Looking for a home? Whether you are a first time home buyer, wanting to downsize, or looking to invest, this stop will show you how to buy a home in the East Bay.
BUying a home is a big deal
Congratulations on deciding to purchase a home, and thank you for stopping here to see how to buy a home in the East Bay! Purchasing a home is like no other purchase you will ever make. You are buying weekends doing little projects around the house, a place to raise a family, a little financial security, and a lifetime of memories. Every transaction is different and there is a lot that can happen in your journey to buy a home. We are here to make the process easier and more efficient. Let us give you an idea of what to expect at each stage of the process.
OFFER ACCEPTED!
(High five!)
Once the Seller accepts your offer there are multiple things that will happen:
OPEN ESCROW
- We will open escrow on your behalf, send a copy of the ratified contract to the lender, and help you arrange to deposit your good faith deposit into escrow
CONTINGENCY PERIOD
(This is the time where you conduct inspections, obtain financing, and do the appraisal)
- If you are obtaining a loan you will connect with the mortgage broker to order the appraisal and provide them all required documentation to obtain final loan approval, such as updated income and asset documents. IMPORTANT! Do not make any large purchases or pay off existing debt without first notifying your lender
- If you are paying cash you will need to begin to collect all funds needed to close
- If applicable we will help you determine which inspections should be ordered; one of us will always be present at the inspection.
- Research and obtain homeowners insurance
- Sign off on all disclosures
RENEGOTIATE TERMS
- Once the appraisal and inspections have been completed you may have the opportunity to renegotiate the price or request that certain items be repaired; the Seller may accept, deny, or counter.
- If applicable remove all contingencies – no going back now!
SIGN CLOSING DOCUMENTS
- Once your loan has been fully approved the loan documents will be sent to the title company and an appointment will be made for you to sign them. If possible one of us will be at the signing with you. Bring your ID.
- Prior to the signing an estimate of your closing costs will be provided; you will need to arrange for this amount to be deposited into escrow when you sign.
- The Seller will make a separate appointment to sign.
- Once you have signed your loan documents they are sent back to the lender for final review. At this point you will not need to sign any additional documents for the loan.
FINAL ITEMS
- If applicable now is the time to give notice to your landlord
- We will coordinate with the Seller to arrange a final walk through for you to do one last visit
- Schedule movers, most need at least two weeks notice. If there is an HOA where you live currently, or where you are moving to, you may need to reserve a time with them to secure the elevators
- Contact utilities – turn them off where you currently live and arrange to turn them on where you are moving to
- Confirm with the lender that they have everything they need to fund the loan; the loan funds the day before, or the morning of, the scheduled closing
- We will confirm that you have signed all remaining paperwork
- As soon as the county has recorded the deed it is official!
- GET KEYS!
Whew! Think you can handle all of that? We definitely can, and we will make sure that you can as well. Congratulations on your new home. We will bring the champagne.