Los Altos & Palo Alto Real Estate Insight

THE FOUR PHASES OF BUYING YOUR HOME

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In our effort to educate you on the home buying process, we have summarized the entire process into four distinct phases.

STEP 1: PRE-SELECTION

Initial Meeting

• Define your goals & objectives
• Overview of Multiple Listing Service (MLS) areas, statistics, and maps
• Discuss qualities of “blue chip” properties
• Loan pre-approval
• Create plan of action

Finances

• Meet with mortgage representative and submit application
• Verify purchase price
• Estimate timeline to closing
• Liquefy necessary funds
• Receive pre-approval

Insurance

• Meet with broker
• Verify availability of insurance
• Determine specific information/actions needed by broker to issue insurance

Contract

• Review contracts
• Clarify questions with Jeff or Steve
• Write letter of introduction

STEP 2: SELECTION

Search

• Narrow options for MLS areas, home type, and price range
• Establish MLS auto-search
• Tour neighborhoods and begin process of elimination
• Visit open homes within price range
• Tour properties with Jeff or Steve
• Move quickly when a winner is identified – call Jeff or Steve

Confirmation

• Tour property with Jeff or Steve
• Determine offer date and time
• Drive and walk around neighborhood
• Review disclosure documents
• Verify school districts (if appropriate)

STEP 3: CONTRACT NEGOTIATIONS

Offer

• Meet with Jeff or Steve to write offer
• Tender deposit check
• Deliver letter of introduction

Counter-Offer Strategies

• Make the other person walk away
• Look for trade-offs
• Seek a win-win solution
• Determine if new inspections and/or a walk-through are needed
• Negotiate any newly discovered fix-its
• Verify appraisal and ability to close of escrow on agreed-upon date
• Remove contingencies

STEP 4: ESCROW MANAGEMENT

Details Handled by the Stricker/TenBroeck Team

• Generate buyer’s file
• Meet appraiser at property
• Submit deposit to escrow
• Submit contract to lender
• Monitor loan process closely
• Meet with inspectors (if any)
• Review all reports and disclosures
• Review final settlement statement
• Accompany you to escrow sign-off
• Final walk-through checklist
• Verify possession from seller
• Final review and update of buyer’s file

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Topics: For Buyers

This entry was posted on Friday, February 12th, 2010 at 9:55 am and is filed under For Buyers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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