- Prior to writing any offers the buyer should consult their tax/financial advisor of with their intent to purchase and have a firm grasp on their buying capabilities, along with a pre-approval if a loan will be involved.
- The bid or offer to buy is made in writing through your real estate agent. This process ordinarily includes presenting the buyer’s financial qualifications.
- The seller may accept or they may counter the offer, thus initiating a price negotiation. The conclusion of this process should result in an agreement upon price, terms and the closing date.
- Upon acceptance of the offer by both the buyer and seller the real estate agents will initiate the opening of escrow. The buyer typically has 3 days (unless otherwise stated in the contract) to deliver their initial deposit (typically 3%) to escrow.
- The buyer must perform their due diligence during the inspection contingency period (typically 17 days) and decide whether or not to proceed with the transaction based on the reasonable analysis findings.
- During this period, the buyer should proceed with a loan application if financing is desired. (An appraisal will need to be ordered if a loan is required.)
- The seller will provide the buyer with the necessary disclosure documents (timeline is specified in the contract), including CC&R’s when applicable, for review prior to the close of escrow.
- All property disclosures must be signed by both the buyer and seller prior to the close of escrow.
- Buyer and buyer’s agent will inspect the property within 5 days prior to the close of escrow to ensure the property condition and any repairs (if required) have been completed.
- All monies will be deposited into the escrow account with sufficient time to close escrow and record title on the specified date in the contract.
