San Diego On The Move Presents: Home Buying – One Step At A Time, Part 2
Posted by Jennifer Burroughs | Visited 460 times, 1 so far today | Leave A Comment »
In our last post about the first steps of buying a home we talked about; how to select an agent, your initial consultation, how to identify properties to buy, and the importance of determining the sellers motivation.
Today, we are going to talk about 4 more important steps in the home buying process.
1. Writing an offer to purchase
Your agent will write the offer to purchase for you. Your agent should advise you on all the protective contingencies, customary practices, your rights as a buyer and what you will be expected to do in order to stay compliant with the contract. If you are not clear on anything at the end of this conversation, be sure to ASK more questions. Don’t ever sign a contract without full understanding what you are signing.
2. Presentation of the offer
Your agent will present your offer for you. Depending on the situation, this presentation may be to the seller or the sellers agent. The seller has 3 ways they might respond. 1. They can accept your offer as is. 2. They can make a counter to you or 3. They can reject the offer. Depending on the situation, your agent should be able to present your offer in the best possible light on your behalf.
3. Open Escrow
Assuming a successful resolution to the offer presentation. You will eventually get an acceptance. Once both parties have agreed to the terms of the contract, escrow will be opened. At this point you will be expected to deliver your earnest money deposit directly into escrow. This money is your “good faith” that you are moving forward with the transaction. You can typically expect to have to bring in anywhere from 1-3% of the purchase price. This money is the money that will be held up for damages should you default on your obligations in the contract. Escrow is an independent third party. Their responsible to make sure all partied adhere to the contract and meet their obligations.They do not have a vested interest in the agreement and operate as a neutral third party.
Now that you are in escrow, lots of activity will start. In our next blog we will talk about contingencies, inspections, loan applications, insurance and more!
We are a top performing team of full time agents. We are uniquely positioned to help guide you through the home buying process. Call us today for a confidential consultation of your home buying goals. Jennifer Teti-Burroughs, REALTOR,RMS,MA. Exclusive Properties. 858-521-7277, Jennifer@JenniferTeti.com. www.SanDiegoOnTheMove.com
