The Home Buying Process
Of all the decisions you’ll face when buying a San Diego home, there’s none more important than the person you choose to represent you.
The job of your Realtor is to support you in finding the right home with the best possible terms, and to aid you through the entire process. Your Sales Associate will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction.
Your Real Estate Professional should be:
- Knowledgeable about the communities of interest to you.
- Aware of the complicated local and state requirements affecting your transaction.
- Effective in multi-party, face-to-face negotiations.
- Highly-trained, with access to programs for continued learning and additional certifications.
- Supported by professional legal counsel.
Most Realtors and mortgage lenders recommend pre-qualifying for a loan before selecting a home to purchase. This process will help you:
- Determine the price range you can afford.
- Understand the types of loans you qualify for.
- Determine what your monthly payment will be.
- Estimate the down payment and closing costs.
Finding and Choosing the Right San Diego Home
Based on criteria that you and your Realtor establish together, your Realtor will help you find the perfect San Diego home. There are many factors to consider in selecting a property, including location, bedroom and bath count, schools and amenities.
Your Realtor will apply their extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs. If you find a property that interests you through the Internet or your own research, let your Realtor know so that a showing can be arranged.
As you view different properties, your criteria may change. Open and direct communication with your Realtor is a key element of a successful property search.
Making an Offer
Once you have found the San Diego home that you wish to purchase, your Realtor will apply their professional training and do all the necessary research to help you structure an effective offer.
This is where your Realtor’s negotiation skills come into play. When an offer is made, the seller will have the option of accepting, rejecting or counter-offering. Your Realtor will negotiate the best possible terms for you.
Your Realtor will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although your Realtor will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.
When the purchase agreement is accepted and signed by all parties, your Realtor will open escrow for you and you will deposit your earnest money with the escrow company. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.
Prior to closing escrow, all of the contingencies of the Purchase Agreement must be met. Your Sales Associate will coordinate this process. Typical contingencies include:
- Approval of the Seller’s Property Disclosure Statement.
- Approval of the preliminary title report.
- Loan approval, including an appraisal of the property.
- Physical inspections of the property.
- Pest inspection and certification.
- Acquisition of homeowner’s insurance.
Closing Escrow and Moving Into your San Diego Home
When all of the conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow, and your lender will deposit the balance of the purchase price. The deed will then be recorded at the County Recorder’s office and you will take ownership of your San Diego home and you will be handed the keys to your American dream.