This is an email I sent my buyer clients and felt it would be good to share with all buyers. Hope you find it helpful!

“I wanted to write to explain the buying process in greater depth. Generally speaking, all buying a house involves is finding a place; getting your offer accepted; opening escrow by depositing your initial deposit at the title company; signing a bunch of paperwork that says you are ok with the condition of the house, the terms of the contract, the actual legal description of the property and the loan documents, or two, if you have two loans; and transferring money. Not too complicated! 

To break that out, let’s say we’re in the process of finding the right place. Once we find a place worth writing an offer on, we meet to write the offer together. Before we meet, I try to obtain a disclosure package on the property, so we know exactly what we’re getting in to. We’ll go over the disclosures and the offer together, deciding on the best strategy and the strategy that is most comfortable to you, the buyer. For example, do you make the offer contingent on obtaining a loan? Sounds like an easy answer, of course you do, but if you really want a property and want to make your offer more competitive, you may consider moving forward with just an appraisal contingency. These are the types of strategies we’ll discuss. 

Once we write an offer, I present it. I usually suggest you write a letter about yourselves and why you want the property we’re writing on. Sometimes this makes a difference to a seller, and if it can’t hurt, why not. I also prepare a letter to point out the advantages of your offer. If given the opportunity, I’ll meet in person to present your offer. 

Then we wait to find out if the offer was accepted. If it is, we move forward with getting inspections, getting the appraisal, increasing your deposit, finalizing any loan arrangements, removing contingencies (the equivalent of saying you want to continue to move forward after inspecting everything), then you deposit your down payment, make an appointment to sign at the title company all of the remaining transaction documents, the loan documents and the title documents. Then we wait a couple of days while the lender reviews the file and decides to “fund” the loan. Once the title company gets the money, they can record, usually the next business day. Then you become the new home owner. 

The big steps for you, as the buyer, are: obtaining inspections, deciding to move forward or back out, depositing more money, signing paperwork, obtaining home owner’s insurance, scheduling your move on your calendar and with movers, utilities, etc. , signing at the title company, moving! 

Add to all of this to the great emotions that arise when spending this much money and you’ve got a real estate transaction. The joy or pain involved in the process depends on how stressful you find spending large amounts of money and focusing on one big thing for a month. Some people take it in stride, some people, like me, like to move slowly, and some get so frightened, they can’t do it. And all the reactions are ok at different times. That’s what keeps my job so interesting, and thereby fun. Also, I usually get to know some great people a little better, which is my favorite part. 

I hope that helps you understand the process a little. I recommend reading through the buyer’s handbook I gave you when we met for the first time, and if you don’t have it, let me know and I’ll get you another. This is a valuable resource when you have what you think is a question not worth bothering me about, but is nagging you, and does a good job of giving you some definitions and things to consider.”

Contact me if you’d like further information or want to work together.

Best,

Michelle Stephens

Direct: 415.637.1898