Welcome to San Diego Blog | October 13, 2016
How to Buy a Condo in Downtown San Diego
As Downtown Condo Experts, we are often asked about the process of purchasing a condo in Downtown San Diego.
I have created a 10 step process that is intended to simplify and streamline things to make this a smooth and easy experience.
10 Steps To Successfully Buy a Condo In Downtown San Diego
- Choose a LOCAL EXPERT
- Talk to a reputable Lender and get Pre-Approved!
- Target your condo by: A) Getting familiar with the Neighborhoods in Downtown. B) Understand your wants/needs within your budget. C) Narrow your search by buildings, size, features, floorplans, and importantly- lending restrictions. Then GO Find Your Condo!
- Make a well composed & valid offer (Including Purchase Offer, Verification of Down Payment & Cash to Close, and Loan Approval Letter from a reputable lender.
- Once a bilateral agreement is made, Open Escrow and wire your Earnest Money Deposit to Escrow.
- Diligently get your financials to your lender so that the loan can get processed within the timelines of the agreement.
- Due Diligence Period (17 Days) A) Get a physical inspection (highly recommended), B) Review the Sellers Disclosures & Preliminary Title Report, Review the HOA Documents.
- Remove Contingencies: 17 Days for Physical contingencies (Listed Above)- As long as everything is satisfactory and agreeable with all the aforementioned disclosures, as well as any agreement on repair requests, only then would it be advised to remove physical contingencies. Loan Contingencies (21 Days): At day 21, the lender should have the loan fully approved and ready for documents, meaning that conditions of the loan, including appraisal, and Closing Documents have been satisfied by the Buyer and Lender. IMPORTANT: It is only advised to remove all contingencies if all terms have been satisfied.
- Sign Loan Documents & Wire Funds to close.
- Recording Confirmation- Time to celebrate & get your keys to your new home!
How To Buy A Downtown San Diego Condo- HD Video
I’m looking forward to helping you!