Buying Real Estate / The Process
Buying real estate like anything is a detailed process that should be done right and with precision. Anyone can buy real estate but few can have it done with the realization that money is made during the purchase not during the sale. There are many factors involved to make sure that a purchase is being made correctly and for the right price. Team Enterprise specializes in Bay Area Real Estate purchases with the intent of helping our buyers achieve their financial goals. Here are the steps that are acquainted with a typical real estate transaction:
Interview
* Find out the buyers needs
* Talk about goals and parameters for transaction
* Discuss financial goals, planning and long term goals
Pre-Approval
* Take a loan application
* Run a credit report
* Get a pre-approval letter from the lender
View Example Properties
* Talk in detail about what is wanted, location, amenities and schools etc.
* Narrow it down based on location and price range
* Discuss in detail the current market and strategy
* Look at targeted homes / properties
* Write the offer ( 1-3 hours are common)
Offer Presented to the Seller
* Summary of the strengths to stand out
* Follow up and discussion with sellers and sellers agent
* Seller to accept, counter or reject the offer
Counter Offer
* Seller to agree or disagree with terms and may ask to change them
Escrow
* Buyer and seller have agreed to terms and enter into contract
* Earnest deposit is deposited into escrow account / Escrow number assigned
* Copy of the contract and terms is sent to escrow officer
* Preliminary title report is ordered and sent to broker / lender
* Escrow instructions issued to all parties with wiring instructions
Contingency Time Frame / Removal
* Buyer to conduct all inspections and due diligence
* Buyer to read and approve all disclosures from seller
* Buyer to review preliminary title report
* Loan and appraisal to be completed per time frame in the contract
* Contingencies to be removed
* Insurance policy to be issued on the property
Signing Documents With Title / Escrow
* Buyers need to bring photo ID and a cashiers check for any closing costs due
* Buyers to sign loan documents and any closing paperwork
* Sellers to sign any closing paperwork
* Copies of title and loan documents are given to buyers
Funding
* Funds are sent from lender ( or buyer if cash ) to escrow. This means the account has funded and escrow is ready to transfer monies per escrow instructions
Closing
* Deed is recorded at the with the county recorder
* Confirmation of public record
* Buyer to obtain keys
This is a basic example of the buying process. There are many transactions where the process can be more complicated and have many variables to complete prior to closing. Choosing the right real estate professional is critical to making sure things are not over looked and are done properly. Team Enterprise is happy to help with any aspects of real estate transactions and can answer any questions that may arise.
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