Short and easy breakdown for homebuying process

    Short and easy breakdown for homebuying process

    Feb 22, 2019

    Offer

     After you sign the offer seller will review and either accept, counter or reject your offer.

    Counter offer

    Is the process of negotiating purchase price, terms and/or what includes or excludes in the sale.

    Backup offer

    Sometimes after you finally find the perfect home and wanted to buy you find out that the seller accepted other buyers offer, the good news is that you can still submit a backup offer so that if the current buyers pulled out, or failed to obtain a loan, guess what? your offer will be the first to be considered and you might end up getting what you want.

    Acceptance

    Once the negotiating is completed and both buyers and sellers reach mutual consent seller’s agent will open escrow.

    you have 3 days to make initial deposit and its usually 3% of the purchase price, you’ll deposit the funds into escrow for them to hold and if for any reason you changed your mind during contingency period (typically 21 days after opening escrow) you have the option to pull out and take your deposit back buyers are always protected during and sometimes after close of escrow so be fearless concentrate on your goals.

    Escrow

     Is the neutral third party their job is to make sure all the conditions during the sale completely fulfilled.

    Inspection

    your agent will advise you to hire inspectors, they will give you detailed analysis about the condition of the home, for example roof, AC, water heater, windows, and so on, when was changed and how long they last, you’ll also should consider termite and sewer inspection. (typically you have 17 days after opening escrow).

    Contingency

    As a homebuyer there are couple things that cannot be predicted, such as the condition of the home, loan funding, think of it as a protection layer for your buying promise. “I’ll buy your home if the lender funds the loan and if the property condition is as I expected” so you are protected until you remove the contingency.

    Closing escrow

    Congratulations! you completed purchasing your dream home.

    (Please note that all terms in a contract is negotiable)

    It is always good to know the process of buying a home, so you can communicate with your agent like a pro.

    Disclosure

    The purpose of this article is to provide you with a short step by step break down of what the home buying process includes. Obviously, there are far more details that go into each of these steps mentioned above, but this will help you understand the basics. Consult with your real estate agent/realtor with further questions or concerns. Wishing you all of the best luck. I hope this article was helpful to you. Like and share to help others!

    How can I help?

    I am a licensed real estate agent with Coldwell Banker Hallmark Realty in the broader Los Angeles area, and some other neighboring cities. Feel free to contact me with any questions or concerns.

    My services include:

    ·        Buyers representation

    ·        Sellers representation

    ·        Determining your home value using comparable market analysis (CMA)

    ·        Refer you to a local professional real estate agent, and more