Home Buying in 92882>Question Details

Brendan Ward, Home Buyer in 92882

what is the process and necessary documents to place a bid on residential real estate?

Asked by Brendan Ward, 92882 Mon Jul 14, 2008

My agent has not explained the complete process of bid and escrow , documents and procedures.

Help the community by answering this question:


Here is a rundown of the buying process:

The forms requied are:
Agency Disclosure:Necessary for agent to have you sign this disclosure before proceeding with helping you with any RE contracts
Residential Purchase Agreement: This is the offer detailing your offer price, who pays for what, etc.

If it is a short sale, there will be a short sale addendum.
If it is a bank sale/foreclosure, the documents may vary depending on the bank.

Along with the offer, the agent will most likely need to also submit a copy of your Earnest Money Deposit check, loan pre-approval, bank statements or other statements showing you have the necessary cash to close. Sometimes, your FICO scores will also be necessary.

After getting the offer accepted, including any counter offers made in the process, there will be lots of disclosure, etc during the escrow process.
0 votes Thank Flag Link Tue Nov 6, 2012
Brendan, you can also ask your agent for a "home buyers guide" and they are readily available and explain in lots of detail the home buying process.

Good Luck. CIndy Vedder, Prudential California Realty, Riverside
0 votes Thank Flag Link Tue Jul 22, 2008
Brendan, you need to let your agent know that you want him/her to educate you on the process. When it comes time to put your offer in and sign the offer have the agent explain the paperwork that you are signing. In fact, ask your agent for a blank copy of the paperwork for you to study so that you feel comfortable with your offer. This way you will know what questions you need to ask.

All my best,
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Tue Jul 15, 2008
The Documents have to do with what you are offering and the contingencies that you might need to have in place. It could be based on what the office requirements are. Sometimes there are different documents that are required because of the seller. If your agent doesn’t tell you, then you might want to talk to their broker for better understanding of the documents and why you have them.

A general version as to what will take place. (Again is controlled by the contract as well as the timing)

1. First get pre approved by a lender so that you know what your down payment requirement is and what your payments are.
2. Find the home present the offer and come to an agreement between you and the seller.
3. Open Escrow provide them with your good faith deposit., Sign Escrow Instructions. (They will order a Title Pre-lime so that you will be informed about any Conditions connected to the property such as CCR,etc.) Also if HOA ask to receive them before you sign loan docs so that you can read over and understand the conditions and requirements to see if they fit your needs.)
4. While escrow is opened the lender will be processing your loan, you should have provided them with the necessary documents, but if they need more provide immediately. They will order the appraisal.
5. You will perform the inspections and receive the disclosures that are provided by the seller (again this could differ because of the type of purchase it is). Review and sign all documents. At this time you might want to make sure the home is located in the proper school district, check out the neighborhood, if any open areas, go to the planning department to find out what the speculation of new building might be in the area. If you are concerned about possible additions to the property you would check out for building permits. (What you check out is up to what your concerns might be).
6. Remove contingencies at the time specified by the contract.
7. Sign Loan Docs, bring in the rest of the money required.
8. Verify property is in same condition.
9. Once the property records you will take possession according to the contract.

Diana 909-945-5763
0 votes Thank Flag Link Mon Jul 14, 2008
a) Submit a sale purchase contract with supporting lender approval
b) Seller agrees to the terms or work on all conditions till executed
c) Buyer places the agreed amount into escrow with title company
d) Inspection, appraisal, option period, lending, and etc followed thru the closing
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Mon Jul 14, 2008
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