I recently posted BUYERS GET OFF THE FENCE, IT'S A GREAT TIME TO BUY, explaining what to expect when purchasing a home, including the search for the right home. This is PART II to help explain the escrow process once your offer has been accepted and it goes into escrow (California uses escrows companies verses an attorney as some states do).
Here are the next steps after your offer has been accepted:
LENDER IS NOTIFIED: You will call your lender and the loan process begins. I will send him/her the contract and he/she will keep me (your Realtor) updated as the escrow moves forward.
DISCLOSURES: The seller/s will provide you with disclosures about their home. IF the property is bank owned, you will not get disclosures. Read these disclosures carefully, as you will be asked to approve and sign/initial them (contingency).
INSPECTION PERIOD: Your Purchase Agreement states an X amount of days (the normal is 17 days) to have inspections done:Home Inspection, roof, septic, well, pest, etc. The seller may have agreed to pay for some of these. I will keep you posted on this TIME PERIOD, as this is very important. I will give you a list of local inspectors if you do not know of any. After you've had inspections you may, at that time, ask the seller to make any or all repairs. BUT keep in mind, the seller is not obligated to make any such repairs unless agreed upon in the original purchase contact. The seller must, however, have working smoke alarms in the home and have the water heater braced.
REMOVING CONTINGENCIES: Okay, the inspections are done, perhaps repairs have been made and all parities are satisfied and now it's time to REMOVE (sign off) contingencies which were stated in your Purchase Agreement. Such contingencies are: Disclosures from sellers, Title Report, Escrow Instructions, Inspections, appraisal, loan (though the loan contingency normally stays in affect until it is funded).
FINAL WALK THRU: Approximately 5 days prior to your closing date, we do a Walk Thur to make certain that the property is in the same, or better, condition as it was when your made the offer. This is not a contingency of the sale, however.
THE SIGNING: The escrow company and your lender will make an appointment with you, once all loan documents and closing statements are prepared, to come into their office and SIGN such documents. It is at this time that you will bring in a check (cashiers) for monies owed by you (down payment, closing costs, escrow and title fees). I WILL be here with you at this signing.
CLOSING: After signing the documents, they are then sent back to the underwriter (lender) for another once over and, if approved, the deed to the home will be sent down to the county recorders office and YOUR name will then go on it. YOU will receive a call from escrow saying "Congrat's" YOU ARE A HOMEOWNER.
KEYS. I make arrangements to pick up the house keys and deliver them to you.
IMPORTANT LINK BELOW:
For your Lake Arrowhead Real Estate needs, CALL: KAT DELONG, REALTOR.
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