How The Buying Process Works
- Strategy Session: Brian will meet with you, either in person or via phone, to discuss your goals and needs for your new home. Together, you’ll explore ideal communities that align with your lifestyle.
- Agency Agreement: You will review and sign an Agency Agreement, which is now mandated by NAR rules, allowing Brian to show you homes and discuss important details.
- Choose a Lender: Brian will guide you in your selection of a lender.
- Provide Documentation: You’ll provide Brian with proof of funds and a lender loan pre-approval letter, which is required by NAR rules within five days of viewing your first home.
- Property Search: Brian will start searching for properties that align with your criteria, price point, and location, and provide you other possible options.
- Home Tours: Brian will email you listings and arrange personalized tours of the homes that fit your criteria, making the process enjoyable and efficient.
- Making an Offer: Once you decide to make an offer on a property, Brian will prepare an offer that aligns with your requirements and those of the seller, including price, contingency timelines, and closing date. The offer will be submitted via DocuSign for your convenience.
- Seller Response: The seller will respond to your offer, typically within a few days after offers are reviewed. If there are multiple offers, they may issue a Seller Multiple Counter Offer (SMCO). Brian will keep you informed throughout the negotiation process.
- Negotiating Counteroffers: Brian will expertly negotiate any counteroffers received from the seller, advocating for your best interests.
- Continued Negotiations: Once a mutual agreement is reached in writing, Brian will facilitate the opening of escrow.
- Earnest Money Deposit (EMD): After your offer is accepted, Brian will provide you with wiring instructions for the 3% Earnest Money Deposit (EMD), which is part of your down payment and must be received within 72 hours.
- Lender Notification: Brian will ensure the lender is informed of the offer acceptance, providing them with the fully executed contract for you to approve ordering of the appraisal.
- Escrow Instructions: You will review and sign the escrow instructions.
- Schedule Inspections: Brian will schedule all desired inspections (physical, termite, roof, sewer) within the typical deadline of seven to ten days, ensuring you have a thorough understanding of the property.
- Inspection Presence: Brian will be present for all inspections, providing you with a brief verbal review of findings and a detailed report afterward. He’ll discuss any potential red flags and advise on how to proceed.
- Review Inspection Reports: You’ll review and discuss all inspection reports with Brian to determine what to request from the seller regarding repairs or credits.
- Seller Disclosures: Brian will assist you in reviewing and signing seller disclosures, preliminary title reports, city reports, and other relevant documents.
- Homeowners’ Insurance: Brian will guide you in purchasing homeowners’ insurance to protect your new investment.
- Final Contingencies: After reaching a final agreement on inspection reports and disclosures, you’ll release final contingencies. After release of all contingencies, you may forfeit return of your EMD if you decide not to proceed with the purchase.
- Home Warranty: Brian will ensure that escrow orders a seller-paid home warranty for your peace of mind.
- Final Walk-Through: Brian will accompany you on a final walk-through of the property just before closing to ensure it’s in “relatively the same condition” as when you first saw it.
- Final Payment: You will wire the remaining balance of the down payment and closing costs to escrow, with Brian guiding you through the process.
- Sign Escrow Documents: You’ll sign all necessary escrow documents, with Brian ensuring everything is in order.
- Loan Approval and Funding: Brian will ensure escrow and title facilitate the loan approval and the funding process, ensuring the city records the transaction.
- Receive Keys: Finally, you will receive the keys to your new home, marking the beginning of your new chapter!
- Congratulations! With Brian and Larsen Properties LA, Beverly and Company by your side, you are now a proud homeowner!
