Luxury Home Buying Guide
We recommend pre-qualifying for a loan. This process will help you:
- Determine the price range of home you want to purchase.
- Understand the types of loans you can qualify for.
- Determine what your monthly payment will be.
- Estimate the down payment and closing costs.
Finding and Choosing your Perfect Home
Your luxury real estate professional will offer you a thorough approach to buying property, designed to achieve your desired results.
One of our qualified and experienced agents will discuss your home buying needs with you to establish personalized search criteria. Once your agent has researched, identified and previewed suitable properties, appointments are set with you to view the selected real estate.
Making an Offer
Once you have found the home you wish to purchase, your PRG agent will help you structure an effective offer. Working together with your real estate professional you will arrive at the price and terms you wish to offer. This is an important part of the home buying process and your agent will expertly handle negotiations on your behalf.
If the seller does not consider an offer acceptable, they may want to make changes and submit a counter-offer. This is where your agent’s expertise, experience and professionalism will provide the skillful negotiations that work to get you the best purchase price on your desired property.
Your agent will explain the process of buying a home, and familiarize you with the various activities, documents and procedures you will experience throughout the transaction.
Managing the Escrow
When the purchase agreement is accepted and signed by all parties, Portfolio Realty Group’s transaction coordinator will handle every detail throughout the process, from opening escrow to scheduling inspections, and all the interim items that take you to the final closing.
When using a lender, they will need to be notified of the home you have chosen. Our transaction coordinator will then provide them with a copy of the contract, so the property value appraisal can be ordered, and your loan processed.
Having a thorough inspection of your prospective home by a reputable home inspector can help ease your concerns and resolve any questions that you may have. Home inspections typically are performed by licensed contractors, often professionally/industry certified, and provide an in-depth inspection report describing the condition of the property.
The Buyer should purchase a fire and hazard insurance policy prior to close. Frequently the lender requires the first year’s insurance premium to be paid in advance at the close of escrow.
Escrow Fees and Title Insurance
The Buyer and Seller may negotiate who pays the Title and Escrow fees in the contract. The “owners policy” covers the new owner’s interest and title to the new property and is generally paid by the Seller. The Buyer typically pays for the “lender’s policy” that will cover the new lender’s interest in the title to the property. The Escrow fee is the fee charged by the escrow company for management and handling of the documents. This fee is negotiable but is typically split between the Buyer and the Seller except, on certain types of government loans.
The Title and Escrow Company is a neutral third party that will receive, hold and distribute all funds associated with your transaction. When all of the conditions of the purchase agreement have been met, the loan documents and closing paperwork will need to be signed. The Title and Escrow Company will help insure the closing documents are executed by all parties and recorded at the County Recorder’s office to reach a successful closing.
When the time finally arrives for you to begin the moving process, we can take care of the details for you. Here are some Community Resources for planning and coordinating your move.