Everything you need to know about putting your home on the market, accepting an offer, and closing on your home.
Buying a home in The Bay Area can be a very tall order. We'll cover important steps that should not be overlooked as you set out to make one of the biggest investments of your life.
Set up a time to sit down with your agent to discuss the neighborhoods you're considering and can help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home in cash). Your agent can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help determine the price range for your search
Now is the time to consider your ideal home's location and amenities. You will attend viewings and open houses spanning a range of areas and property types.
Additionally, your agent will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.
Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept reject, or make another counter offer. Your agent will provide advice throughout.
(Life of an Escrow: 21 & 30 day escrow period)
Day 1 Once an offer is accepted, escrow is officially open and the clock begins on contingencies*
Day 2 Contact your insurance agent for homeowners coverage
Day 3 Initial deposit is due per terms of agreement
Day 1-7 Seller delivers disclosures to buyer. Buyer performs inspections (Step 6)
Step 1-10 Loan is in underwriting and appraisal occurs (Step 7)
Day 7-21 Seller signs grant deed and staging is removed, if any (Step 7)
Day 14-30 End of Escrow - Within final week of escrow period, buyer signs loan and closing documents and wires in closing funds (Step 10)
Day 20-30 Loan funds and escrow closes recorcation.
It is the buyer's duty to select all desired inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and preliminary title report. You may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.
Organize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval.
Consequently, the buyer wires the closing funds with the homeowner's insurance in place, and then the loan will be funded with clerance to close.
Congratulations! You are now a homeowner.
Once you have sold your home, you’re free to take the next step on your journey. Whether this is relocating to a new city, moving into a larger home, or downsizing and enjoying your life as empty-nesters, knowing all your selling responsibilities have been taken care of will help you achieve peace of mind for your new path.
To Myron, there’s nothing better than the feeling of helping a client make the biggest purchase of their life and serving as a trusted advocate when they decide to sell their home.