Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose a Top Expert. 

You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Nevada city, Grass Valley and Penn Valley real estate expert, it's my job to guide you, from beginning to end. 

I will take the time to go through each and every step of the buying process. There are no dumb questions! 

Together, we will consider: 

- How much can you really afford? 

- How to qualify for a mortgage. 

- How much cash you should put down. 

- How to buy a home with little or nothing down. 

- What it takes to get approved for financing. What banks and other financial institutions are looking for. 

- How much your payments will be. 

- The tax advantages of buying. 

- Is renting or buying better for you? 

Tell me a bit about your situation below. I'll get right back to you. There is absolutely no charge, and I offer this to you with no strings attached. 

New to the home buying process? Tell me your concerns. Ask me questions. It's my job to help! There's no obligation, and I promise to get back to you quickly... In the meantime the following escrow timeline should give you an idea of what to expect from the process. 

Buyer Escrow Process Timeline 

1.) Get Prequalified with one or more lenders 

2.) Make offer – Negotiable terms include:
1.) Offer price (RPA 1-C)
2.) Length of escrow (RPA 1-D)
3.) Initial good faith deposit amount (RPA 3-A)
4.) Increased deposit amount (if any) (RPA 3-B)
5.) Inspections/Costs –If you want the seller to pay for an inspection you must request it in the offer. If you do not specify an inspection on the contract, you retain the right to obtain any inspections at your costs. (RPA 4)
6.) Personal property (Stove, Fridge, Washer/Dryer, Etc.) (RPA 8-B)
7.) Time Periods (Inspection Contingency (RPA 14B-1), Loan Contingency (RPA 3H-3), Expiration of Offer (RPA 29), Possession (RPA 5-B) 

3.) Mutual Acceptance (buyer and seller signed contract) 

Day 1: The first full day after acceptance
"Days" means calendar days not business days. However the last Day for performance of any act (Inspection/Loan Contingency Removal, Close Of Escrow, Etc) shall not include any Saturday, Sunday, or legal holiday and shall instead be the next Day. (RPA 22-E) 

Escrow is opened and Earnest Money check goes to the Escrow Company. “Escrow” is a neutral 3rd party acting on the signed written instructions between buyer and seller (ie: Contract). 

Escrow orders a preliminary title report
Inform your lender of accepted offer & authorize ordering the appraisal (there is a 3 day grace period after your authorization before the appraisal can be ordered). Ideally this would be done on day 1, however if still choosing between lenders then we recommend committing by day 5 to avoid delays in closing
Order Inspections (Well, Septic, House, Pest, Roof, Corner Survey, etc)  

Day 7: Provide Seller with verification of buyer funds (if not included in prequal) (RPA 3-G)
Receive seller provided disclosures (RPA 14-A) 

Day 1 – 17: Inspection period. This is the time to do your due diligence. (RPA 14B-1)
Review preliminary title report, inspection reports, disclosures, homeowners association docs, CC&R’s, Etc.
Determine if there will be any repair requests asked of the seller (or a credit)
Appraisal takes place. Appraisal is tied to the Loan Contingency (RPA 3-I) If the home does not appraise discuss your options with your Realtor. 

Shop for insurance policies and Arrange for insurance to be in place when it comes time to close escrow 

Day 17: Submit Repair Request to seller (RPA 14B-2) or Remove Inspection Contingencies (RPA 14B-3) & Increase Deposit if applicable (RPA 3B)  

Day 17 – 25: Lender reviews complete loan package including any buyer provided documentation, preliminary title report, contract and appraisal.  

Arrange getting utilities set up in your name (Power, Propane, Internet, garbage, water and sewer if applicable) 

Review the final HUD (estimated settlement sheet) for accuracy 

5 Days prior to Close through Close of Escrow: Complete a final walkthrough to determine that the property is in the same condition as when your offer was presented. (RPA 16) This is also a good time to visit the home in to measure things, figure out furniture placement, decide paint colors / appliances, etc. as during the escrow the seller is in the middle of packing, moving with friends, family, movers on site and access can be difficult. 

Loan docs released from Lender to Title 

Sign final closing documents (loan docs, deed, title package) Buyers and Sellers sign separately, up to several days before closing. Once everything is signed, it’s just a matter of waiting for the paperwork to process and the transaction to close. 

Buyer signed loan docs go back to lender for final review 

Lender sends the purchase money loan funds to escrow 

Buyer wires remaining balance of purchase funds to escrow 

Close escrow – The deed transferring the title is recorded at the county. (RPA 1-D) 

Get the keys (obtain occupancy) (RPA 5-B) 

4.) Let’s celebrate! The moment you’ve been waiting for arrives. Celebrate the event with your family, friends, and the faithful Real Estate Team who has been bugging you about paperwork for weeks on end. 

*RPA = Residential Purchase Agreement 

Often, things run a little behind because it’s always on a tight last minute schedule. I would plan that your escrow may close a few days later than scheduled, and then if it’s on time you’ll be pleasantly surprised. Lenders have asked for a lot more documentation lately, and things seem to get held up last minute quite often. I will keep you informed through this last stage of the escrow and make sure you understand where we are at all times.