Things to Consider
Buying your new home is a serious venture. It can be an absolute pleasure or a massive headache. Your house is not just your home; it is a serious investment in the property, the area, and your future.
I guide my buyers to the areas that they want to live in and can afford – whether it's Sherman Oaks or Pasadena. Together, we explore what the neighborhoods and homes have to offer. I point out the strengths and weaknesses of each house and the surrounding area. Because, as your guide and Realtor, what's in your best interest is in my best interest.
Real Estate Buying Process
Get a pre-approval letter from a lender.
Identify the neighborhood, type of property, and price of the property.
Visit open houses and schedule viewing of listings.
Write an offer if you like the property. Offers can be accepted, countered, or rejected.
Upon acceptance of the offer, begin inspections, appraisal, and loan process.
Once inspections are completed, either accept the property "as is," ask for credits or repairs or back out of contract.
Then complete a large amount of paperwork for the purchase, escrow, and lender.
Prepare to move to a new home (movers, change of address, utilities, etc.).
Near the end of the escrow period, the lender will send documents to the escrow company. Once completed and verified, the lender will fund the loan and transfer proceeds to the escrow company.
New deed recorded at county assessor's office and property transfers.
What Is An Escrow?
Escrow is a service that provides the public with a means of protection in the handling of funds and/or documents. Escrow enables the buyer and the seller to transact business with each other through a neutral party, thereby minimizing their risk. An escrow is the arrangement in which the neutral third party (the escrow holder) holds legal documents and funds on behalf of a buyer and seller and distributes them according to the buyer and seller instructions. People buying and selling real estate often open an escrow for their protection and convenience. The buyer can instruct the escrow holder to disburse the purchase price only upon the satisfaction of certain prerequisites and conditions. The seller can instruct the escrow holder to retain possession of the deed to the buyer until the seller's requirements, including receipt of the purchase price, are met. Both rely on the escrow holder to carry out faithfully their mutually consistent instructions relating to the transaction and to advise them if any of their instructions are not mutually consistent or cannot be carried out. An escrow is convenient for the buyer and seller because both can move forward separately and simultaneously in providing inspections, reports, loan commitments and funds, deeds, and many other items, using the escrow holder as the central depositing point. If the instructions from all parties to an escrow are clearly drafted, fully detailed and mutually consistent, the escrow holder can take many actions on their behalf without further consultation. This saves much time and facilitates the close of a transaction.
Things to Expect
Closing will be approximately 2.5-3% of the purchase price.
This will be a very stressful and emotional process.
There will be some hitch in the escrow period.
As your Realtor, I will be with you every step of the way.