Home Buyer Insights

PURCHASING YOUR LOS ANGELES HOME

Once you have found a property that you wish to purchase, it is time to create an offer to buy the home. Jack Bremen will research the comps and help you craft a reasonable and competitive offer for the home seller. In addition to the purchase offer, you will need to provide your home loan pre-approval letter and proof of funds. Typically, your first offer is not accepted and the seller will issue a counter-offer. Jack Bremen will negotiate on your behalf to try to arrive at terms that are agreeable to all parties.

THE ESCROW PROCESS

Once the offer has been accepted, escrow is opened. Escrow is a neutral 3rd party that verifies all obligations of the contract are fulfilled before the seller gets their money and the buyer gets the keys. The typical escrow length is 30 days but can sometimes be shorter or longer. During this process, escrow will submit the contract to your lender and you will need to provide your lender with any additional documentation they require. The lender will also schedule the appraisal. During this time, you will also need to contact your insurance company to get quotes on a home owners policy. The title company will conduct a search to make sure there are no issues with the home’s title. Most importantly, you will need to schedule the home inspection. At your request, Jack can provide you with a list of reputable home inspectors.

HOME INSPECTIONS

Beyond the general physical inspection, it might be a good idea to have certain areas of the home inspected by a specialist. We have listed below other areas of the home that may warrant additional inspection.

General Inspection: Checks the major systems of the home.
Specialty Inspection: Checks specific areas, such as electrical, plumbing, roof, etc.
Mold Inspection: Checks for moisture intrusion and mold in the home.
Pest Inspection: Checks for bugs and termite infestations.
Sewer Inspection: Checks the sewer system for cracks, root intrusions, or poor connections.
Fireplace Inspection: Checks for defects in your fireplace.
Geotechnical Inspection: Checks out soil stability and the effect on the foundation.
Structural Inspection: Checks the posts and beams supporting the property.

CLOSING ON YOUR NEW LA HOME

Prior to closing on your new home, we will do a final walk through of the property to make sure everything is in working order and any necessary repairs were completed. During the walk through, we will verify that the property is in the same condition as when we wrote the offer, that all items included in the purchase are still located at the property, and that nothing has been left behind. During the closing phase, all parties will be provided with a settlement statement, which details the financial information of the transaction. In addition to the settlement statement, all other documentation, including the lending documents will need to be signed. Any necessary funds for the transaction can be wired electronically to the escrow account. After everything is signed and the funds are transferred, the title will be switched over and you receive the keys.