide guidance in your buying process. Finding the perfect home Your Realtor will show you homes based on the criteria that you have given him. The more precise and direct you are with your realtor, the more successful your search will be. Determination the Seller's Motivation Once you have found your perfect property, your realtor will research the homeowner's motivation for selling, helping leverage your negotiating power in an offer to purchase. Offer to Purchase Your realtor will draft a purchase agreement, advising you on customary practices, local regulations, and protective contingencies. You will need to provide an "earnest money" deposit at this time, usually ranging from 1% to 3% of the purchase price (deposit amount is not cashed until your offer is accepted by the seller). Seller's Response You and your Realtor will review the seller's response. Your realtor's knowledge of the process and strong negotiating skills will help you reach an agreement you feel good about. Open Escrow Your Realtor will open escrow for you once the purchase agreement is accepted and signed by all parties. Your "earnest money" will be deposited at this time. All funds associated with your transaction, either held, received, or distributed, will be handled your escrow or title company. Contingency Period This time period is determined by your purchase agreement and is used to obtain and perform the following items:
Homeowner's Insurance Your Realtor will work with your escrow officer and insurance agent to ensure your policy is in effect by the close of escrow. Down Payment Funds Prior to the closing date of escrow, you will need a cashier's check or wire transfer. Close Escrow Your will sign all loan documents and closing papers when all conditions of the purchase agreement have been met. After you deposit the balance of your down payment and closing costs with the escrow holder, your lender will deposit the balance of the purchase price. The County Recorder's office will record the deed, and you will take ownership of your home. |
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Personal Services, Professional Results
CUONG ONG
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First Time Buyer's Guide