The Buying Process
Buying a home can be an exciting and emotional experience. As local experts, you can rely on us to guide you through the process so you can feel comfortable and confident each step of the way.
Download the GuideGet Pre-Approved
The first step to buying a home is to understand your buying power and establish a price range. A licensed lender can help evaluate your financial standing and provide a pre-approval. They will review your income and credit history to determine how much the bank will lend you, which will help you determine the price range for your search. Having a pre-approval letter in-hand can also increase the attractiveness of your offer, particularly when a seller has multiple offers to choose from.
We provide our buyers with a list of lenders that our clients have enjoyed working with. It is important to choose a local, reputable lender who understands our local market. Sellers and listing agents scrutinize the quality of lenders, who are an important part of the buyer's offer package. Ideally, you will obtain a fully-underwritten preapproval.
Your Compass Collection Search
We will set up a time to sit down or Zoom to discuss your motivations for buying, your expectations of an agent and the process, and any concerns you have.You can share the neighborhoods you’re considering, the kinds of homes you like, and all the details that will allow us to create a Compass Collection search tailored to your specific needs. You’ll love the user-friendly tech that Compass is known for industry-wide. You and your agent can comment, like, and share properties all within the app. It’s convenient to communicate about homes in one convenient place.
Visit Properties
Now is the time to consider your ideal home’s location and amenities. We will schedule private showings and you will attend open houses spanning a range of areas and property types. Additionally, we will activate notifications for Compass Private Exclusive, Coming Soon, and Off-Market properties as they hit the market. Take pictures and jot notes and questions to memorialize key points during your visits. We will send you the Seller Disclosure Package, which often contains inspection reports. Each of us will review all the details and strategize on necessary inspections, buyer contingencies, and price.
Buyer Due Diligence: Property Research
In the Bay Area, it is common for sellers to provide prospective buyers with general home and pest inspection reports in the seller disclosure package. Buyers are encouraged to study these reports carefully to determine whether additional inspections may be needed. With seller approval, sometimes buyers are able to conduct pre-offer inspections, but if not, buyers are advised to include an inspection contingency. This would allow buyers to order their own inspection(s) once they are under contract. When reviewing any home inspection reports, buyers should scrutinize inspector licensure, the attention to detail, the scope of the inspection, and note any problems with the condition of the homes structure or systems. Buyers should also note any reported issues such as pest infestations, presence of fungus or mold, evidence of present or past water intrusion, or foundation issues.
Making An Offer
Once you have studied a home thoroughly and love it, you may be ready to put in an offer—a legal agreement to pay a certain price for the home. This offer is packaged with Proof of Funds, a Loan Pre-Approval Letter, and any desired contingencies and other terms. Contact your favorite insurance carriers to ensure insurability and obtain at least two quotes. The Natural Hazard Disclosure Report will tell you if the home is in a fire, flood, liquefaction, or other type of hazard zone. If your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or counter. We will advise you throughout every step of the negotiation.
Going Under Contract
If your offer is accepted, you will be officially under contract. The purchase will not be complete until closing, but the home cannot be sold to anyone else while the contract remains in effect. At this point, unless you are making a cash purchase, it will be time to make an earnest money deposit and secure your mortgage loan. Lenders offer a wide range of loan programs, so it's important to work with a lender you trust to help you determine the best loan for your specific circumstances.
Our team will collaborate with your lender and the escrow team to create a transaction timeline for all deadlines, contingency periods, and deliverables.
Home Appraisal
Your lender will arrange a professional appraisal of the home. An appraisal is an unbiased estimate of the true (or fair market) value of a home and is conducted by an independent third party. The appraiser will confirm the appraisal value of the property for all parties involved. If the home appraises at less than the expected value, you may have the option to make up the difference with more cash, renegotiate the purchase agreement, or terminate the contract if you have included an appraisal contingency.
The Final Walkthrough
Prior to closing, we will conduct a final walkthrough of the home to ensure that all negotiated repairs have been completed, and that the home is in the same (or better) condition as when the original offer was made. This is the final opportunity to call out any problems identified with the home before closing. Depending on the purchase agreement, you may sign a formal contract addendum confirming that the walkthrough is complete, and the condition of the home is acceptable.
Closing!
Time to celebrate! Your lender will provide a final closing disclosure that summarizes the loan terms, monthly payments, taxes, and other costs associated with the closing. They will also confirm that you are clear to close, and you will sign all of the paperwork required to complete your purchase and loan agreement. Once the paperwork is signed by all parties and your loan is funded, you will receive keys, and you'll be ready to move into your new home!
Tools For Buyers
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