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               Buyers 

                         GuideLess

                         Guide

Buyer's GuideLess

Buyer's Guide

Step 1: Define Your Vision LessLess

Step 1: Define Your Vision Less

Meet with your Realtor to discuss your wants and needs. This includes

things like preferred neighborhoods, house size, property features, school  zones, etc. This is also a great opportunity to ask your Realtor questions. 

Meet with your Realtor to discuss your wants and needs. This includes

things like preferred neighborhoods, house size, property features, school  zones, etc. This is also a great opportunity to ask your Realtor questions. 

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Step 2: Conduct Your Home Search LessLess

Step 2: Conduct Your Home Search
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We will set you up with a Collection on Compass.com, which will help you see new listings as soon as they hit the market. Collections is an exciting technology tool that is proprietary to agents at Compass. It enables all parties to be on the same page at the same time. Our clients love it.

We will set you up with a Collection on Compass.com, which will help you see new listings as soon as they hit the market. Collections is an exciting technology tool that is proprietary to agents at Compass. It enables all parties to be on the same page at the same time. Our clients love it.

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We will also send you relevant o!-market listings, sometimes referred to as  “pocket listings,” when they meet your criteria. Our team will schedule property tours for you, and will help you evaluate your options.

We will also send you relevant o!-market listings, sometimes referred to as  “pocket listings,” when they meet your criteria. Our team will schedule property tours for you, and will help you evaluate your options.

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Step 3: Prepare Your OfferLess

Step 3: Prepare Your Offer

Once you find your dream home, we will work with you to prepare your

offer and advise you on strategies, time frames, and details of the contract. 

Once you find your dream home, we will work with you to prepare your

offer and advise you on strategies, time frames, and details of the contract. 

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DEPOSIT Less
DEPOSIT 

You should be prepared to make an “earnest money deposit” (also known as EMD, typically 3% of purchase price) within three days of acceptance. Should you choose not to proceed with the transaction due to inspection or loan issues, and cancel the transaction within an agreed-upon period, this deposit is returned to you.

You should be prepared to make an “earnest money deposit” (also known as EMD, typically 3% of purchase price) within three days of acceptance. Should you choose not to proceed with the transaction due to inspection or loan issues, and cancel the transaction within an agreed-upon period, this deposit is returned to you.

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OFFER DETAILSLess
OFFER DETAILS

We will draft your o!er for you using the standard California Purchase Agreement. After reviewing it with you, we will send it to you for electronic signature. We will present the signed Purchase Agreement to the seller along with the following items:

We will draft your o!er for you using the standard California Purchase Agreement. After reviewing it with you, we will send it to you for electronic signature. We will present the signed Purchase Agreement to the seller along with the following items:

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  • Pre-approval letter from your lender

  • Proof of funds, including a copy of your bank statement with account numbers redacted

  • A personal letter from you to the seller. Use this to introduce yourself and tell the seller what you love about their house and why you want to buy it. It doesn’t hurt to include a photo of yourself and your family as well.

  • Pre-approval letter from your lender

  • Proof of funds, including a copy of your bank statement with account numbers redacted

  • A personal letter from you to the seller. Use this to introduce yourself and tell the seller what you love about their house and why you want to buy it. It doesn’t hurt to include a photo of yourself and your family as well.

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UNDERSTANDING CONTINGENCIESLess
UNDERSTANDING CONTINGENCIES

Contingencies are clauses in the contract that describe conditions that

must be met and agreed upon by both the buyer and seller before the

contract is binding. Most offers contain three contingencies:  Inspection,  Loan, and Appraisal.

Contingencies are clauses in the contract that describe conditions that

must be met and agreed upon by both the buyer and seller before the

contract is binding. Most offers contain three contingencies:  Inspection,  Loan, and Appraisal.

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  • The Inspection Contingency gives you the right to have the home inspected within a specific time period. Based on the findings of the professional home inspectors, you can negotiate repairs (or credits for repairs), or cancel the contract.

  • The Loan Contingency states that you, the buyer, are not bound to the contract if you fail to obtain approval for financing by a certain date.

  • The Appraisal Contingency is the bank’s opportunity to make sure that the home you are purchasing is worth what they have committed to lending you.

  • The Inspection Contingency gives you the right to have the home inspected within a specific time period. Based on the findings of the professional home inspectors, you can negotiate repairs (or credits for repairs), or cancel the contract.

  • The Loan Contingency states that you, the buyer, are not bound to the contract if you fail to obtain approval for financing by a certain date.

  • The Appraisal Contingency is the bank’s opportunity to make sure that the home you are purchasing is worth what they have committed to lending you.

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POTENTIAL RESPONSESLess
POTENTIAL RESPONSES

When submitting your o!er, you should be prepared to negotiate terms

including price, deposit, contingency deadlines, and other key factors. Will  guide you in this process. The seller can respond in a variety of ways. 

Here’s a look at typical responses:

When submitting your o!er, you should be prepared to negotiate terms

including price, deposit, contingency deadlines, and other key factors. Will  guide you in this process. The seller can respond in a variety of ways. 

Here’s a look at typical responses:

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Acceptance: Your offer has been accepted. Once signed by the seller, the
 offer becomes a binding legal contract. 

Acceptance: Your offer has been accepted. Once signed by the seller, the  offer becomes a binding legal contract. 

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Counter Offer: The seller requests adjustments to your o!er, such as

changes to the price, closing date, or conditions. You may accept the

counter offer by signing the document, or you may counter back. Note that  many properties in Los Angeles are in high demand, in which case, the seller may counter multiple offers at the same time. In this case, the offer is
 
not binding until both the buyer and the seller have signed and agreed.

Counter Offer: The seller requests adjustments to your o!er, such as

changes to the price, closing date, or conditions. You may accept the

counter offer by signing the document, or you may counter back. Note that  many properties in Los Angeles are in high demand, in which case, the seller may counter multiple offers at the same time. In this case, the offer is  not binding until both the buyer and the seller have signed and agreed.

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Rejection: The seller may reject your offer and end the process. 

Rejection: The seller may reject your offer and end the process. 

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Home Buyers Guide

Step 4: Open Escrow Less

Step 4: Open Escrow 

Escrow is a neutral third-party whose job is to protect the integrity of your  real estate transaction. They ensure all parties are in agreement and all terms have been met before releasing funds and closing the sale. 

Escrow is a neutral third-party whose job is to protect the integrity of your  real estate transaction. They ensure all parties are in agreement and all terms have been met before releasing funds and closing the sale. 

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Once both parties come to an agreement, we will open escrow and you will have a set period of time in which to satisfy the contingencies in your contract.

Once both parties come to an agreement, we will open escrow and you will have a set period of time in which to satisfy the contingencies in your contract.

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Inspections: After your o!er is accepted, you will want to hire inspectors to conduct a thorough investigation of the home. The inspectors’ job is to discover any issues or repairs that need to be made before buying the home. We can provide you with a list of recommended inspections, such as plumbing, electrical, foundation, termite, chimney, pool, geological, and a general inspection. We can also provide you with a list of trusted vendors and schedule those appointments for you. Generally, inspectors charge between $200 - $1500 depending on their specialty.

Inspections: After your o!er is accepted, you will want to hire inspectors to conduct a thorough investigation of the home. The inspectors’ job is to discover any issues or repairs that need to be made before buying the home. We can provide you with a list of recommended inspections, such as plumbing, electrical, foundation, termite, chimney, pool, geological, and a general inspection. We can also provide you with a list of trusted vendors and schedule those appointments for you. Generally, inspectors charge between $200 - $1500 depending on their specialty.

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Once the house has been fully inspected and all issues have been addressed, you will have an opportunity to request repairs or a credit from the seller. Note that this is another stage of negotiation and is not a guarantee. Once all parties reach an agreement with regards to inspections and repairs, you will remove your inspection contingency.

Once the house has been fully inspected and all issues have been addressed, you will have an opportunity to request repairs or a credit from the seller. Note that this is another stage of negotiation and is not a guarantee. Once all parties reach an agreement with regards to inspections and repairs, you will remove your inspection contingency.

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Home Insurance: Lenders require you new home to be insured before you can close escrow. Use the due diligence window to investigate your insurance options and select a provider. We can recommend someone if need be.

Home Insurance: Lenders require you new home to be insured before you can close escrow. Use the due diligence window to investigate your insurance options and select a provider. We can recommend someone if need be.

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Your Lender’s Job: While your lender works on funding the loan, your bank will send an appraiser to the property to provide a professional estimate of the home’s value. Appraisals typically cost $500 - $700. Once the conditions for the loan and appraisal have been met, you will remove these contingencies as well.

Your Lender’s Job: While your lender works on funding the loan, your bank will send an appraiser to the property to provide a professional estimate of the home’s value. Appraisals typically cost $500 - $700. Once the conditions for the loan and appraisal have been met, you will remove these contingencies as well.

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NOTE: Once you have removed all contingencies, your deposit money will be at risk should you decide to cancel. This is often seen as the “noturning-back” point of the process. We will make sure to inform you when you reach this juncture. Also, we highly dissuade you from purchasing any new items for your new home until your escrow has closed and you are o"cially the owner. Such purchases include cabinetry, flooring, furniture, new cars, etc.

NOTE: Once you have removed all contingencies, your deposit money will be at risk should you decide to cancel. This is often seen as the “noturning-back” point of the process. We will make sure to inform you when you reach this juncture. Also, we highly dissuade you from purchasing any new items for your new home until your escrow has closed and you are o"cially the owner. Such purchases include cabinetry, flooring, furniture, new cars, etc.

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Step 7: Close! Less

Step 7: Close! 

Within the last few days of your escrow, you will go to the escrow o"ce to sign your loan documents. Be sure to bring your ID with you because some of the documents will need to be notarized. These documents go to the lender for final review. 1-3 days before you are scheduled to close escrow, the bank will send the funds to cover your loan amount. The balance of your down payment will also be due at that time. Escrow will provide wiring instructions. On closing day, legal property ownership is transferred to your name. Congratulations—you are now a homeowner!

Within the last few days of your escrow, you will go to the escrow o"ce to sign your loan documents. Be sure to bring your ID with you because some of the documents will need to be notarized. These documents go to the lender for final review. 1-3 days before you are scheduled to close escrow, the bank will send the funds to cover your loan amount. The balance of your down payment will also be due at that time. Escrow will provide wiring instructions. On closing day, legal property ownership is transferred to your name. Congratulations—you are now a homeowner!

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Learn More
Meeting

Timeline of a Typical 30-Day Escrow 
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Timeline of a Typical 30-Day Escrow 

30 Day Escrow

CLOSING COSTS Less

CLOSING COSTS 

Closing costs are additional fees paid on your behalf by escrow at the close of the real estate transaction. The buyer’s closing costs usually total 1%–3% of the final sale price, including the following:

Closing costs are additional fees paid on your behalf by escrow at the close of the real estate transaction. The buyer’s closing costs usually total 1%–3% of the final sale price, including the following:

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Escrow fees: Paid to the escrow firm for their services. These can include things like messengers, notary fees, document prep fees, recording fees, etc. The escrow company can provide you with a closing statement in advance so that you can review it ahead of time.

Escrow fees: Paid to the escrow firm for their services. These can include things like messengers, notary fees, document prep fees, recording fees, etc. The escrow company can provide you with a closing statement in advance so that you can review it ahead of time.

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Lender fees: This can include everything from underwriting to loan discount points, which can be purchased to lower your interest rate. These fees are paid through escrow. We don’t want you to have any surprises, so we recommend that you discuss this with your lender in your initial conversation.

Lender fees: This can include everything from underwriting to loan discount points, which can be purchased to lower your interest rate. These fees are paid through escrow. We don’t want you to have any surprises, so we recommend that you discuss this with your lender in your initial conversation.

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Homeowner’s Insurance: Required by most lenders; you will typically pay your premium for one year.

Homeowner’s Insurance: Required by most lenders; you will typically pay your premium for one year.

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Private Mortgage Insurance (PMI): Typically required if your down payment is less than 20%.

Private Mortgage Insurance (PMI): Typically required if your down payment is less than 20%.

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Title insurance: A one-time fee, required to protect you in case the seller doesn’t have full deed to the property.

Title insurance: A one-time fee, required to protect you in case the seller doesn’t have full deed to the property.

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Property taxes: You will typically pay six-months of county property taxes up front at closing. Paid through escrow.

Property taxes: You will typically pay six-months of county property taxes up front at closing. Paid through escrow.

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Recording fees: Paid to the city or county to record your deed in public records.

Recording fees: Paid to the city or county to record your deed in public records.

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Home appraisal fees: Only paid at closing if not paid for in advance. 

Home appraisal fees: Only paid at closing if not paid for in advance. 

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What Is Escrow? Less

What Is Escrow?

Escrow is a neutral third-party whose job is to protect the integrity of your real estate transaction. They ensure all parties are in agreement and all terms have been met before releasing funds and closing the sale.

Escrow is a neutral third-party whose job is to protect the integrity of your real estate transaction. They ensure all parties are in agreement and all terms have been met before releasing funds and closing the sale.

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Why Do I Need an Escrow?Less
Why Do I Need an Escrow?

Whether you are the buyer, seller, lender, or borrower, you want assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with. The escrow o"cer is a neutral third party and does not represent any one party.

Whether you are the buyer, seller, lender, or borrower, you want assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with. The escrow o"cer is a neutral third party and does not represent any one party.

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Timeline of a Typical 30-Day EscrowLess
Timeline of a Typical 30-Day Escrow
Days 1 - 14:Less
Days 1 - 14:
  • Offer is accepted and escrow is opened

  • Buyer deposits 3% of purchase price into escrow within 3 days of
     acceptance 

  • Escrow instructions—which recap the price and terms of the offer—are
     prepared and signed 

  • Buyer reviews state-mandated disclosures from seller, including any
     known defects in the home, environmental hazards, or any other issues that may be of material interest to a prospective buyer

  • Inspections are ordered and conducted 

  • Offer is accepted and escrow is opened

  • Buyer deposits 3% of purchase price into escrow within 3 days of  acceptance 

  • Escrow instructions—which recap the price and terms of the offer—are  prepared and signed 

  • Buyer reviews state-mandated disclosures from seller, including any  known defects in the home, environmental hazards, or any other issues that may be of material interest to a prospective buyer

  • Inspections are ordered and conducted 

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Day 14: Less
Day 14: 
  • Inspection contingency is removed, indicating that you are pleased with the investigation and wish to proceed with the purchase. At this time, we may also have hate option of requesting that the seller correct any major deficiencies or credit you for their cost, although the seller is not obligated to do so.

  • Inspection contingency is removed, indicating that you are pleased with the investigation and wish to proceed with the purchase. At this time, we may also have hate option of requesting that the seller correct any major deficiencies or credit you for their cost, although the seller is not obligated to do so.

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Day 17: Less
Day 17: 
  • After confirming with the lender that there are no unforeseen circumstances with your loan, and that your home appraised at the price in your offer, you will remove your loan and appraisal contingencies. This is the last contingency in your offer and is considered the “no turning back” point of the process.

  • After confirming with the lender that there are no unforeseen circumstances with your loan, and that your home appraised at the price in your offer, you will remove your loan and appraisal contingencies. This is the last contingency in your offer and is considered the “no turning back” point of the process.

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Days 17 - 30: Less
Days 17 - 30: 
  • Your lender will finalize the details of your loan and work closely with
     the escrow company to coordinate paperwork. 

  • At this time, you will need to provide evidence of Homeowner’s
     Insurance and prepare to wire the balance of your down payment plus closing costs 

  • Your lender will finalize the details of your loan and work closely with  the escrow company to coordinate paperwork. 

  • At this time, you will need to provide evidence of Homeowner’s  Insurance and prepare to wire the balance of your down payment plus closing costs 

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Day 25: Less
Day 25: 
  • Five days before closing, we will conduct a final walk-through of the home to ensure it is in the same condition and that nay repairs requested have been completed.

  • Five days before closing, we will conduct a final walk-through of the home to ensure it is in the same condition and that nay repairs requested have been completed.

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Day 30:Less
Day 30:
  • The escrow company receives your final funds, as well as the funds from your lender, and works with the title company to record the home in your name.

  • The escrow company receives your final funds, as well as the funds from your lender, and works with the title company to record the home in your name.

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Buyers Typically Pay For: Less

Buyers Typically Pay For: 

  • Inspection fees (roofing, general, sewer, pool, geological, etc.)

  • Appraisal

  • Escrow fees

  • Loan fees and/or points

  • Interest on a new loan from date of funding to 30 days prior to first payment date

  • Lender’s title policy

  • Home insurance premium for first year 

  • Inspection fees (roofing, general, sewer, pool, geological, etc.)

  • Appraisal

  • Escrow fees

  • Loan fees and/or points

  • Interest on a new loan from date of funding to 30 days prior to first payment date

  • Lender’s title policy

  • Home insurance premium for first year 

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Womens

Sellers Typically Pay For: Less

Sellers Typically Pay For: 

  • Real estate commission

  • Escrow fees

  • County documentary transfer tax (55 cents per $500 of consideration)

  • Applicable city transfer/conveyance tax

  • Home insurance premium for first year

  • City mandated retrofitting requirements

  • Any bonds or assessments

  • Document preparation fee or deed contract

  • Any loan fees required by buyer’s lender

  • Payoff of all loans in seller’s name

  • Statement fees, reconveyance fees, and any prepayment penalties

  • Payoff of all loans in seller’s name

  • Home warranty

  • Any judgements, tax liens, or unpaid homeowners dues against the seller

  • Owner’s title policy

  • Real estate commission

  • Escrow fees

  • County documentary transfer tax (55 cents per $500 of consideration)

  • Applicable city transfer/conveyance tax

  • Home insurance premium for first year

  • City mandated retrofitting requirements

  • Any bonds or assessments

  • Document preparation fee or deed contract

  • Any loan fees required by buyer’s lender

  • Payoff of all loans in seller’s name

  • Statement fees, reconveyance fees, and any prepayment penalties

  • Payoff of all loans in seller’s name

  • Home warranty

  • Any judgements, tax liens, or unpaid homeowners dues against the seller

  • Owner’s title policy

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Compass AppsLessLess

Compass AppsLess

Compass HomesLess
Compass Homes

Our app for finding homes in your city, with your agent.

Our app for finding homes in your city, with your agent.

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Compass MarketsLess
Compass Markets

Real estate market data in real-time.

Real estate market data in real-time.

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6430 Sunset Blvd,


Suite 600 


Located in CNN Building 


Los Angeles, CA 90028

6430 Sunset Blvd,

Suite 600 

Located in CNN Building 

Los Angeles, CA 90028

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Cell: 310-266-4650

Cell: 310-266-4650

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earlybirdrealestate@gmail.com 

earlybirdrealestate@gmail.com 

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BRE#-01816916

BRE#-01816916

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early-bird-real-estate-west-hollywood
SUBMIT

Compass is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. License number 01527365. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

Compass is a real estate broker licensed by the state of California and abides by equal housing opportunity laws. License number 01527365. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.

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