Part 1: The first part is to get a lender who will pre-approve you for a loan. Once you receive that letter, then we'll start the house search. If you need a lender, you might check with Maxine Yokota at Bankers Funding (714-714-473-
Once we know what you can afford AND what you are willing to invest in the purchase (may not necessarily be the same thing!!!), we look for a home until you find what you like. By the way, I signed you up for Listingbook and an email will be sent to you with instructions on how to log-on, etc. This is a website that allows you to actively search the multiple listing service in “real time”. You’ll be able to change the price range, city, size of the house, etc. Let me know if you have any questions on how to change the search parameters once you activate it.
Part 2: We negotiate with the seller to buy the home on your terms. There’s usually some compromising, but the outcome is that the end result is to open escrow. Sometimes the offer will involve a home that is in “short sale” status or bank owned, also known as a foreclosure or REO (real estate owned). The short sale can extend the purchase time line by 30-180 days. The bank sales are like standard sales BUT the bank/owner will not pay for any repairs, etc. There is a lot more information on these 2 types of transactions that we can get into if necessary.
Part 3: We open escrow and begin our due diligence. I’ve enclosed a time line for your review. One of the sheets is a diagram that I like because it shows who has to do what during what time frame. Some of the things that’ll be done simultaneously include:
Lender – processes the loan and gets the appraisal done
Buyer – gets a property inspection, reviews HOA documents, reviews disclosures provided by the seller, checks with the City about permits, etc.
Seller - will need to provide a termite inspection report, disclosures about what they know about the property and a seller questionnaire that lists any repairs and/or upgrades.
Escrow – pulls together all the information, which they provide to both the buyer and seller for signature. When loan documents arrive, they bring in the buyer for signature and work with the title company to see that the new loan is funded and the grant deed conveying title to the new owners is recorded.
This all can be done in 30-40 days; however, the mortgage industry has changed dramatically in recent months, so now I add a Part 4 to the process.
Part 4: This starts as soon as the loan officer says, “your loan is approved subject to conditions”.
I would love to help you purchase a home. Please call me to discuss further or visit me at http://www.annstefanucci.com.
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Working with the "right" real estate agent is as important as finding the "right" location of the property. Let me help you. I promise to work tirelessly to help you achieve your goals in a timely manner.