Buy a Home
Congratulations! If you found this page on our website TeamBourda.com you are thinking about buying a home.
Buying a home is an exciting time. No doubt, it can also be a complicated and emotional process. The rewards of owning your own home are huge! At Team Bourda we are here to help you through every step of the way.
The steps below will outline the basic flow of a real estate purchase in the San Diego real estate market:
- Financing: Meet with a mortgage professional to discuss your loan options and get pre-approved. We have great lenders referrals available.
- Expectations: Meet with us to discuss your plans and goals as well as our qualifications to serve your needs. We will go over areas you are interested in and your wish list for your property. We will set up a search based on your criteria so we are both notified as new listings become available. We will offer you a written guarantee of our services.
- House Hunting: Begin shopping for a property. Make appointments with us to view properties as they become available until you find your home. We will adjust search criteria as needed during this process.
- Write an offer: Review the last six months of comparable sales and to determine an offer price and strategy. In addition the written offer will include: information about your financing, how many days you need to close, a good faith deposit, time frames for contingencies, and much more that we will discuss in detail. At this point the seller will have the option to either: Accept, reject, or counter offer your offer.
- Offer acceptance: After acceptance escrow will be opened and your good faith deposit will be held by the escrow company. At this time you will also commit to your lender and lock in your loan rate. You will most likely have 17 days for your lender to complete the appraisal and give you full loan approval.
- Inspections and Request for Repairs: You generally will have 17 days after acceptance to complete a home inspection, review all seller disclosures, and do any other inspections you feel are necessary. During this time you also have the opportunity to request and negotiate repairs to be completed by the seller.
- Contingencies: Typically after 17 days your will be required to remove your buyer contingencies in writing. At this stage your inspections should be complete, all disclosures have been reviewed by you, your appraisal is complete, your loan is approved, and you are ready to close the transaction. Full removal of contingencies means that your deposit will likely be forfeited to the seller as, “Liquidated Damages”, if you decide to back out of the transaction.
- Final Walkthrough: This is to verify the property condition is the same or better than when you made the offer and to verify all seller repairs, if any, are completed.
- Loan signing: Sign loan documents with notary.
- Buyer funds to escrow: Obtain cashier’s check or set-up wire transfer of your down payment and closing costs that are required by the escrow company to close your transaction.
- Loan funding: Your bank will fund the loan once they determine all conditions have been met and your signed loan documents have been reviewed.
- Closing: Recording at County Recorder’s Office and Close of Escrow
- Possession: Receive keys to your new home! Congratulations!!