The most important part of the process! You must first be pre-approved for a loan in order to show a seller that you are willing and able to purchase a property. To get pre-approved, you will need to contact a lender with information regarding your salary, assets, and credit score. I can help with referring the right lender to fit your needs.

Listings that fit your criteria will automatically be emailed to you as they come on the market. For properties that interest you, I will gather more information and contact agents about property status.

Every listing will have different showing procedures depending on the seller. Most listings are available for showings every day from 10:00 AM to 7:00 PM. To see a property, I will call the listing agent and set up a day and time that works for both you and the seller.

Once we have found a property that you would like to purchase, I will write a sales contract. We can discuss including various contingencies in the contract such as home inspection, appraisal, and financing. At this point in time you will write a check for the earnest money deposit (EMD), which is typically 1% of the sales price. I will attach the pre-approval letter to the contract and submit it to the listing agent.

When the seller accepts the contract and has made all the necessary initials, we then have a ratified contract. Once the contract is ratified, your EMD check is deposited into escrow. An application must be submitted to the selected lender within seven days of the contract being ratified. I will send the ratified contract to both the lender and the title company to begin the lending and title processes. If we have included a home inspection contingency in the contract, we will now set up this appointment.

Inspection(s) will be conducted within 10 days (negotiable) after ratification. We will ask the seller to make repairs for unsatisfactory conditions to major systems like electrical, plumbing, roof, and foundation. If the seller agrees to the addendum, all items must be completed before closing. If not, we will negotiate until all parties can agree to which items will be repaired. If an agreement is not made, the buyer can void the contract.

If the home is in a Home Owner’s Association or Condo Owner’s Association, the seller must provide a disclosure package from the association. This package will provide information regarding the financial and legal status of the association. The seller will have to remedy any violations that may be found. If you are not satisfied with any of this information, you have a three day right of rescission from the time you receive the HOA or condo documents.

In most cases, we can negotiate which party conducts and pays for the termite inspection. Given the low cost, we recommend that the buyer pays for the inspection so that they can select a trusted company. If there is any evidence of damage or termite/ wood-destroying insect activity, it is the responsibility of the seller to make necessary repairs and treatments.

If the contract has a built-in appraisal contingency and does not appraise for the sales price, there are four options:

1) The buyer can pay the difference in cash. 
2) The seller can lower the sales price to the appraised value. 
3) The buyer and seller can meet somewhere in the middle. 
4) In the event that an agreement can’t be made, the buyer has the right to void the contract.

During the seven days leading up to settlement, we can conduct as many walk-throughs as needed to ensure that all appliances, utilities, and fixtures are in normal working order, and check the items agreed to in the home inspection addendum to make sure they have been completed. At this time we will also transfer all utilities into your name. If there are any remaining issues, they can be resolved by a seller credit at closing or through escrow.