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First Time Buyers

1. Initial Metting with an Agent
Determine needs and wants
Discuss timeline, financial qualifications, and market conditions
Sign up for email updates

2. Get Pre-Qualified by Lender
Obtain pre-qualification letter from a Mortgage Consultant

3. Property Tours
Mark Sundays as open house tour days. Check Sunday’s SF Chronicle for schedule.
Show you available homes that suit your needs and preferences
Fine-tune your “ideal home” qualifications

4. Once You Find A House
I. Do your homework – get and read the disclosures
II. Find out when offers are being accepted
III. Get a pre-qualification letter from your lender for this property and offer amount
IV. Write a personal letter expressing your interest
V. Write your offer. This will take 1-2 hours and will include signing disclosures and strategizing
VI. Deliver your earnest money deposit (This check will be held until there is a ratified contract)

5. Present The Offer
Your real estate agent will present your offer by highlighting the strengths of your offer and your strength as a buyer.
The sellers will accept the offer, counter your offer, or reject it

6. Counter Offer
I. The seller will either only counter your offfer or do a “mulitple” counter offer
II. Discuss the counter offer and how it relates to your goals and prepare a response

7. Escrow
When the offer has been accepted and signed by all parties, open escrow
Your earnest money will be deposited at this time
The escrow officer will order a Preliminary Title Report and send copies to your agent and lender

8. Loan Application
Submit a completed loan application with the lender of your choice and provide the lender with all the necessary documents

9. Contingency Period
The length of this period is determined when you write your offer
Schedule and attend your physical inspections
Lender will schedule the appraisal and loan approval
Remove all contingencies

10. Homeowners Insurance Coverage
Select an insurance company and discuss coverage
Give insurance agent information to escrow; they will need to order a copy of the policy for the new lender prior to escrow closing

11. Signing Documents at Title Company
I. Your lender will send the loan documents directly to your escrow company
II. The escrow officer will provide a Buyer’s Estimated Closing Statement that will itemize your costs and credits with an estimate of total monies due
III. At your “signing” appointment, you will need a current photo identification
IV. You will receive copies of title documents and lender documents

12. Down payment and Closing Funds
Bring a cashier’s check or wire funds to the title company several days prior to closing

13. Funding
The lender will send funds to the Title Company who will then disperse them to the appropriate parties

14. Close of Escrow
The deed will be recorded at the county recorder’s office by the title company (you will receive the orginal back from the county recorder in approximately 6 weeks)
Agent will coordinate the transfer of the keys with you

15. MOVE IN!!!