Congrats you two!

Your task at hand is to go fall in love, stay in the vision, and have fun with this process! It was suggested to us by our realtor to put in an offer on any home we liked over 80-85%. That has proven to be a really good strategy. 

One thing to note about the California Dream For All program is that you (or your heirs) will have to repay the downpayment plus 20% of the increased equity.

WHICH, to me only suggests that you should buy something you will live in for a long time. Getting something big enough for two (eventual) teens and their visiting 20-something sibling seems important!

Excited to help!

<3 Frankie

The short version is:

• Look at Properties
• Fall in Love
• Make an Offer

The timeline for getting into your home on this can vary based on the market and finding the right place, but once you have the pre-approval letter (woohoo! the Golden Ticket!) we can begin submitting offers. 

The more extended version is: 

• Look for houses online.
• View houses in person.
• Charm agents/owners when possible.
• Write an offer.
• Open escrow.
• Send earnest money deposit.
• Do inspections.
• Send the remaining down payment.
• Sign lots of documents with a Notary.
• Close escrow. 
• Get Keys!

To make an offer we need:

• Pre-Approval Letter
• Proof of Funds for Down Payment
• Signed Purchase Offer 

Proof of Funds can be either a bank statement or an investment account statement with the numbers blacked out.

The Purchase Offer lays out 3 factors:

• Price
• Time of Possession/Escrow Length
• Contingencies

Contingencies are your safety nets in case you find something wrong with the property or if the house doesn't appraise. They give you a way to command+shift+delete the transaction without paying a penalty. The 3 main contingencies are:

• Inspections
• Appraisal
• Loan

From the time you start looking to the time you find your house can vary due to the housing inventory and the current market. However, once your offer is accepted, it’s go time!

Escrow is usually 21-30 days but can take anywhere from 10-60 days or longer depending on what the seller and buyer need, and funding.

SAMPLE OF A SHORT 21-DAY TIMELINE:

day 1: Offer Countered or Accepted!
day 2: Go into Escrow!

day 1-3: Wire Earnest Money Deposit (usually 1-3%).

day 1-10: Investigation and Inspection Period.

day 7-14: Appraisal.
day 17-21: Final Walkthrough.
day 17-21: Loan Funds!

day 17-21: Wire Down Payment and Closing Costs.

day 21: KEYS!