Buying Real Estate in the Napa Valley
The Buying Process
How your Realtor will assist you:
1. Initial Interview
Determine your needs, wants and desires in a home.
Discuss financial qualifications.
2. Get Pre-qualified by Lender
Loan pre-qualification approval letter is obtained from lender.
3. Property Tours
Show you available homes that suit your needs and emotions.
Listen to you carefully to fine tune your "Ideal" Home.
Educate you about the current market.
4. Target a Home that is "Ideal" and write the Offer
We write the offer on your "Ideal" Home.
This procedure will take 1-3 hours.
Deliver your earnest money deposit made payable to the title company
(this check will be held until we have a ratified contract).
5. The Offer is Presented to the Seller
I will prepare my presentation by highlighting the strengths of your offer and your strength as a buyer.
Realtor presents offer to the sellers and seller's agent.
The sellers accept the offer, counter your offer or reject it.
6. Counter Offer
The counter-offer is discussed and prepared.
Once the offer is accepted, escrow is opened with the title company.
Earnest money is deposited at this time.
Escrow orders a Preliminary Title Report and sends copies to your agent and lender.
Escrow instructions issued to all parties along with opening package.
8. Loan Application
A completed loan application is submitted to the lender of your choice with all necessary documentation.
9. Contingency Period
Buyer receives and approves Seller's Real Estate Transfer Disclosure Statement.
Buyer approves Preliminary Title Report.
Physical inspections / pest inspections are completed.
Property appraisal and loan approval are in progress.
10. Homeowners Insurance Coverage
Buyers obtain a Homeowners Insurance Policy for their new home and the insurance information is given to escrow.
Escrow orders a copy of the homeowners' insurance policy for the new lender prior to escrow cosing.
11. Signing documents at Title Company
Buyers need to bring current photo identification to sign notarized loan documents at title company.
Copies of title and lender documents are given to buyers.
12. Down Payment and Closing Costs
The escrow officer provides you with a Buyer's Estimated Closing Statement which itemizes your costs and advises you of total monies due.
Buyer brings a cashier's check to title company several days prior to closing.
The lender sends funds to title company.
14. Close of Escrow
The deed is recorded at the County Recorder's office by the title company. (You will receive the original back from the County Recorder in approximately 6 weeks).
Keys are transferred from seller to buyer.
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