As a Buyer, you do not pay the commission for
your Real Estate Agent. Agents for the both the Buyer and Seller are paid for
by the Seller. The Agents’ commission is usually 5% of the purchase price,
split 2.5% between the two agents.
1.
Get pre-approved with a lender if you require financing. Talk
with a Real Estate Agent about the benefits of going with a local bank, credit
union, or mortgage broker. This way you will know what you qualify for and who
can give you the best deal.
2.
Have your Real Estate Agent set up an MLS search for you. MLS is
the main real estate industry database that Zillow, Redfin, Realtor.com, etc.
get their information from. You will be matched with properties that fit your
criteria.
3.
Let your Real Estate Agent know which properties you are interested
in and schedule an appt to go see them.
4.
When you find a property that you would like to make an offer
on, your Real Estate Agent will write up a Purchase Offer for you to sign via
Docusign online. The Purchase Offer, your financing Pre-approval Letter and a
copy of your Bank Statements (that show you have funds for closing costs) all
get emailed to the Agent representing the Seller. The Seller will then accept,
deny or counter offer within the timeframe stated in your Purchase Offer
(usually 3 days).
5.
If your offer is accepted, Title/Escrow is opened by your Real
Estate Agent. You will have 3 business days to get a deposit check to the Title
Company. Buyer is also usually responsible for paying Escrow and Title
Fees.
6.
You will also have a timeline to conduct your Home Inspections
per your Purchase Offer. Buyer’s inspections are paid for by the Buyer. Home
Inspection Reports cost on average $600. Pest Reports on average are $395 and
Roof Inspections are on average $105.
7.
If you are financing, the Buyer is also responsible for paying
for the lender's property appraisal that can cost on average $400.
8.
When your loan receives final approval and all contingencies are
removed, you will sign loan documents with a notary for the Title
Company.
9.
When your loan funds, funds are wired to the Seller and the
County records new ownership. Then you officially receive the keys and
possession of your new property.