General Information | Homebuying in San Andreas
Buying a home in San Andreas can be a thrilling, but daunting experience. Dynasty understands you are putting a lot of money into a home purchase, and with that wants to help make the process as smooth as possible.
Home buying can be broken into two main categories:
- Open Market
- This implies that properties will be renovated and put on sale for the public. This will be released in batches and placed onto the Dynasty Realty website. Interested parties will contact a realtor and begin the purchase process. The process will take several days, as the bank assesses purchaser’s assets, notarized contract, home inspection, etc.
Open House Period
All properties will first enter an "Open House" phase. During this time, potential buyers, realtors, and the general public are invited to explore each property in detail. This is an opportunity to tour the property, understand its unique features, and gain insight into its surroundings, including size, location, and neighborhood amenities. The open house period lasts between 3-7 days, providing ample time for all interested parties to evaluate the property before committing to the next steps. This phase encourages informed decisions and transparency, allowing everyone to see what makes each home special.
Interest in Bidding
Following the open house period, the "Interest in Bidding" phase begins. During this stage, Dynasty Realty will open registrations for those interested in bidding on the property. This registration period is essential for gauging the level of interest and ensuring that only serious buyers are considered. Interested parties will be given instructions on how to formally register their intent to bid, marking their commitment to the property. This step serves as a filter to identify qualified buyers and initiates the preparation for the actual bidding process.
Bidding
Once the registered buyers are confirmed, the bidding process officially starts. Each property will be up for competitive bidding, where registered participants can place their offers. Bidding is conducted in rounds, allowing buyers to place higher bids in response to others. This process continues until only one party remains or until the property reaches its designated "cap" limit—an upper threshold set to prevent runaway prices. If the cap is reached and multiple parties are still interested, the process moves to the next phase, the raffle. This ensures a fair and dynamic bidding process that balances competition with affordability.
Raffle
In the event that the bidding process reaches the cap with multiple buyers still in contention, the property enters the "Raffle" phase. All eligible bidders who reached the cap will have their names entered into a raffle, creating an equal opportunity to win the property without additional financial strain. The raffle ensures that buyers have a fair chance at owning the property, preventing situations where only the highest bidder prevails. By balancing financial commitment with luck, the raffle maintains the property’s accessibility and fairness, encouraging diverse participation.
Closing
Once a winner is determined, whether through bidding or the raffle, the property proceeds to the "Closing" phase. This final step typically requires up to 72 hours, allowing for essential verifications and inspections. During this time, the bank confirms the buyer's financial readiness, while inspectors assess the property to ensure it meets all required standards. Once these verifications are complete, the buyer meets with a Notary and realtor to finalize the sale, sign the necessary contracts, and receive the keys to their new home. This thorough process ensures that each transaction is smooth, secure, and ready for a successful handover.
- Third Party/Direct Sale
- Once a property has been owned for no shorter then 90 days, a direct sale may take place. Direct sales are when a primary owners directs who a home will be sold to, and determines the price on their own accord. Dynasty Realty is required to be the middle gap for all sales, including third-party/direct sales.
Find a seller, or a purchaser
The first step is finding a home to purchase, or someone who is interested in selling their property.
Draft a contract
Using our free online template, or a law firm of your choice, draft up a sales contract for the property. This contract should include details like what is included in the purchase (amount of rooms, is there a basement, does the dwelling include any spooky ghosts?).
Notify a member of Dynasty
Once the contract is complete, send it to one member of Dynasty - This could be the previous realtor you worked with (when the home was first purchased), or any member of our team.
Review
The contract will be sent to the banks for review, in addition to review by the Senior Realtor team. This process may take 3-4 days to process.
Transfer Meeting/Closing
The final step is to have a meeting between the Seller, Buyer, a Notary Public and the Realtor. This meeting requires all parties to have a valid Photo ID, and takes no longer then 30 minutes to complete.