Report quality varies so discuss report details with your agent who can advise if you need more details to make an informed bid
Review disclosure details and discuss with your agent
Decide if you would like to make an offer:
Discuss terms of residential purchase agreement with your agent and decide on what contingencies you may want to include in your offer.
Wherever possible try to give your real estate agent at least 72 hours advance notice of your intent to submit an offer.
Discuss bidding strategy with your agent to determine the best price to offer to increase your chances of a successful bid. Note that your agent can not tell you what to offer, but will advise you on comparative property values and help you craft a compelling offer package
Almost all offers these days are submitted through an electronic signing platform such as Docusign. Expect to sign your purchase agreement and other related documents through one of these systems.
Sellers may have a preferred title company, but the buyer has the option to select a title company of their choosing. Your agent can advise you on this at the time of offer submission.
Send a pdf copy of a check to your selected title company of a total of 3% of purchase price of home (earnest money deposit)
Proof of funds showing full amount of cash payment (or if all cash offer, full amount of offer). Examples include bank statements, stock statements, certificates of deposit, or other short-term commodities or other sources of liquid assets.
Write a letter to the seller explaining a bit about yourself and your family, what you love about the home, and why you envision yourself living there.
Your agent will submit the offer on your behalf. Response time is generally between 12-24 hours unless the seller is out of the area in which case it might be longer.
The listing agent will contact your agent to let you know if your offer has been accepted.
You might receive a counter offer with modified terms from the seller’s agent. You can choose to accept or reject these terms. Your deposit is not at risk if you choose not to accept the terms of the counter offer.
If your offer is accepted, you’ll receive a ratified copy of the residential purchase agreement (RPA). This begins the escrow period.
If you list inspection contingencies that require physical inspections, be sure to schedule those inspections with the help of your agent as far in advance as possible to ensure you meet the deadline for those inspections.
Congratulations! You’re in contract
You buyer’s agent will open escrow at the title company of your choice.
At this stage, the listing agent and buyers agent will step aside and you’ll be working with your lender and title company to finalize the financial details of the transaction. If there is anything in the financial process documents that you don’t understand, don’t hesitate to discuss these details with your agent.
It is critical to respond in a timely fashion to the title company requests for information to ensure you close on schedule.
Always use your agent as the primary source of communications with all parties. Never forward any documents to the lender, title company, or appraisers without first discussing with your agent.
Typical closing periods run from 14-28 days.
This means that all conditions of the contract have been met.
The financial exchange has been completed.
All loan documents have been signed and notarized.
The purchase has been recorded with the county.
On the day of recording, the keys to the property will be delivered to you by your agent.
