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The Home Buying Process in California

Buying or selling a home in California is like a special voyage with several different stops!

More often than not, you will work with a Realtor like me, Anna. Together, we will spent some time on the Internet searching, comparing and evaluating the different homes being offered for sale in the area, and then after we have identified properties that you are interested in, we will go out and see what they are really like!

Even though a 'picture is worth a thousand words' – one really cannot get a true appreciation of a property until you actually see it for yourself. Another benefit of seeing a property is to be able to see the local surroundings and the neighborhood in which the property sits, which are almost as important as the home itself!

Once you have found your dream home – which may take several trips and plenty of energy – the contract-writing process will start. This is where the Realtor you’re working with will show her true colors. A California Purchase Agreement consists of more than ten pages – each one with its own, intricate language. A knowledgeable Realtor to help explain the agreement is extremely important.

Your Realtor will then present your “Offer” as outlined in the agreement to the Seller’s Agent, who will then proceed to present it to the Seller. After receiving your offer, the Seller now has the right to do one of three things:

• accept your offer as written,
• counter your offer, or
• reject your offer.

The Seller must respond to your offer within a specified time frame, usually a few days. California law does not mandate that a “reason” has to be given for any of these actions – although most sellers will provide one.

The negotiations (offers and counter-offers) can go back and forth several times before you come to an agreement. Once acceptance has taken place, the clock starts ticking…

You have now entered a period of time called escrow, which is a “time-pressure-cooker”. The Buyer has only so many days to conduct inspections, investigations, receive reports from the Seller and simply put – to make up his mind! The Seller needs to complete reports, find the information, and try to inform the Buyer about the property to the best of his ability.

At the end of the investigation period (usually 17 days) the Buyer now needs to decide whether or not to complete the purchase by removing all Contingencies, or to cancel the agreement( in writing). The Seller can cancel the agreement only if the Buyer does not perform according to the timelines.

Once the contingencies have been removed and the Buyer is moving forward, everybody needs to wait for escrow to close. Escrow is handled by a Title Company – chosen by the Buyer at the beginning of the process – who acts as a neutral party to the transaction, and serves both Buyer and Seller with equal confidentiality.

You will then visit the Title Company to sign all documents – including any loan documents – and at the signing, providing that funding has taken place, the purchase will be finalized. A Notary Public will be present to verify all signatures.

Congratulations! You are now a lucky, California Home Owner!

Due to Local variances in the process – Please contact me for additional information!