The Home Buying Process
Here is an easy to understand step-by-step process of buying a home. To view the buying process flowchart click here.
Select a real estate agent from Park Regency Realty. See our roster of sales associates
Find your home. Together with your Realtor© you will look at properties based on your criteria and select the home that best meets your needs. See our property listings or do a comprehensive search.
Prepare your offer to purchase. After selecting the home of your choice, your Realtor© will make suggestions toward a good offer. The offer is based on many factors upon which your Realtor© will diligently conduct an information research to help you negotiate the best deal. The type of information is property-specific and neighborhood-specific.
Included in your offer is a deposit of an earnest money equivalent to 3% of the purchase price. The money will not be cashed until your offer is accepted, at which time it will be deposited into an escrow trust account.
Your Realtor© will present your offer either directly to the sellers or their real estate agent. Your Realtor© will return with the seller's response which could be an outright acceptance, a counter-offer, or a rejection.
Open escrow account. After negotiating an acceptable offer, and upon acceptance, an escrow on your new home will be opened and your earnest money will be deposited into an escrow trust account.
Contingencies in escrow. This is the time allowed in escrow to obtain financing, perform inspections, and satisfy any other other contingencies to which the purchase is subject. These contigencies may include: physical inspection, approval of transfer disclosure statement, termite report, approval of preliminary title report, loan approval by lender of your choice.
Homeowner's insurance. A homeowner's policy must be purchased and submitted to escrow naming yourself and the new lender as the loss payee.
At least 24 hours prior to the close of escrow, you will be required to deposit in escrow by way of a cashier's check or money transfer the remainder of your down payment.
Close escrow. As soon as all conditions of the purchase agreement are met you will be asked to sign the loan documents and closing papers. The lender will deposit with the title company the loan proceeds. The deed conveying the property to you will be recorded in the office of the county recorder and you will take ownership of your new home.