Step 1. Choose a Realtor
This is the most important step of the process. You want a real estate professional that will support you while finding the home that best fits your needs, with the best possible terms and will assist you through the entire process. Select a person that is knowledgeable about the community you want to live in, has the technology to bring you the most up to date listings in Orange County, CA real estate market and is focused on making this a smooth transaction for you.
Step 2. Finance
Your Orange County Realtor will help you select a mortgage lender that 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 and estimate the down payment and closing costs. If you will be financing a portion of your purchase you will go through these steps of the loan process:Application All pertinent documentation is obtained. Fees and down payments are discussed and you will receive a Good Faith Estimate (GFE) and a Truth-in Lending (TIL) statement which will itemize the rates and associated costs for the loan. Loan Submission Once all the necessary documents are submitted, your completed file is submitted to a lender to approval. Loan Approval (Underwriting) This step generally takes 24 to 72 hours and all parties are notified of the approval and any loan conditions that must be received before the loan can close. Closing Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually buys the house. Related: Costa Mesa Real Estate - Homes for Sale in Costa Mesa, CA
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Step 3. Find and Choose the Right Home
There are many factors to consider when selecting a property, including location, bedroom and bath count, schools and amenities. Your Orange County real estate agent will use their community knowledge and resourses to present the available properties and arrange for showings. This criteria may be adjusted throughout the process so work closely with your agent discussing your wants and needs. We can design specific searches with your specific criteria and even draw a map of the perfect location in which to look for new homes.
Step 4. Make an Offer
Together with your real estate professional you will structure a purchase agreement for the property that you have selected. We will advise you of protective contingencies, customary practices and any local regulations and based on your decisions about the exact price and terms. We will present your offer and the seller will have the option of accepting, rejecting, or counter-offering.
Step 5. Manage the Escrow
Once a purchase agreement is accepted and signed by all parties, escrow will be opened. The escrow is a neutral third party that will receive, hold and distribute all funds associated with the transaction.
During your escrow we will help you coordinate the process of all the contingencies including an approval of the seller's property disclosures, approval of the preliminary title report, scheduling physical inspections of the property, acquiring your loan approval including the appraisal and acquiring homeowner's insurance.
Step 6. Close Escrow and Move In
After all conditions of the purchase agreement have been met, you will sign your loan documents and closing papers. The balance of your down payment and closing costs are deposited in escrow. The deed is recorded at the County Recorder's office and you will own your home.