Orange County Home Buying Help…Getting Your Offer Accepted!
As an Orange County (or Southern California) home buyer, there are some important issues you need to know when it comes to finding the home of your dreams…well okay it may not be the exact home of your dreams…(but a great place to call home) you want to do everything you can to get your offer accepted.
Here’s a list I hope find helpful:
1. When making an offer to a home seller or lender (in the case of a bank repo) first of all your offer needs to be in writing. Most offers written in California are on the Residential Purchase Agreement and Joint Escrow Instructions. It’s an 8-page offer form and will be accompanied by a variety disclosures and addendums. By that time, we’re someone around 28-30 pages.
2. Your offer needs to be accompanied by a copy of your lender’s loan approval, or pre-approval whichever is applicable. You need to demonstrate to the seller you’ve already begun the process of credit verification, employment documentation and poof of funds on deposit(or another source) necessary to close, i.e. down-payment, closing costs + required reserves.
3. A photo copy of your earnest money deposit check (EMD as stated on most listings in the MLS) it’s referred to as the initial deposit on page one of our CA Residential Purchase Agreement. Although it should be noted the last revision of the CA contract allows for a buyer’s deposit to be electronically transferred into escrow within 3 business days after acceptance, from a practical standpoint most listing agents want to see a photo copy of a check.
4. Verification of necessary funds on deposit again covering down payment, costs and reserves (yes I realize you’ve already provided this to your lender for pre-approval) most sellers and listing agents require additional verification upon acceptance of an offer. If the sale is all cash, most listing agents and their sellers want proof of funds at the time the offer is presented, not (XXXX) amount of days later mentioned on page 2 of the contract.
So there you have it:
- Offer in writing, usually a Cal. Assoc. of REALTOR’S contract.
- Copy of your initial/earnest money deposit.
- Written verification (usually a photo copy of a bank statement with your account #’s blacked out) of funds to close.
- Pre-approval from your lender.
If this seems like too much trouble, I can clearly state there is not a seller, nor a seller’s agent/representative that I know out our there today that will accept an offer without this information. So when you need knowledgeable competent real estate help for Orange County home buying or selling contact me, text or direct (714) 595-1494.
Check out other helpful videos on the Southern California Real Estate Videos:
- Understanding the CA Real Estate Contract
- Home Buying in a Southern Cal Association
- Southern Cal Home Buyer & Home Selling Disclsoures
- Southern Cal Home Buying Inspections
- Protecting Your Family ~ Megan’s Law for California
- Southern Cal Home Buyers Real Estate Walk Through
- Southern Cal Probate Home Sales
- Select a CRS = Certified Residential Specialist