Home Buying - Step by Step

1. Initial Consultation. Meet with The Duggan Team. We will evaluate your needs, wants and financial resources.
2. Lender Consultation. Meet with The Duggan Team's lending department or a trusted lender which you have a relationship with. We will determine your loan qualification and purchase price range.
3. Home Shopping. View homes fitting your criteria.
4. Home Selection & Offer to Purchase. The Duggan Team will draft a Purchase Agreement, advising you on customary practices, protective contingencies, and local regulations.
5. Earnest Money Deposit. You will need to provide from 1%-3% of the purchase price (the deposit is not cashed until your offer has been accepted by the seller.)
6. Presentation of Offer. The Duggan Team will present your offer to the seller and the seller's agent.
7. Acceptance or Negotiation. The seller has three options: Accept the offer, give a counter offer, or reject the offer. The Duggan Team will negotiate on your behalf in reaching a final agreement.
8. Open Escrow. When the Purchase Agreement is accepted and signed by all parties, your escrow will be opened. At this time, your earnest money will be deposited. The escrow or title company will receive and disburse all funds associated with your transaction.
9. Contingency Period. This is the time allowed per you Purchase Agreement to obtain financing, perform inspections, and satisfy any other contingencies to which your purchase is subject. Typical contingencies include:
• Approval of Seller's Transfer Disclosure Statement
• Approval of the Preliminary Title Report
• Loan Approval, including an appraisal of the home
• Pest Inspection and certification
• Physical Inspections of the home
10. Homeowner's Insurance. You should coordinate between your insurance and Escrow Company to make sure your policy is in effect at the close of escrow. The Duggan Team can assist you in selecting a company.
11. Down Payment Funds. You will need a cashier's check or money wire transfer prior to the closing date of escrow.
12. Close of Escrow. When all conditions of the Purchase Agreement have been met, you will sign your loan documents and closing papers. You will deposit the balance of your down payment and closing costs to escrow and your lender will fund the balance of the purchase price. The deed will then be recorded at the County Recorder's office and the keys to your new home will be delivered to you by The Duggan Team!