Home Buying Guide - Connie St. James - For Your Nevada County & Placer County Real Estate Needs

Acting as Your Agent

Of all the decisions you'll face when buying a home, there's none more important than the person you choose to represent you. My job as your real estate agent is to support you in finding the right home with the best possible terms, and to assist you through the entire process. I will explain the process of buying a home, and familiarize you with the various activities, documents and procedures that you will experience throughout the transaction. As we work together, you will find that I am...

Knowledgeable about the communities of interest to you.
Aware of the complicated local and state requirements affecting your transaction.
Effective in multi-party, face-to-face negotiations.
Highly-trained, with access to programs for continued learning and additional certifications.
Technology-focused.
Supported by professional legal counsel.

Since I am compensated only when a transaction is completed, I will work diligently on your behalf. I also rely to a great extent on your referrals so you can expect exception service.

For details on my background and qualifications ... Click Here

Financing

Most real estate professionals and mortgage lenders recommend being pre-approved or, at least, pre-qualified for a loan before selecting a home to purchase. Being pre-approved is stronger than being pre-qualified. This process will help you...

Determine the price range you can afford.
Understand the types of loans you qualify for.
Determine what your monthly payment will be.
Estimate the down payment and closing costs.

The Loan Process

If you do not have a mortgage lender, I can refer you to 2-3 mortgage lenders from which you can choose. Once you have made your decision, these are the steps of the process:

        (1) Application - All pertinent documentation is obtained. Fees and down payments are discussed, and the borrower will receive a Good Faith Estimate (GFE) and a Truth-in-lending statement (TIL), itemizing the rates and associated costs for the loan. You will be asked to provide certain documents to your lender in order that your loan can be processed in a timely manner.

        (2) Loan Submission - Once all the necessary documentation is in, your completed file is submitted to a lender for approval.

        (3) Loan Approval (Underwriting) - Loan approval, or underwriting, generally takes 24 to 72 hours. All parties are notified of the approval and any loan conditions that must be received before the loan can close.

        (4) Closing - Once all parties have signed the loan documents, they are returned to the lender. If all the forms have been properly executed, the lender sends the loan funds by wire transfer. At this point, the borrower finishes the loan process and actually takes ownership.

Finding and Choosing the Right Home

There are many factors to consider in selecting a property including -- location, bedroom and bathroom count, square footage, acreage, schools, and a variety of different available amenities. Since it probably will not be possible to find a home with everything you want, it will be important to make a list of your needs and desires in a home and then prioritize them ... with, of course, needs listed before desires. Based on the criteria that you and I establish together, we will find your dream home.

I will apply my extensive community knowledge and professional resources to research available properties, and show you the homes that best meet your needs and desires. I will set up an automatic notification system which will email new or changed listings to you as they come on the market.  If you find a property that interests you through the Internet or your own research, I will want you to let me know so that I can arrange a showing.

As you view different properties, your criteria may change. Open and direct communication with me is a key element of a successful property search.

For information about the some of the lifestyles available in the Sierra Foothills ... Click Here

Making an Offer

You have found the home that you wish to purchase and are ready to make an offer to the seller. I will apply my professional training and do all the necessary research to help you structure an effective offer. I will draft the purchase agreement, advising you of protective contingencies, customary practices, and local regulations. Home warranty, title and escrow arrangements will be detailed in the offer. Although I will give you advice and information, it is your decision as to the exact price and terms that you wish to offer.

Regarding the price to offer, it is beneficial to remember that most sellers to want the highest price possible for their homes and, of course, most buyers to want to pay the lowest price possible. This is natural. However, buyers should not overpay; sellers should not be underpaid. Submitting an offer that is too low is just as bad as over paying for a home. Therefore, part of my research will include preparing a Comprehensive Market Analysis. This dynamic tool will provide you with information about (a) homes currently on the market, (b) homes in escrow, and (c) homes that have recently sold and will help you determine the fair market value of the home.

Once the purchase agreement is comleted, I will submit it to the seller's real estate agent. This is where my negotiation skills come into play. When an offer is made, the seller will have three options:
    (1) Seller can accept the offer as submitted, and we move to the next step which is opening escrow and doing our inspections.
    (2) Seller can reject the offer in writing or by simply not responding, and we continue our home search.
    (3) Seller can make a counter offer. A counter offer can address the price, closing date, inspection period and various other terms of the offer.

If the seller submits a counter offer, you have the same three options that the seller had when you submitted your offer.
    (1) You can accept the counter offer.
    (2) You can reject the counter offer.
    (3) You can made a counter offer to seller's counter offer.

This process continues until both parties come to an agreement or one party terminates negotiations. Throughout the negotiation process, I will represent you with honesty, integrity and professionalism.

Managing the Escrow

When the purchase agreement is accepted and signed by all parties, I will open escrow for you and your earnest money will be deposited. The escrow is a neutral third party that will receive, hold, and distribute all funds associated with your transaction.

Removing Contingencies

Prior to closing escrow, all of the contingencies of the purchase agreement must be met within the time periods specifed in the purchas agreement. I will coordinate this process and see to it that deadlines are met. Typical contingencies include:

Approval of the seller's property disclosures
Approval of the preliminary title report
Loan approval, including an appraisal of the property
Physical inspections of the property
Pest inspection and certification
Acquisition of homeowner's insurance
Completion of repairs you and seller agree are to be done, if any
Place order for home warranty, if appropriate
Buyer's final property walk through

Closing Escrow and Moving In!

When all of the conditions of the purchase agreement have been met...
    (1) You will sign your loan documents and closing papers.
    (2) You will deposit the balance of your down payment and closing costs to escrow.
    (3) Your lender will deposit the balance of the purchase price.
    (4) The deed will then be recorded at the County Recorder's office.
    (5) You will take ownership of the house, and I will give you the keys.

FOR A LIMITED TIME ONLY:
  First Time-Home Buyer & Repeat Home Buyer Tax Credit, 2009-2010.
   For some basic Questions & Answers ... Click Here

I am a valuable source of helpful tips for planning and coordinating your move, and I am available to assist you in any way I can not only during the home-buying process, but also after escrow closes and you have moved in.