Buyer's Process
Step 1: Select Your Agent
Finding properties in today's real estate market is easier with open houses and online searches. However, it may not be the best idea to wait until you find a house before selecting an agent. Simon can help with finding the right neighborhood, securing financing, narrowing down property options, uncovering hidden opportunities, and addressing any questions that come up. Additionally, Simon can assess properties during broker tours and keep you updated on suitable options.
Step 2: Neighborhood And Marketplace
Most clients usually have a basic idea of the cities and neighborhoods they prefer, but it's crucial to assess your specific criteria in order to pinpoint the most suitable areas within those neighborhoods. Simon will guide you through visits to different neighborhoods, giving you a breakdown of each area and showing you sample homes. Simon will also offer insights into local schools, parks, and the potential for property value appreciation in each location.
Step 3: Get Pre Approved
It is important to get pre-approved by a local lender or mortgage broker before making an offer on a home in Silicon Valley. This will help determine how much you can afford to spend on a home and which neighborhoods to consider.
Start the pre-approval process right after meeting with Simon to give yourself time to address any credit score issues. Simon can recommend trustworthy lenders and brokers, and do not benefit financially from these recommendations.
Step 4: Find A Home And Review Disclosures
After finding the ideal property, be sure to thoroughly examine the disclosures provided by both the seller and listing agent. These disclosures include crucial information such as property and pest inspections, the seller's disclosures, and the title report.
Step 5: Make An Offer
Simon will help you create an offer by speaking with the listing agent to understand the seller's preferences. He will also provide a market analysis to determine the appropriate price to offer. Simon will keep you updated on the interest level of other buyers.
Step 6: Acceptance, Rejection Or Counter
When an offer is made, it can be accepted, rejected, or countered. A counteroffer accepts most terms of the contract, except for specific ones. This could involve changing the purchase price or the escrow period. A counteroffer can be made to one or more parties. If there is only one counteroffer and it is accepted, a binding contract is created. However, if there are multiple counteroffers, all parties must agree to one counteroffer to ensure only one party buys the home.
Step 7: During Escrow
After a contract is formed between parties, the escrow period starts. An escrow company, acting as a neutral third party, facilitates transactions between buyers and sellers. In Northern California, title companies manage both title and escrow responsibilities for a single transaction. The primary role of the escrow company is to handle the transfer of the buyer's funds in exchange for the seller's property. The typical escrow period lasts for 30 days, with most falling within the range of 15-45 days.
If there are conditions in your purchase contract, like a property contingency, Simon will arrange for inspectors to check the home. You can decide whether to continue with the purchase during this time. If you withdraw from the contract due to a contingency within the contingency period, you will get your deposit back. An appraiser will evaluate your home if you have a loan, and Simon will work with your loan officer to make sure the loan goes through smoothly and on time.
Step 8: Closing Day
On closing day, the escrow company will transfer your funds to the seller and record the deed in your name with the county. Once you are on record, Simon will give you keys, garage opener, and access codes. Manuals for appliances are usually left at the property. Although you are the official owner, you may not receive the deed from the county until three months later.
