Step 1: Get Pre-Approval: Determine How Much Home You Can Afford
The very first step of embarking on your home search would be to get you pre-approved with a lender.
Step 2: Connect with a Real Estate Agent
Let HausAngeles help connect you with a licensed real estate professional to help guide you through the home-buying process, determine your budget, define your home needs vs. wants, and advise you with paperwork, negotiations and the transaction.
We can assist you by scheduling private viewings, providing you with additional information on specific homes, or sending you listings based on your desired needs and wants.
Step 4: Offer and Negotiation
Once you have found the home you wish to purchase, you will need to determine
what offer you are willing to make for the home. It is important to remember that
the more competition there is for the home, the more aggressive the offer should
be – at times it might even exceed the asking price. Remember, Be Realistic. Make offers you want the other party to sign!
Step 5: Escrow: Property Inspection, Contingency Removal, Final Walk-Through, Signing Loan Docs and Closing
Escrow: Your real estate professional will coordinate the opening of your escrow. During this agreed on period (typically 30, 45, 60 days, etc.), they will constantly monitor the progress of all participants and communicate with everyone to keep things moving along on schedule.
Property Inspection: If you are purchasing a resale property, we highly recommend that you have a professional home inspector conduct a thorough inspection. A Property Inspection by a licensed inspector gives you an expert’s assessment of the property’s condition.
We recommend that you get all possible inspections for your home. The buyers’ are usually responsible for paying for inspections but the cost of inspections is well worth it given the magnitude of the purchase.
Think about getting the following inspections done for your home at the very minimum:
- Sewer Line
- Fireplace (if any)
- Geological (if property is on a hillside)
We recommend being present at the inspection. This is to your advantage. You will be able to clearly understand the inspection report, and know exactly which areas need attention. Plus, you can get answers to many questions, tips for maintenance, and a lot of general information that will help you once you move into your new home. Most important, you will see the home through the eyes of an objective third party.
Contingency Removal for Property Inspection, Loan & Appraisal and any other related concerns is next. These removals, signed off by you in writing, are timely requirements to keep the escrow process moving forward. Your real estate professional will assist and explain each removal and the ramifications. You’ll have an opportunity to examine the Transfer Disclosure Statement (TDS) and any other related disclosures provided by the seller. This input, along with the Property Inspectors results should help you determine if you want to proceed with the escrow and purchase. With condos/townhomes you’ll examine the Homeowners Association (HOAs) minutes and review their reserves and any assessments, current or scheduled for the future. Note that if you are buying a Bank Owned property, they are exempt from a lot of these disclosures and the contingences may expire automatically (without a written approval from the buyer).
Final Walk-Through Inspection takes place about a week before the scheduled close of escrow (COE). You & buyer specialists will examine any work the seller agreed to perform from a Request for Repair before you agree to close escrow and take possession.
Signing Loan Docs is normally performed at the escrow office but can be taken care in the presence of a notary public. The loan docs are typically signed about two to three days before the loan funds.
Closing entails the transfer of title moves ownership of the property from the seller to you. The two events that make this happen are:
- Delivery of the buyer’s funds: This is the check or wire funds provided by your lender in the amount of the loan. Funding normally takes place a day before the Grant Deed is recorded
- Delivery of the deed: A deed is the document that transfers ownership of real estate. The deed names the seller and buyer, gives a legal description of the property, and contains the notarized signatures of the seller and witnesses.
At the end of closing, the deed will be taken and recorded at the county clerk’s office. It will be sent to you after processing. Once the deed is recorded, the buyer specialists will present you with keys to your new property and the celebrating can begin!