Rogan & Associates - Fallbrook CA Real Estate ||


1. Determine How Much You Can Spend On A Home - Get Pre-Approved!
With loan pre-approval from a lender, you will know what type of home loan will be a good fit for you.

The lender will provide an estimate of your monthly payments and closing costs. You will then know the price range of homes you should be viewing.  It's no fun to find your ideal home and then find out you can't afford it!  When you are pre-approved it's like carrying around a suitcase full of money.  In the eyes of the seller, pre-approval makes you a very desirable "cash" buyer.  That's a real advantage over another buyer whose financing is uncertain.


2. Find a Home
Now that you know your price range, you must decide what you want and need in a home.  This includes identifying location (city or neighborhood), distance from work, size (bedrooms, baths, yard), and any other needs or special requests.  As your real estate agents, we will provide listings of homes that match your requirements.  Together we will find a home to fit your needs.


3. Make an Offer with an Earnest Money Deposit
Once you have found the home you want to buy, an offer is written and submitted to the seller, along with an earnest money deposit.  The deposit is usually 1% of the sales price, and shows the seller that you are a serious buyer.  Once the seller accepts your offer, your check will be deposited and held by the escrow company. This deposit is applied toward the purchase price of your new home.


4.Your Offer is Accepted - Escrow Begins
After your offer is accepted, your earnest money deposit is processed within 3 days. You will receive escrow documents to sign and return, generally within 5-7 days. "Escrow" refers to the processes and paperwork to finalize the sale. The Escrow Company is the neutral 'depository' and communications facilitator between the buyer and seller.  This includes ordering title reports on your new home, securing the deed, and working with the lender. Normally, the entire escrow process can take 30-60 days.


5. Home Inspection
Within a few days after your offer is accepted, a Home Inspection should be scheduled of your new home.  This is done by a qualified professional home inspector, and normally costs between $250 - $500.  You should plan to attend the inspection, and have an opportunity to ask the inspector any questions on the home's condition.  The home inspection usually lasts 1-4 hours, and the purpose is to check the major components of your new home (plumbing, electrical, structural, etc.).  Payment is collected from you at the time of the inspection.


6. Close of Escrow - Signing Final Documents
At the end of escrow, you will meet with the Escrow Officer to sign all final transfer and loan documents, and pay any closing costs required.  Closing costs vary based upon your loan and specific arrangements with the seller. After the documentation if finalized and officially recorded, all that is left is receiving the keys to your new home!


You Own A Home!

Maggie Rogan
Maggie Rogan
Broker Associate
California DRE License #02056729 Fallbrook CA 92028