The Purchase Process

Getting Pre-Qualified: Getting pre-qualified is a simple, no cost consultation with Maria, a Chase Loan Officer. It's a 5-10 minute conversation about your income, assets, debts and credit history. At the end of this conversation, you will know basically the maximum amount you can borrow and the estimated monthly mortgage payment. If you're worried about your credit history, don't be. It's rare to have perfect credit. If there is a credit problem, there are organizations we can refer you to, that can help you repair any problems.

Make a Wish List: Make a list of your wants and needs. Then re-list them in order of importance. Prioritizing what's most important to you, will help us find the properties that best matches your needs.

Searching for a Home: The most effective way to find a property is to have us searching for you. We use your wish list to filter through dozens of daily listings. We then email you the latest properties that best fit your requirements. Once you review these properties, you'll respond with your favorites and we'll arrange any appointments necessary for viewing any homes.

Getting Pre-Approved: So far you've been pre-qualified, which gave you an idea of the maximum amount the bank will lend you to purchase a home. Next step is to get Pre-Approved. This is the formal application process of applying for a mortage, where you submit items like your bank statements and paystubs for the bank to review. This is also a time when the bank would run your credit. Once your approved by the bank, Maria will provide you with a pre-approval letter. When we start submitting offers on your behalf a pre-appoval letter will be included with your offer. This shows the seller your serious and can afford to purchase their property.

Looking at Properties: Properites can be viewed through open houses, by appointment, or if vacant anytime with an agent. It's our job to coordinate all showings and to accompany you when viewing properties. We've seen thousands of homes and can offer valuable insight into the property and neighborhood. Of course, if you drop by the occasional open house it's customary to let the agent holding the open house know who you're working with and they'll understand you already have representation. Remember, as your Agents we're advocates for your best interest, have a fiduciary responsibility to you and would be negotiating on your behalf. The seller's agent works for the seller and is negotiating on their behalf, so if they were to represent you also, there could be a conflict of interest.

Making an Offer: Once you find the property you like, we would submit an offer on your behalf along with a good faith deposit, typically 1 to 3% of the offer price. It's rare for an offer to be accepted straight out, there usually is a counter offer from the seller, where the buyer then has the option to accept the counter or counter back, until an agreement is reached. In today's market it's common to make several offers during the course of searching for a home.

After the Accepted Offer: After negotiations are complete and the seller accepts your offer, there is a time period of 10 - 17 days that allows you to perform investigations of the property, to receive disclosures, to remove your contingencies, and if necessary, to have any repairs made before the close of escrow.

Inspections: In order to have a more complete understanding about the physical aspects of the property, it is customary to have a physical inspection of the property performed by a professional. This investigation will give you a general idea of the property's physical condition and it's mechanical components. How old is the roof? What type of pipes are in the home, galvanized or copper? Is the electrical system safe or outdated? etc. It is also customary to have a termite inspection performed, to determine if there are or have been any termites or termite damage. You also has the option to perform additional inspections, for lead paint, mold, the sewer line, the chimney, etc. The seller typically pays for the termite inspection and the buyer pays for the physical inspection and any other inspections they choose.

Disclosures: While the inspections are taking place the seller and the agents are making disclosures to you about the property. These disclosures are required by law and compel the seller to reveal any knowledge about the property that may affect it's value or your safety. For example, has their been an insurance claim against the house? Has there been earthquake damage? Or has someone died on the premises? In addition, there are mandatory government disclosures regarding Natural Hazards such as flood, fire, and earthquake zones.

Contingencies: Once you have received and reviewed all the disclosures, the inspection reports, the property appraises, and your loan has it's final approval you can remove your contingencies. Removing contingencies informs the seller that you're satisifed with the condition of the property after the investigations. It also lets the seller know that the home has appraised at the sale price and that your loan was approved by the bank. All important items in order to fulfill the contract.

Closing Escrow: An escrow closing is the climax of the transaction. All final loan documents and transfer paperwork are completed. It signifies legal transfer of title from the seller to you the buyer. Generally, the Grant Deed is recorded within one working day of the title complany's receipt of loan funds. The final closing papers are disbursed upon close of escrow, when the title company verifies with the County Records Office that the documents have recorded and legal transfer has occurred. This completes the transaction and signifies the "close of escrow".

Information at this site is deemed reliable but not guaranteed and should be independently verified.