📈
Real Estate Wiki
  • Welcome!
  • Meet the Author, Penny Xu
  • Steps
    • Buying Process
    • Selling Process
  • Useful Terms
    • For buyers
      • Zoning
      • Warehouse Fee
      • VA Funding Fee
      • Underwriting Fee
      • Title
      • Tax Service Fee
      • Title Policy
      • Time is of the Essence
      • Termite Inspection
      • Survey
      • Septic Inspection
      • Recording Fee
      • Owner's Title Policy
      • Points
      • Principal
      • Mortgagee's Title Policy
      • Mortgage
      • Loan Origination Fee
      • Fair Market Value
      • Exclusive Right To Sell Listing
    • For sellers
      • Escrow
      • Escrow Fee
      • Encumbrance
      • Earnest Money
      • Discount Points
      • Disclosure
      • Deed
      • Credit Report Fee
      • Courier Fee
      • Convey or Conveyance
      • Conventional Mortgage
      • Chain of Title
      • Balloon Payment
      • Assessed Value
      • Appraisal Fee
      • Application Fee
      • Agency
  • Loans
    • Conventional Loan
    • Adjustable Rate Mortgage
    • USDA Loans
    • VA Loan
    • Non-Qualifying Loan
    • Graduated Payment Mortgage
    • Fixed Rate Loan
    • FHA Loan
    • Community Homebuyer's Program
    • Buy-Down Loan
    • Balloon Payment Loan
  • Taxes
    • Capital Gains Tax
    • FIRPTA
    • Cal Witholding
    • Change of Ownership Filing
    • Supplemental Property Taxes
    • Mello Roos
    • Transfer Tax
  • Disclosures
    • Natural Hazard Disclosure
    • Agent Visual Inspection and Disclosure
    • Home Hardening Disclosure
    • Transfer Disclosure Statement
  • Pre-approval
  • Commission Agreements
  • Contract To Closing
  • "Hidden" Costs?
  • Investment
    • Multifamily
    • Cash On Cash
    • Gross Rent Multiplier
    • Cap Rate
    • Cash Flow
    • 1031 Exchange
Powered by GitBook
On this page
  • Phase 1:
  • Phase 2:
  • Phase 3:
  • Phase 4:

Was this helpful?

  1. Steps

Buying Process

Below are the 4 phases of the buying process.

PreviousWelcome!NextSelling Process

Last updated 3 years ago

Was this helpful?

Phase 1:

  • Determine wants and needs

  • Buying process overview

  • Agent services

  • Market Conditions

  • Lending qualification

  • Define Agency Relationship

  • Obtain Loan Pre-Approval Letter from mortgage lender

  • Tour Properties that meet the criteria, the “ideal” home

  • Utilize Real Scout to monitor market inventory

Phase 2:

  • Buyer inspections: Property, Roof, Pest, Etc.

  • Review Seller Disclosures

  • Select home insurance company and coverage

  • Submit insurance information to escrow

  • Review and sign off on available disclosures, reports, and inspections

  • Discuss Strategies Pricing?

  • Contingencies?

  • Rent back offer?

Phase 3:

  • Title Escrow officer will order Preliminary Title Report and send copies to both parties

  • Buyer funds are deposited into escrow account

  • Submit copy of contract to lender for processing and appraisal scheduling

  • Underwriter reviews file

  • Appraisal is ordered by lender

Phase 4:

  • A final walkthrough is performed in order to confirm repairs if necessary

  • Property condition should be consistent with the condition on the date of contract ratification

  • Sign loan documents and review closing costs settlement

  • Lender sends funds to the Title Company

  • Buyer brings in balance of funds

  • Deed is recorded by the County Records office

  • Obtain keys to YOUR new home!

🔎
📝
🔏
🏠