Welcome Home Buyer! 

Congratulations on your decision to buy a home! Whether this is your first home, second home, investment property the market is always changing and here are some things you need to know.


In today's market every buyer before looking at property should be pre-approved from a lender. By law, you may choose your own lender.  However, a lender and a real estate agent should work together for the best interest of you! One of my most famous quotes is "No Loan-No Home" I cannot do my job by myself. So we must be on the same page.


In order for your lender to properly pre-approve you he/she will need a list of financial information. You must prove to the lender you can afford to make the payments. Your finances must be documented. If you tell the loan officer you make $100,000 a year; but your taxes show you only take home $60,000 that is what the lender is going to use to qualify $60,000. To obtain a home loan in 2014, lenders want your blood type. Please be prepared to explain all deposits, gifts, bonus money and transfers. I would advise you to always speak to your loan officer before depositing a lump sum of money in your bank account. Also, watch your spending. The number you qualify for is the based on the financials you submit on that date. If you co-sign for a car or open a credit card, those debts will be charged against you and the number qualified for may drastically be reduced.

Once you are pre-approved for a certain amount, your loan officer will issue a pre-approval letter. This is your license to shop for a home! 


I always ask my buyers what they want in their new home and what they need this form will help me find the home that fits your needs. So, I may get started helping you find your Dream Home, Click here and fill out this Evaluation of Your Needs Form!

 

A few other questions a buyer may have is:

When I find a home then what?

 

Once we find a home, I would assist you in writing an offer. I always pull comparables to make sure you are comfortable with your offer.



Many items are negotiable- the price, closing cost, termite, repairs, and a home warranty.


Once you and the seller agree on terms, you now have a home and we proceed to escrow!


What is Escrow?

?      Escrow is a neutral 3rd party that among many things coordinates the paperwork for your transaction. 


After they have received the signed contract, a few of their duties are:

Collect your opening deposit and issue a receipt

Order the pay off for a seller's loan, any taxes and Homeowners Association Dues

Order the Preliminary Title Report- if there are liens on the property California law says they must be paid before transfer of title

Prepare your loan documents received from your lender for you to sign

Prepare the deed for how you would like to hold title,for example: Single, married, joint tenants, tenants in common- all of these will be explained to you by an escrow agent.

Submit Homeowners Insurance of your choice to the lender


Pay any outstanding debt on the title, liens, a home warranty plan or services such as termite as instructed by the you or the seller.

You, the buyer will usually sign your loan documents at escrow with a notary present.

They fund your loan and settle disbursements.

Escrow will issue the final check to the seller and any remaining monies back to you, the buyer.

 

Having a thorough Escrow Officer is one of the main ingredients to a successful closing. They are an extension of my eyes and ears on your transaction.

  

***While you are in escrow there are a few things you are responsible for as the buyer.

1.    Send your opening deposit to escrow. Your opening deposit can be from 1-3% of the purchase price depending on area.


   Your lender is going to immediately order your appraisal, which you pay for upfront. The appraiser will contact the agent for entry in the property. I meet the appraiser to support the value.

3.    The seller is responsible for giving you the Transfer Disclosure Statements. These will tell you everything the seller knows about the property.

4.    They will also give you a Natural Hazard Disclosure. This will notify you if you are in a Flood Zone, Earthquake Zone, or Fire Zone. This is important for insurance purposes.



5.    You are advised to obtain an inspection on the property, which you pay for at the time of the inspection.

6.    After your inspection, you may ask the seller to repair items in the home. Health and Safety is always recommended.

7.    We will review the title report together. I call this the birth certificate of the property. It will disclose any liens, judgments, easements, paid and unpaid taxes on the property. The seller must issue you a clean title before the close of escrow.

8.    You will also receive Escrow Instructions. These are documents that you will need to return with your homeowners insurance and instruct escrow who is names you would like to place on the title.



9.    Your lender will continuously need financial documents to submit for your loan. Please be timely in submitting these documents as time is of the essence.

  

***Your offer to the seller identifies a closing date- with your cooperation, my team will help you meet those timelines. If you are unable to meet the deadlines, your deposit could be in jeopardy.


 

After you have reviewed all of the disclosures including the title, insurability, completed your inspection, repairs, decided how you would like to hold title, your appraisal should be in, full loan approval should come next. Once you have full loan approval, then you proceed to close.

 

During the process I will give you a folder for copies of all of your documents; however, after the close of escrow, your entire transaction will be handed to you on a disk. Bye Bye paper.

 

If you are looking for an agent who has your best interest in mind, you have found her. If you are looking for an agent who will listen and take you to the neighborhoods you want to live in, you have found her. If you are looking for an agent who can be honest with you and help you get the most house for your money in the best area where it is vibrant and has a history of an increase in value because I have been doing this for over a decade, you have found her. My team and I are passionate, professional and personable. We focus on what is best for the client and not just commissions.

 

Call me 619-770-7838

Erika

 

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