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Compass

5612 E. 2nd St. Naples Island

Long Beach, CA 90803

Leslie Stonick | DRE#: 01363678

Stonick Group

Get in Touch

Phase One

Outlining Your objectives
  • What is your motivation to buy?
  • What price range are you considering?
  • What is your timeline to move?
  • What are your ideal features and "non-negotiables"?
  • What are you looking for in a neighborhoods?


Planning and Preparation
  • Discuss objectives and process.
  • Select lender and begin loan approval process.
  • Obtain loan approval letter.
  • Sign exclusive buyer-broker agreement.
  • Research neighborhoods of interest.


Undertanding the Market
  • Analysis of active.
  • pending and sold transactions.
  • Review contracts and timelines.
  • Personal timing and seasonal considerations.
  • Market forces; supply v. demand, macro v. micro



Phase Two

Finding Your Home
  • Browse and review online listings
  • Notification of new and off-market properties
  • Attend open houses
  • Select your ideal location and home

Offers and Negotiation Strategies
  • Learn about the Purchase Contract
  • Discuss multiple-offer strategies (as needed)
  • Offer presentation and highlighting buyer strengths
  • Negotiate to optimize price and terms
  • Acceptance of offer/counter-offers



Phase Three

Escrow Process
  • Notify escrow of acceptance and send fully executed contract.
  • Wire initial deposit to escrow per term of agreement.
  • Notify lender to begin the loan and order appraisal.
  • Sign and return opening package of escrow instructions.
  • Contact insurance agent regarding homeowners coverage.
  • Provide escrow woth vesting (title) information.


Inspections and Disclosures
  • Schedule all desired home inspections, including termite report.
  • Review all disclosures and reports.
  • Approve or negotiate repairs based on the inspection report.
  • Meet deadlines and remove contractual contingencies.
  • Schedule final walk-through prior to close of escrow.



Phase Four

Closing
  • Review closing statement from escrow.
  • Meet with escrow to sign loan documents.
  • Arrange to wire the down payment and closing cost.
  • Transfer utilities to new location.
  • Closing, key delivery and celebration


Working Together Again
  • Staying in touch.
  • Second homes and investment properties.
  • Providing resources and introductions.
  • Referrals, testimonials and reviews














Definitions

Appraiser:
The lender will hire an appraiser to place a value on the property before approving your loan.

Earnest Money Deposit (EMD):
A good faith deposit the buyer makes with an offer to show that you are serious about buying the property. In exchange, the seller agrees to stop marketing the property.

Inspection:
An expert conducts a formal review of the property to find visible issues that need to be repaired. You can make your offer contingent on an inspection or conduct a pre-offer inspection to make your offer stronger.

Inspection Contingency:
You can make your offer contingent on a home inspection. If the inspection uncovers issues, we can determine the best way to move forward.

Loan Officer:
The loan officer represents a financial institution and provides a loan to the buyer.

Pre-Offer Inspection:
A pre-offer inspection is an inspection of the home before you make an offer. It is a way to make your offer stronger in a competitive market.

Private Attorney:
You can seek outside legal counsel on the contract. In our area, most buyers don’t hire their own legal counsel, however, you are always welcome to do so.

Settlement Company:
The settlement company, also called a title company, ensures the contract is fair to all parties and manages the money throughout the procesas. Working with your agent, the buyer hires the settlement company, which is paid through the closing costs.

Specific Tests:
Tests like radon and termites require separate contingencies in your offer. Your agent can walk you through your options.

Walkthrough:
The buyer reviews the house just before closing to make sure everything is in the same condition and that all home inspection items are fixed.



  • Work With Us

    The Stonick Group of Compass is located in the Naples Island community of Long Beach,California. Lead by Realtor Leslie Stonick, the team takes great passion and pride in helping people find their place in the world through super band personal real estate transactions.

    Contact Us