THE OFFER HAS BEEN ACCEPTED--NOW WHAT? "THE CLOSING PROCESS" (edit/delete)

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.
CONGRATULATIONS!!!
IMPORTANT LINK BELOW:

For your Lake Arrowhead Real Estate needs, CALL: KAT DELONG, REALTOR.

BUYERS--A LIST FOR THE HOME PURCHASE PROCESS

Buying a home is the biggest (most likely) purchase you'll ever make. And, one of the most difficult. Though there are no set rules when beginning a search, I have complied a list of items I "think" may be of help when you are starting your House Hunting process and through the purchase.

1. If you don't already have a Realtor, NOW is the time to get one. For that search, read my HOW TO FIND A REALTOR for a few tips...or call ME. If you are not buying in my area, I can help find a Realtor for you!
2. Meet with your lender to discuss "How much" you can afford. Maybe you have a budget in mind yourself--share this information with your lender. Sometimes, you may be able to afford more than you wish, but may want to stay within a certain monthly mortgage payment. IF you're not working with a lender, ask your Realtor for a list of several names. Once you've met with the lender and decided on a purchase price, ask for a Pre-Approval letter to give to your Realtor. This will be submitted with your offer when you find the "perfect" home.
3. Make your (wish) criteria list: size of home, size of lot, bedrooms, baths, garage and, of course, location. Schools may play a big part in your decision, so you'll want to research the district you wish to live. YOUR Realtor can help you with this.
4. Prioritize your list: things you really NEED verses what you WANT. Another words, what can you really live without. This may make your choices of homes broader and will help your Realtor when he/she is searching.
5. When you go previewing homes with your Realtor, take a notepad and keep notes on the properties you see. IF a house is absolutely NOT a possibility, get rid of that listing sheet. Keep narrowing down the list and before you know it, you'll be very close to what you NEED and want.
6. Look beyond cosmetics. Maybe the home is not as spiffy as you'd keep it. Maybe it needs paint and a little TLC. Look past that. The most important thing is structure and once you've decided on a home, and an offer is submitted and accepted, you'll have a Home Inspection (or should) and the inspector will tell you about items that may be of concern verses just needing a good cleaning or simple repairs.
7. WHEN you KNOW you've found "the one," sit down with your Realtor and get an offer prepared and submitted. Don't wait to long...even in a slow market, keep in mind that there are other buyers out looking.
8. Once your offer is presented to the other Realtor, and accepted, contact your lender. The loan process MUST begin ASAP.
9. Escrow is opened (in CA, we use escrow companies--( description of escrow )to handle the funds of the transaction.
10. Ask your Realtor for a list of Home Inspectors and set up an appointment to have the home you've chosen inspected. Be there if possible so he/she can explain points of concern during the inspection.
11. You'll be given seller disclosures, a preliminary title report, Natural Hazard Report (in CA). Read these carefully before signing off on them. IF you have any questions or concerns with any of these documents, discuss them with your Realtor. Foreclosures (bank owned properties) generally do NOT have disclosures. They are generally sold "AS IS." (However, in CA, all purchase agreement contracts state: "As is.")
12. After the home inspection, you MAY wish to ask the seller to make some, or all, repairs found on the inspection report. BUT keep in mind, though the seller may or may NOT agree to repairs, the only thing a seller HAS to do (in CA) is have the water heater braced and working smoke alarms.
13. The buying process is now moving along....and before you know it, if you accept all findings of the inspection, disclosures and your loan is approved, you'll be handed the Keys and You'll be a Home Owner!
    

CONGRATULATIONS!!!