Home Buying Step-by-Step

Select a REALTOR^®/Establish a Relationship

Five Star agents are professional realtors with extensive market knowledge. We will work closely together to find the right home for you.

Initial Consultation With Your Realtor to Evaluate Your Needs and Resources

Once we establish your needs, we will provide guidance to financial institutions where you can obtain information to get the best financing available. We will meet to discuss your needs and analyze your resources.

Identify Property to Buy

We will show you homes based on the criteria that we establish. The more precise and direct you are with us, the more successful your search will be.

Determine Seller's Motivation

Once you have found the home that you wish to purchase, we will do all the necessary research to help you structure an effective offer.

Write Offer to Purchase

We will draft the Purchase Agreement for you, advising you on protective contingencies, customary practices, and local regulations. At this time, you will need to provide an "earnest money" deposit, usually 1% or 3% of the purchase price. (This deposit is not cashed until your offer has been accepted by the Seller.)

Presentation of Offer

We will present your offer to the Seller or the Seller's Agent. The Seller has three options: accept your offer, counter your offer, or reject your offer. Our personal knowledge of your needs and qualifications will enable us to represent you in the best way possible.

Seller's Response

We will review the Seller's response with you. Our negotiation skills and knowledge will benefit you in reaching a final agreement.

Open Escrow

When the Purchase Agreement is accepted and signed by all parties, a title company is chosen by the seller. At this time your earnest money will be deposited in a trust held by the broker representing the Buyer.

Contingency Period

This is the time allowed, per your Purchase Agreement, to obtain financing, perform inspections, and satisfy any other contingencies to which your purchase is subject. Typical contingencies include:

• Approval of the Seller's Transfer Disclosure Statement
• Loan approval, including an appraisal of the property
• Physical inspection of the property
• Pest inspection and certification

Homeowner's Insurance

We will coordinate between your Insurance Agent and the Lender to make sure your policy is in effect the day of closing.

Down Payment Funds

You will need a Cashier's check or money transfer several days prior to the date of closing.

Close of Escrow

When all of the conditions of the Purchase Agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow and your lender will deposit the balance of the purchase  price. The Deed will then be recorded at the County Recorder's office and you will take ownership of your home.