Home Property Search Featured Properties Client Testimonials Resources About
Foundation Real Estate Group, Santa Barbara Real Estate, Goleta Real Estate, Montecito Real Estate.
Real Estate Group
Santa Barbara
Real Estate
(805) 683-2140


Common Steps for Buying a Home

Buying a home involves several stages. Below is a list of the more common steps during a residential transaction.  

Initial Meeting

  • Meet with your real estate agent and determine needs and wants
  • Determine financial eligibility

Loan Qualification

  • Discuss finances
  • Obtain prequalification and submit loan application

Find a Home

  • Select an affordable property that fits your needs
  • Discuss offer with agent
  • Buyer reviews contract with agent
  • Agent presents offer to selling side

Present and Negotiate Offer

  • Buyer prepares "earnest money" deposit (typically, 1 to 3% of purchase price)
  • Seller accepts offer (Seller can accept your offer, counter your offer, or reject your offer)

Open Escrow

  • Deposit "earnest money" into escrow
  • Escrow will order Preliminary Report

Contingency Period

  • Conduct Physical Inspection of property by a qualified inspector
  • Approve seller's Transfer Disclosure Statement
  • Approve Preliminary Report
  • Conduct property appraisal
  • Obtain loan approval from lender
  • Perform termite inspection and certification

Obtain Homeowner's Insurance

  • Select insurance company and coverage (see attached sheet for references)
  • Insurance will be in effect at close of escrow

Sign Documents

  • Title company receives signed documents

Down Payment

  • Need cashier's check or money transfer prior to closing date

Closing the Escrow

  • Deposit down payment and closing costs to escrow
  • Lender sends balance of purchase price to Title Company
  • Deed is recorded with County Recorder's office
  • Get your keys and move in!

© Design by Style Agent