Buyer Timeline

YOUR OFFER WAS ACCEPTED – NOW WHAT?

You’ll be getting an email from our team with instructions for the next steps which include:
Getting your earnest money deposit into title. Sometimes we don’t have this right away because the listing agent hasn’t opened escrow yet. Once received, we will forward to you.
Scheduling inspections. It’s important to be decisive in the kinds of inspections and who you want to go with so that we can meet our deadlines. I’ll be emailing a list of types of inspections you can do with the intro email once we have an offer accepted. We try to get all inspections scheduled for one day, but that is not always the case. I will schedule all of your inspections as I’ll be the one giving access to the inspectors to the property and will coordinate this with your schedule as best as possible. Many inspection companies have limited availability and we sometimes have to use whatever time they have available to meet our deadlines. This may mean that you might need to take a half day of work if you’d like to attend the walkthrough with the home inspector – it’s advised that you are there for this!

PAPERWORK + DISCLOSURES

Over the course of your escrow you will be receiving a lot of paperwork. It is important that you read through documents and email questions in a timely manner.
You will receive the following documents:
NHD Report : To learn more of what an NHD is, visit my blog post What is An NHD?
CC&Rs : To learn more about CC&Rs, visit my blog post What are CC&Rs?
Preliminary Report : To learn more of what a Prelim is, visit my blog post What is a Prelim Report?
HOA Documents (if applicable to your home) : To learn more of what an HOA is, visit my blog post What is an HOA?
SPQ: Seller Property Questionnaire – If you have questions about anything on this document, please email me a list of specific questions referencing each paragraph.
TDS: Transfer Disclosure Statement – If you have questions about anything on this document, please email me a list of specific questions referencing each paragraph.
Among many other disclosures you’ll receive

INSPECTIONS + REQUEST FOR REPAIRS

Your inspections will last about 2 hours. After they are complete the home inspector will do a walkthrough with you to point out any areas of concern and things you should know about the home you are purchasing.
The home inspection will not have quotes or costs associated with the inspection.
The pest inspection will have costs associated with the inspection.
Other inspectors or vendors may or may not give quotes. It’s important to ask if this is something that will be provided with any inspection you decide to go with as you may need follow-up quotes from other vendors which may take additional time.
It’s important to review reports as received and get follow-up questions answered by the inspector or a second opinion if you’d like from another vendor.
Request for Repairs: This is where we ask the Seller if they will help you with anything you’ve found wrong with the property. This could look like:
Credits at close of escrow: This can go towards your closing costs – typically a max of 3% of the purchase price.
Reduction in purchase price.
Repairs that you can ask Seller to make or vendors on behalf of the Seller.
I suggest emailing me a list of areas of concern with references on the Inspection Reports so that we can discuss the best way of addressing this with the Seller.
You will also want to look into costs of these fixes if you plan to ask for a credit. If you need help, please reach out to me asap!
We will submit a Request for Repair at least a couple days before the Inspection Contingency is due to release.

APPRAISALS

Your appraisal is an unbiased professional opinion of what the value is of your home. If you are getting a mortgage, you’ll have an appraisal ordered for your property. So, what happens when an appraisal comes in low or high?
If it comes in high – congrats! You have instant equity!
If it comes in low. There are a few things that can happen: 1. Negotiate with the Seller and get the purchase price to drop to appraised value. 2. Negotiate a new price and compromise on paying x amount over appraised value. 3. Walk away from the deal.
Anytime you are paying over appraised value, that means that you are coming in with cash in addition to your down payment. The bank will not finance any more money than the home is worth.

SIGNING APPOINTMENT + FINAL WALKTHROUGH

A final walkthrough will be scheduled about 5 days prior to close of escrow. This is to verify the home is in the same condition as when you entered into escrow. Personal belongings are still in the home typically. If any repairs were completed by the Seller, receipts are to be provided at this time and you can check that the work is done.
By law, once you receive your Closing Disclosure from your lender you can sign docs 3 days later. Once signed, and lender is ready, docs will be sent to title and escrow and your signing appointment will be scheduled. A Settlement Sheet will be provided so that you know the amount that needs to be ready for the remainder of your down payment.
Signing appointments are typically 45 minutes – 1 hour. Notaries can come to you or you can go to title and escrow to sign.
- Identification: There are several acceptable forms of identification which may be used for your signing appt. These include: A current driver’s license, Passport, Department of Motor Vehicles ID card. One form of identification must be presented in order for the signature to be notarized.

WHEN DO I GET MY KEYS?

Once you have signed docs with title and escrow, all papers go back to title and escrow, get uploaded, and the lender has one last review. The remainder of your down payment has to be received – that’s you! Either in a transfer of funds or a cashier’s check. The loan then funds and title has to record with the County. Once recorded and on record, you get your keys and you are a homeowner!
Timelines and closings are very hard to nail down. If you are planning to schedule movers and vendors – be sure you’re flexible as timelines are never guaranteed!!!
Transferring Utilities: If you are planning ahead, here is a linked document to help! Be sure to get your mail forwarded as well!

AFTER CLOSE OF ESCROW

Make sure to do any repairs needed to the home. A lot of Buyers get really excited and move in and forget the items that were on the inspections. Be sure you’re planning on taking care of the items that are urgent and coming up with a plan for the other items!
Consider putting your property into a living trust.
If you have any homeownership questions or want vendor referrals, contact me!