1b-Buyer Process

Considering the magnitude of the transaction, buying real estate is often one of the most exciting purchases you will ever make. It is a common life goal many strive toward, in addition to being a wonderful investment opportunity and providing security through shelter. The process of purchasing a home can be quite confusing and difficult to imagine if you have no previous experience. A seasoned REALTOR® is almost a requirement when purchasing a home in California. You can easily accomplish your goals in an easy and efficient manner. Understanding the procedure will enable you to know what to expect ensuring an effortless process. In the short video below you’ll find a description of the process, as well as a few additional details about the average home purchase process.


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Stage One:

Financial Qualification:

  • My Lender will contact you and answer all of your questions to pre-qualify you over the phone
  • I am sorry, but Ray cannot show you property until Ray's Lender speaks with you.

Initial Consultation with Ray:

  • Ray will meet with you over the phone and ask you a few questions about the home you want to buy. Please use the features on this website to do some initial research on areas and view market reports so you can help Ray understand your specific wants and needs. 

Get Formal Loan Pre-Approval:

  • Discuss financial proposition and options with a lender.
  • Collect then submit all formal documentation for examination.
  • Obtain formal pre-approval guarantee from a lender.
  • Get all of your questions answered by the lender.

Explore Market for Available Homes:

  • Based on financing, pursue all potential homes that meet needs, wants and goals. 
  • To stay on top of the market, Ray will create unique searches that match your criteria so you can be updated automatically.
  • In our experience when multiple homes are shown the differences between the homes tend to blend together and cause confusion. Because Ray previews homes continually Ray will pre-select 3-4 of the best homes on the market that meet your wants and needs and will arrange to see all three on the same day. 

Make an offer on desired home:

  • Examine contract details and the specifics of the type of listing.
  • Because Ray selected the best available homes that meet your needs and price point, Ray will ask you to buy one of the presented homes at list price or a fair market value, and we will write a contract on the property at that time.
  • Prepare financials to be submitted with a formal offer to purchase.

Stage Two: (Many steps may happen simultaneously)

Present formal offer and negotiate purchase:

  • Ray will present the offer to the Listing Agent
  • Ray will negotiate details of the offer between both buying and selling parties.
  • Both parties become contractually obligated by agreeing and signing.
  • If the offer is not accepted, we will begin again with another batch of 3-4 homes that best meet your needs and wants.

Escrow is established:

  • Earnest Money Deposit is deposited into an escrow account for safekeeping.
  • Escrow documents are created, agreed upon and signed by all parties.
  • Escrow orders all required documentation & provides accountability for both parties’ adherence to the contract.

Present information regarding home purchase to the lender:

  • The loan process is begun by the lender.
  • Details are reviewed, approved or declined by an underwriter.
  • Once approved, Appraisal will be ordered then the loan will be formalized with documents.

Inspections & Disclosures are performed during escrow

  • A home inspection is ordered to ensure lender and owner are satisfied with the condition of the home.
  • All property disclosures are given to the buyers for satisfactory review.
  • If all is pleasing, the contingencies are removed. Details are re-negotiated if all is not satisfactory.

Stage Three:

Necessary service providers are selected:

  • To streamline the process wherever possible we will use my trusted partners that have an established track record in performing - this includes the Lender, Title Company, Insurance Company
  • To satisfy lender and escrow, an insurance policy will need to be secured from the insurance provider and submitted.

Formalize and sign remaining documents:

  • To formalize and attain the loan, documents will be signed and notarized.
  • Escrow releases a final breakdown of costs, HUD, for each party to sign.

Record and transfer title and close escrow:

  • The lender provides information required for Title, and Title registers deed with the county recorder.
  • Escrow is closed upon Confirmation, you become the official owner and can celebrate your achievement.

Now that you are aware of the basic procedure, you can confidently begin your search here for the ideal home. You can use our free Mortgage Calculator to estimate the monthly mortgage of any home in which you may be interested. Remember there are expenses beyond a mortgage payment to be considered when calculating your total monthly payment. You can contact us and ask questions inquire about interest rates, and get other details, or if you prefer, you can find up-to-date mortgage interest rates on the internet to assist you in calculating a monthly mortgage estimate, minus the specific details. Whether by the click of a button or with a phone call, the Luxury Realty San Diego staff is always delighted to assist you with all of your San Diego real estate needs. Contact us today to find out how we can be of assistance to you!

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