Ocean Pacific Escrow is here to make the buying process as simple and painless as possible. All our clients receive personalized service and the highest attention from our team.
We are here to help you through every step of the process.
Before you begin your new home search, you will want to get pre-approved. In the pre-approval process you will meet with a mortgage broker who will review your income, assets and credit worthiness. They will pre-underwrite the proposed loan and determine exactly how much home you can afford.
A real estate agent helps you find a home, negotiate a successful offer and generally represents your interests throughout the real estate sales process. An agent with good knowledge of the area you wish to purchase in is ideal.
Your real estate agent will make offers to purchase the properties that mee your requirements. The pre-approval letter will convey to the seller of these properties that you are a qualified buyer who is able to perform on the proposed contract.
When you have one of your offers accepted, you will receive a signed purchase agreement from the seller.
Once you have made an offer on a home and the seller accepts it, your loan will go into the "processing and final underwriting" stages. Here, with the help of your real estate agent, you will supply the purchase contract and title company information for the transaction.
The contingency period allows you time in contract to collect more information without forfeiting your deposit. The time frame ranges from between 10 to 18 calendar days and is typical in most purchase contracts. During this period, your real estate agent will help you:
Once your loan is fully approved, you will prepare your loan documents and submit them to the title/escrow company for you to sign. Typically, the escrow officer at the escrow company will provide a Buyer's Estimated Closing Statement which will itemize your costs and credits and closely estimate total monies due. You will be asked to bring a cashier's check to the title/escrow company when you go to sign, a few days prior to closing.
The escrow agent will call you when the documents are ready to sign and appointments are available. The signing process requires both the buyer and seller to sign separate packages. The escrow agent should guide you smoothly through this process. You will receive copies of all the documents you sign from the escrow company. You are almost done.
The escrow company will send your signed loan documents, along with any other outstanding loan condition documentation. Once all documentation is determined as being complete.
Once the escrow company verifies receipt of the funds, they will arrange for all documents to transfer title or if a Mobile Home the title transferred through HCD.
For an in-depth look into the buying process, check out the comprehensive guide linked below:
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