How To Buy A House – What Happens During The Home Buying Process?
Purchasing a new home for sale is always an exciting time. There are many important steps to follow when buying a home in San Diego. These are the steps that your REAL ESTATE TEAM (your Real Estate Agent, lender, and the title and escrow company) will perform so that your transaction is successful.
Steps are in chronological order by days in a typical sale with 30 day escrow period. Some steps occur simultaneously.
Day 1. Pre-approval and evaluation of your financing options [Lender].
Loan application form is completed [Lender].
Day 2 – 30. Choose a desired property, present an offer and good-faith deposit [Real Estate Agent].
Day 31. Contract is reviewed with particular attention to the steps with specific dates [All team members]. If offer is accepted, the transaction is started and Title/Escrow is opened [Title and Escrow Company]
Day 32 – 35. Property inspections are ordered [Real Estate Agent].
Credit report and property value assessment are ordered [Lender].
Day 36 – 48. The preliminary title report is reviewed and sent to the lender and the Real Estate Agent [Title and Escrow Company].
The disclosure reports are delivered to the buyer [Real Estate Agent].
The preliminary title report is reviewed [All team members].
Buyer selects their desired loan [Lender].
Inspection contingencies are lifted [Real Estate Agent].
Loan contingencies are removed [Real Estate Agent].
Day 49 – 60. Final gathering of documents for loan approval [Lender].
Escrow ensures title report is free of errors and that in compliance [Title and Escrow Company].
Loan package is sent to the mortgage lender for final underwriter approval [Lender].
The Real Estate Agent gives final instructions for the closing [Real Estate Agent].
Escrow drafts instructions and get signed by all parties. [Title/Escrow].
Day 60 – 61. All signed documents are returned to the lender [Title and Escrow Company].
Buyer and their Realtor does a Final walk through [Real Estate Agent]. The buyer deposits the funds balance in the escrow account [Title and Escrow Company]. Buyer and Seller exchange monies [Lender].
The deed is registered with the county [Title and Escrow company].
The transaction is closed and the keys are handed to the new owner with a smile! [Real Estate Agent]
That’s it! We’re always happy to answer any questions. And don’t forget our Free Home Search Tool. Search for homes and condos for sale anytime!
Your friends and local real estate experts,
Oliver, Sam, Sandro
The Home Team
Contact us anytime:
Oliver Graf – Direct: (760)237-8006
Sandro Natale – Direct: (949)290-2599
Sam Khorramian – Direct: (858)518-1533
Have a question? —>Contact us direct <—
Big Block Realty
Always working hard for you!
CA DRE #01885775
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