We will educate you on the real estate market in San Francisco, as well as walk you through the whole process; from efficiently searching a home, to securing financing, through escrow to the close. We will ensure that you will feel comfortable and confident navigating through the many aspects of a real estate transaction. Due to Hood Farrell Group's experience, reputation, and relationships within the real estate community, our extensive network allows buyers to have access to properties that never hit the market.
Buying a home is one of the most exciting milestones of your life. To prepare yourself for this moment, you need to know what to expect during the process. This step-by-step first time buyer’s guide created by our team will help reduce the stress of buying a home and help you enjoy the journey as much as possible.
Set up a time to sit down with us to discuss the neighborhoods you're considering and we can help guide your search.
Before beginning your search, your first step is to get pre-approved for a mortgage loan (unless you will be paying the full price of your home n cash). We 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.
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, we will activate notifications for exclusive Coming Soon and Off-Market properties as they hit the market.
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. This offer is packaged with a Proof of Funds (POF) and Pre-Approval Letter. Note: If your offer is lower than the list price or with terms not acceptable to the seller, the seller will likely return with a counter-offer price or acceptable terms, which you can accept, reject, or make another counter offer. We will provide advice throughout.
(Life) of an Escrow: 21 & 30 day escrow period)
Day 1 Once an offer is accepted, escrow is officially open and the clock begins on contingencies*
Day2 Contact your insurance agent for homeowners coverage
Day 3 Initial deposit is due per terms of agreement
Day 1-7 Seller delivers disclosures to buyer. Buyer performs inspections (Step 6)
Step 1-10 Loan is in underwriting and appraisal occurs (Step 7)
Day 14-30 End of Escrow - Within final week of escrow period. buyer signs loan and closing documents and wires in closing funds (Step 10)
Day 20-30 Loan funds and escrow closes (recordation)
It is the buyer's duty to select all desired infections and determine the overall condition of the property within the agreed timeline and contractual contingencies. Buyer will also review the disclosures and preliminary title report. you may approve or negotiate credits/repairs. Prior to closing, remember to schedule a final walk-thru of the property to verify property is still in acceptable condition and any negotiated repairs were done.
Organize 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 Purchased 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.
Congratulations! You are now a homeowner.
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 our team, and invite collaborators to join in on the discussion.
Compass Search lets our team filter and sort by a wide range of features and amenities. Plus, discover exclusive Compass listings you won't find anywhere else and receive realøtime notifications of new homes with customized Saved Searches!
Compass Bridge Loan Services provides access to competitive rates and dedicated support from industryøleading 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.
What buyer isn't looking for an edge over the competition? Browse unique properties that are only viewable on Compass.com with our team and discover your future home before it hits the market.
With years of real estate experience and an inside perspective on the nuances of the San Francisco market, Hood Farrell Group is committed to helping their clients exceed their real estate dreams and goals.