Buying a Home in San Diego: Your Step-by-Step Guide

The professionals at Coastal Premier Properties will guide you through the home buying  process one step at a time. Our goal is to expertly assist you with obtaining the ideal property under the best terms and conditions. We will represent your best interests while providing the highest level of service and value. Here is a quick guide to home buying process:

STEP ONE

INITIAL CONSULTATION

• General overview of what to expect
• Define Agency Relationship
• Review sample Purchase Agreement
• Discuss financial requirements and qualifications
• Determine needs and wants

LOAN PRE-APPROVAL

• Explore financing options with qualified lender and work on improving your credit score
• Submit financial documentation to lender (3 months bank statements, 2 years tax returns, pay stubs, etc.)
• Obtain loan pre-approval letter from lender to submit with offer

HOUSE HUNTING

• Visit www.CoastalSanDiegoLiving.com to view MLS listings, foreclosure listings, and short sales
• Understand current market values
• Select properties of interest
• Tour selected properties
• Locate ideal property

STEP TWO

OFFER PREPARATION

• Strategize for optimal offer considering purchase price, deposit, down payment, timeframes, and contingencies
• Balance sellers situation with buyers intentions
• Foreclosure vs. short sale vs. standard sale
• Prepare good faith deposit

OFFER NEGOTIATIONS

• Goal is acceptance of offer in order to open escrow
• Counter offers very common
• Rejection of offer is a possibility

OPEN ESCROW

• Contract timeframes begin upon acceptance of Purchase Agreement by all parties
• Open escrow by submitting executed agreement and deposit to escrow
• Provide lender with updated financials
• Contract timeframes begin

STEP THREE

BUYER DUE DILIGENCE

• Schedule inspection(s) to determine property condition is satisfactory
• Review disclosures and reports
• Discuss if repairs will be requested
• Determine insurability

FULL LOAN APPROVAL

• Appraisal completed by lender
• Lender collects updated financials
• Finalize loan options
• Obtain full loan approval from lender

REMOVE CONTINGENCIES

• Complete paperwork to remove contingencies such as property condition, disclosures, insurability, and loan
• Select insurance coverage
• Arrange for transfer of utilities and other services

STEP FOUR

FINAL WALK-THROUGH

• Confirm property is in same condition as when offer was accepted
• If repairs were agreed upon, verify they were completed adequately

SIGN LOAN DOCUMENTS AND SUBMIT DOWN PAYMENT

• Sign loan documents, if applicable
• Deposit remainder of funds into escrow via deposit check, money order, or wire transfer
• Final exchange of paperwork between service providers; Lender, Title, and Escrow
• Final closing statement provided by escrow

CLOSE OF ESCROW

• Deed is recorded by the title company with the County Recorder’s office
• Get the keys to YOUR new home!

~COASTAL SAN DIEGO PROPERTIES~