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Call Or Text: 805.903.2258
Many buyers apply for a loan and obtain loan approval before they meet with an agent and begin looking at homes. If you have already done so, great!If you have not completed this process yet, we can help you through it! This is what will happen when you get pre-approved by your lender (if you don’t have a lender, we can refer a few great local lenders to you):
1. A SHORT SALE occurs when a homeowner sells their home for less than what they owe on their mortgage. IMPORTANT: The bank must approve any offer, so even if the seller accepts your offer, it may still be rejected by the bank. Also, most short sales will have a much longer contract process than a traditional sale, because of the yards of red tape.
2. A FORECLOSURE occurs when a homeowner has defaulted on the mortgage, and the lender initiates foreclosure against the property. The property will eventually be put up for sale at auction. REAL ESTATE OWNED (REO) occurs after a successful forclosure and no successful sale at auction. The lender or bank becomes the owner of the property. Lenders will typically sell the home AS IS, meaning they won’t complete repairs on the home. The lender may require you to finance with them. There can be a problem with tenants who occupy the property and refuse to leave. Your lender may require repairs that must be completed before the close of escrow, which you may have to pay for.
We’ve found your dream home! Now what? Now it’s time to determine what offer you are willing to make for the home. It is important to remember that the more competition there is for a home, the higher the offer should be, sometimes even above asking price. Remember, be realistic. Make offers you want the other party to sign.To communicate your interest in purchasing a home, we will present the listing agent with a written offer and cover letter. When you write an offer, you should be prepared to pay an earnest money deposit. In our area this is usually 2% or so of the purchase price, but it is not set by law.The offer (Residential Purchase Agreement) forms are standard forms created and approved by the California Association of Realtors. After we present your offer, it will be accepted, rejected, or the seller will make a counter offer. This is when we will negotiate terms of the counter offer if necessary. Once an offer has been successfully negotiated and executed by both parties, escrow will be opened by us or the other agent, and your deposit will need to be be placed into the escrow along with all the documents in the Purchase Agreement.
What is Escrow? Escrow is the process of exchanging money and legal documents to complete your real estate transaction. A typical Escrow takes 30-45 days to complete. An Escrow company will be selected to be the neutral third party that makes sure all the money, loans, and legal documents are in order prior to finishing your purchase. Our Escrow Officer will be the main point of contact for us at each step of the escrow process. We know some of the best Escrow Officers in SLO County, who make the process smooth, efficient, and comfortable.
Once you have an offer accepted, I recommend that you have a home inspection performed. I will refer some great inspectors to you to be sure you get a quality inspection. When major defects are identified, we can help determine which, if any, should be corrected by the seller. What is a major defect? It is any defect that would have a negative effect on the long term value of the home or the safety of its inhabitants if not corrected. Sometimes it is best to get repair quotes and request a dollar amount at closing or a lowered price. If the seller declines, you have the option to cancel the contract and receive your deposit back in full, or continue with the purchase.
This protects you from unplanned expenses when you don’t know how reliable your appliances will be. Most cover the furnace, air conditioner, water heater, dishwasher, and many other protections that can be extremely valuable in the event unforeseen trouble occurs.
Earnest Money: At the time you make a written offer, you should be prepared to make an “earnest money deposit.” Your bank can electronically transfer the deposit to the title company. The escrow officer will walk you through the process.
Escrow and Initial Title Check: Upon acceptance of the offer signed by both parties (called a Fully Executed Contract), an escrow will be opened with a local title company. They will begin handling the details outlined in the purchase agreement. Also, a preliminary title report will be generated, which confirms that the seller is the legal owner of record of the property including all real estate taxes and special assessments.
Disclosures, Inspections, and Contingencies: The seller must disclose any material facts about the property. Disclosure of material facts can include any property defects or any lawsuits regarding claim to ownership of the property. We will work with you and arrange all necessary inspections. We will help review and explain all inspections on the home. We will work to remove each contingency only when you fully understand what each of them means to you and feel comfortable moving forward.
Homeowner’s Insurance: It is your responsibility to obtain homeowner’s insurance. Lenders always require the buyer to have proof of this insurance secured before they approve your loan. Insurance policies vary widely, so we suggest you shop around. We can refer some insurance companies to you if you’d like that help.
Appraisal of Property: The lender will arrange for the property to be appraised. The appraiser’s report will describe the physical characteristics of the property and comparable property values will be used to determine the value of the property. There will probably be a thorough interior and exterior inspection.
Loan Approval: Once all of the necessary steps are completed and your loan has been approved, the title company will be notified and the loan documents will be sent to them so that all documents can be signed at your closing appointment.
Wire Transfer: The most common way to pay the amount due at closing is via a wire transfer from your bank. This will be your remaining down payment (minus the deposit) plus your share of the closing costs.
Final Steps: You can either go to the local title company to sign your docs, or a notary can be sent to you in the event you are unable to travel. Once you have signed off, the transaction will need to be recorded by the county and a formal change of possession must take place. We will arrange for the transfer of the property keys and accessories. The “FOR SALE” sign and lockbox will be removed by the seller’s agent.
Behind the Scenes: I am working for you! I review all reports and documents, arrange inspections, negotiate any repairs, stay on top of the lender to make sure they fund on time, keep all parties informed and moving ahead, and make the closing easy for you!
A “closing” is where you will meet at the escrow company (or a notary will be sent to you) for the purposes of signing the final escrow instructions, any loan documents, estimated funds needed to close escrow as well as your approval in writing of all the inspections, etc.. We will have already reviewed and explained in detail those reports during the escrow period.
There should be no surprises for you because we will have received and reviewed all documents prior to the closing.
If financing the property (not paying cash), your lender will require you to sign a document as evidence you are personally responsible for repaying the loan. You will also sign a mortgage or deed of trust on the property, which gives the lender the right to sell the property if you fail to make payments.
I maintain relationships with all of my clients. my goal is not to just close this one transaction with you, but to become your Realtor and friend for life! My commitment is to provide you, your friends, and your family members with the highest service for any and all of their real estate needs. I can refer plumbers, electricians, or the best restaurant in town. Please don’t hesitate to call me!
Your referrals are key! Maintaining ongoing relationships with our clients is part of my commitment to provide a level of real estate service well above and beyond expectations. My clients share their experience with friends and family members who then seek us out. This has allowed me to build a successful real estate practice based on referrals. As a result, I can devote more time to actually helping clients, instead of prospecting for new ones. Most Realtors spend the majority of their time trying to get new clients. If you are happy with my service, please spread the word!
There are many advantages of working with Zoe as your exclusive buyers agent. If you would like to work with her, please be willing to do the following:
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Call Or Text: 805.903.2258