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Buying a house is the largest financial investment for
most of people. Most buyers have to spend considerable
time to find the best for their self since we do not
buy houses as many times as we buy our shoes.
There are a lot of “What to do” and “How to
do”. Hope, you can find out answers from followings.
After all, don’t hesitate to call or email your questions
to one of our agents.
Common Steps for Buying a House
Initial Meeting
Finding a real estate agent - who familiar the local
market
What do you need and want – good schools/3 bedroom/2
bathroom
Can I afraid to buy – income/financial eligibility
Loan Qualification
Discuss finances – incomes/credit scores/assets/purchase
price plus closing cost
Obtain pre-qualification -ceiling of purchase price
Find a House
Select an affordable property that fits your needs
– reviewing for more than 3 houses
Discuss offer with agent - how to make a offer
Buyer reviews contract with agent - asking every questions
regarding the contract
Agent presents offer to selling side - waiting for
good news/bad news/or counter back
Present and Negotiate Offer
Buyer prepares "earnest money" deposit (typically,
1 to 3% of purchase price) – showing your sincerity
Seller accepts offer (Seller can accept your offer,
counter your offer, or reject your offer)
Once the offer is accepted, deposit "earnest
money" into escrow – you are in contract
Submit Loan Application
Contingency Period
Conduct Physical Inspection of property by a qualified
inspector – you may have a report already, but you still
can request
Approve seller's Transfer Disclosure Statement – reading
carefully, so you know what the current owner(s) know
about their house
Perform termite inspection and certification – any
bugs in the house
Approve Preliminary Report – the title is clear or
not
Conduct property appraisal – current market value
of this property
Obtain loan approval from lender – making sure before
remove loan contingency
Obtain Homeowner's Insurance
Select insurance company and coverage – understanding
what are covered what are not
Insurance will be in effect at close of escrow
Closing the Escrow
Deposit down payment and closing costs to escrow –
cashier’s check or wire before COE
Lender sends balance of purchase price to Title Company
Deed is recorded with County Recorder's office – the
house is yours now
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