The Buying Process

1. Choosing Dick as your Realtor will be an excellent first step. Here's what some of his clients have said - About Dick


2. Prior to beginning your home search, decide how much you want to spend. If you are planning on an all cash purchase as most Canadians are doing presently, it will be a straight forward decision. If you require a mortgage loan, you must get “pre-qualified” or “pre-approved” in a letter of preapproval from a US lender. Presently mortgage loans for non-US residents are very hard to find, will require a large amount down, and will be very expensive.
   
   At present, you will find it preferable to arrange your financing in Canada. You will need to obtain a letter from your Banker stating that you have adequate accessible funds in US dollars for the amount needed to purchase your Palm Springs property. This letter will be included with your purchase offer in the presentation to the seller.


3. Begin your search! Dick will begin a dialogue to establish a comfortable relationship with you. Then together you will decide upon a set of beginning parameters, and from that conversation, he will begin a search – selecting locations and properties that fit your criteria. At this point if you are already here in Palm Springs, Dick will begin showing these homes to you. Through a back and forth process, you will be able to narrow the focus of your search, so that Dick will be showing you those homes which closely meet your specific, personal needs and wants. If you are not yet in Palm Springs, Dick can email listings to you, chosen to fit your search criteria, so that when you do arrive here in Palm Springs, he can better focus your property search.


4. When you find a property that suits your needs and you feel ready to buy, Dick will prepare the offer for you, have you sign it, and he will present it to the seller’s realtor. Additionally, to accompany the offer you will need a pre-approval letter from your Bank if buying with a loan, or a proof of funds document from your Bank if paying with cash. The seller may come back with a counter offer; if so, Dick will review the seller’s response with you. Dick’s knowledge and negotiating skills will benefit you in reaching a mutual agreement with the seller.
   With your offer, you must also include a good faith refundable deposit in the amount of 3% of your offered price. The check presented with the offer may be in the form of a photocopy of your check, used to indicate your intent. Once the offer is accepted and Escrow is opened, you have three calendar days to wire transfer funds or to mail a bank -certified check directly to the Escrow company. All funds must be in US dollars.


5. Once your offer is accepted, the process will move along to Escrow. An Escrow company will have been chosen, either by the seller’s realtor or your own realtor. If the property is an REO (Bank owned) home, the holding Bank will choose the Escrow company. The contract, now signed by both parties, will be submitted to the Escrow Officer, and the escrow process will begin. During Escrow, there will be many disclosure documents for you to review. Dick will be an invaluable source of information during this process. The purpose of these documents is to ensure that you are fully informed about all aspects of the property you are about to purchase.