Buying Property in Marin
The steps you will be guided through during the buying process.
If you’ve made it to this page, then you probably want to know what you can expect when working with Dana as your agent and gather more understanding of the buying process.
You’ve likely read online reviews and seen names of other agents, and may have even received recommendations from family, friends, or neighbors.
Would it be wrong to assume you want an agent with a strong track record who you can trust, and is a full time professional with experience in the Marin real estate market?
You likely want someone who is respected by other agents and can get you early access to available homes. At the same time, you want someone who understands your needs and will offer advice with your best interests in mind. Finally, you certainly want a solid negotiator who’s organized and can oversee the entire process.
Ultimately, you want someone who is the right fit for you.
The agent you hire does make a difference. You will end up buying a home with the least amount of stress and at the best possible price and terms.
Step 1 | Find an Agent
The first part of the process for buying a home is finding a real estate agent. Ideally, they will be guiding you throughout the entire buying process, so picking someone you can rely on and trust is essential. If Dana is an agent you are considering, a complimentary 15-20min phone or Zoom call will be set up. Here, you will share your current situation and property preferences and gain a general understanding of the buying process.
Dana requires an exclusive Buyer Representation & Commission Agreement (BRCA) to formalize your relationship. You will receive a copy and have ample time to review it and share questions to clarify any concerns. (Why is a BRCA required? See the Frequently Asked Question section below.)
Step 2 | Get Pre-Approved
Before beginning your search, the first step is to get preapproved for a mortgage loan (unless you will be paying the full price of your home in cash). Dana can connect you to a mortgage broker. Based on your income and credit history, the mortgage broker will determine how much a bank will lend you, which will help determine the price range for your search.
Step 3 | Visit Properties
Now is the time to consider your ideal home’s location and amenities. You will attend viewings and open houses spanning a range of areas and property types. Additionally, you will be notified of exclusive Coming Soon and Off-Market properties as they hit the market.
Items to Consider During Your Search
Home ownership involves a range of responsibilities. Although it’s difficult to understand them all at this stage, it’s important to gain a general knowledge of a few relevant ones including the prospective property features, local building guidelines, homeowners insurance and property tax rates. You will receive guidance and advice from Dana on these topics.
Step 4 | Packaging and Submitting Offers
Once you identify a home you like, you can put in an offer, which is an agreement to pay a certain price for the home. You will receive and review the seller disclosure package to gain an understanding of the property. This typically includes a range of inspections (general home, pest & termite, sewer lateral, etc), reports (city resale, fire & defensible space, etc) forms and advisories. You will receive feedback and general guidance on this information from Dana. A Competitive Market Analysis (CMA) will be provided by Dana to assist with determining an offer price. Your offer is packaged with a Verification of Funds (VOF) and Pre-Approval Letter. Note: if your offer is lower than the list price or with terms not acceptable to the seller, the seller can reject it or respond with a counter-offer with a revised price and/or acceptable terms. You can then accept or reject it, or make another counter offer. You will receive guidance and advice throughout the process from Dana.
Step 5 | Escrow Process
Escrow is the process of depositing money and documents with an impartial neutral third party who will hold them until all the mutually agreed upon conditions between the parties have been met.
Day 1: Once an offer is accepted, escrow is officially opened by Dana and the clock begins on contingencies*
Day 2: Reconnect with your insurance agent to confirm homeowners coverage
Day 3: Initial deposit is due per terms of the purchase agreement
The default time to transfer the initial deposit with escrow in the California Residential Purchase Agreement is 3 days from offer acceptance, but this can be adjusted.
Days 1-7: Seller delivers disclosures to buyer (if not already included in the seller disclosure package). The Buyer performs inspections (Step 6)
Days 1-10: Loan is in underwriting and appraisal occurs (Step 7)
Days 7-21: Seller signs grant deed and staging is removed, if any (Step 7)
Days 14-30: End of Escrow* - Within the final week of escrow period, buyer signs loan and closing documents and wires in closing funds.
*The end of escrow/close of escrow is a term of the purchase agreement so it can any mutually agreed upon duration.
Days 20-30: Loan funds and escrow closes (recordation)
Every Real Estate transaction is different. The above is an example of what you can expect, but specifics may vary.
Step 6 | Home Inspections: Review Disclosures, Reports & Repairs
*During Escrow ProcessIt is the buyer’s duty to select all desired inspections and determine the overall condition of the property within the agreed timeline and contractual contingencies. If the Seller provides inspections then the Buyer can use those or order additional ones. The buyer will also review the disclosures and preliminary title report. A buyer may approve or negotiate credits/repairs. Prior to closing, a final walk-thru of the property will be scheduled to verify the subject property is still in acceptable condition and any negotiated repairs were completed.
Step 7 | Loan, Appraisal, & Closing
*During Escrow ProcessOrganize an appraisal with your bank. Your completed mortgage application with all supporting documentation should be submitted to your chosen lender upon receipt of the fully signed Purchase Agreement. The bank then issues loan approval. Consequently, the buyer wires the closing funds with the homeowner’s insurance in place, and then the loan will be funded with clearance to close.
Step 8 | Welcome Home!
Congratulations! You are now a homeowner.
Frequently Asked Questions
Do I have to pay you to be my Buyer’s Agent?
Buyers are ultimately responsible for paying their broker the agreed upon fee in their Buyer Representation and Broker Compensation agreement. That said, Dana will advise Buyer clients of a number of strategies that could result in all of the fee to be included in the transaction. For example, a seller can accept a request to pay the fee in full or a portion of it, or the fee can be combined in the purchase price and included in the buyers loan. These are just two potential scenarios. Bottom line, Dana strives to understand his buyer client’s situation and advise them on the best approach for securing the selected property.
What does it mean for a me when I sign an exclusive Buyer Representation and Broker Compensation Agreement?
It does not mean you have to buy a home. Rather, it means that you want to and are serious about it, and if you do end up buying a property (in a defined time frame and location), then you are committed to working exclusively with Dana. It also establishes a fiduciary duty to put your interests above all others, including Dana’s.
KEY TERMS
Appraisal
Assessment of the property’s market value, for the purpose of obtaining a mortgage and performed by a licensed appraiser.
Assessed Value
Value placed upon property for property tax purposes by the Tax Collector.
Closing Cost
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.
Closing Statement
The statement which lists the financial settlement between Buyer & Seller, and the costs each must pay.
Contingency
Certain criteria that have to be met in order to finalize the sale.
Conventional Mortgage
A mortgage or Deed of Trust not obtained under a government insured program such as FHA or VA.
Credit
Money given to a buyer from a seller through escrow or closing.
Escrow Officer
A neutral third party that handles the transfer of any money during the sale of a home from initial deposit to final funding and closing.
Earnest Money Deposit
Buyers in California usually deposit 3% of the purchase price to show that the buyer is serious about purchasing the home. It is usually refundable in the event a contingency in the sales contract cannot be met.
Fixed Rate Mortgage
Expenses incidental to a sale of real estate, such as loan fees, appraisal fees, title insurance and escrow fees.
Home Warranty
A policy that covers certain repairs (e.g. plumbing/heating) of a newly purchased home for a period of time, typically one year.
Preliminary Title Report
A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a new title insurance policy will be issued.
Title Insurance
Insurance to protect the buyer and lender against losses arising from disputes over the ownership of a property.
Recording Fees
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
WHY COMPASS
Compass Tools & Programs to Help You Find Your Next Home
Collections
Collections lets you compare multiple properties—their size, neighborhood, amenities—within a visual workspace. Monitor market activity in real time, stay in constant contact with your agent, and invite collaborators to join in on the discussion.
Search
Compass Search lets your agent filter and sort by a wide range of features and amenities. Plus, discover exclusive Compass listings you won’t find anywhere else and receive real-time notifications of new homes with customized Saved Searches!
Bridge Loan Services
Compass Bridge Loan Services provides access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your bridge loan payments fronted when you sell your home with a Compass agent.
Coming Soon
What buyer isn’t looking for an edge over the competition? Browse unique properties that are only viewable on Compass.com with your agent and discover your future home before it hits the market.
COMMON WAYS AGENTS CAN SUPPORT THEIR BUYERS
Price negotiations
Determining what comparable homes are selling for
Finding renters for the buyer’s property
Teaching more about the neighborhood or area (restaurants, schools, parks, public transportation, etc.)
Finding and arranging financing
Determining how much the home buyer can afford
Negotiating the terms of sale
Finding the right home to purchase
Paperwork
