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So, the Seller Accepts Your Offer
 
What comes next?
 
Real Estate is one of the largest purchases we make in life and it is not uncommon to have a quick moment when our nerves ask us if we are making the right decision.
 
After selecting an escrow company you are officially “in escrow” once you deposit “good faith” money into an escrow account. At this point all items agreed to contractually between the seller and the buyer commence. This money will subsequently be applied to the home’s purchase price unless contractual contingencies are not complied with sati factually.
 
The following points “contingencies” negotiated between the seller and buyer usually include these:
 
Financing:
 
Before you begin your property search, it is a good idea to get pre-qualified by a qualified lender. After you find your home and sign a purchase contract you should start shopping for that loan. This can really save you some time for the process cannot proceed until you’ve received loan approval.
 
Property Appraisal:
 
A lender will most likely ask for an appraisal of the property to insure its’ valued at or over the asking price.
 
Inspection of the property:
 
A licensed property inspector will be scheduled to make a complete inspection of the property to make sure there are no serious problems that would cause the purchase to fall through.
 
Title:
 
It is highly advised that you meet with an escrow officer or real estate attorney who can explain the title report to you. For an official change of ownership the property must a clear title.
 
Unsatisfactory results on any of the items above can nullify the sale and the good faith money will be returned to the buyer.
 
Extra Details to Attend to:
 
Things such as Homeowner’s insurance, required by the lending institution, must be purchased, local and state regulations pertaining to property transfer must be met and a final property "walk-through" must be completed.
 
Just before the closing of escrow, a walk-through of the property must be completed by the buyer to verify that all requirements listed in the contract have been completed. The seller and buyer will agree to a closing date whereby all final documents will signed, closing costs paid and ownership of the property legally changed. Possession of the property occurs when the buyer actually moves in.
 
Note: Typical Process from purchase contract to possession: Two weeks to ninety days.
 
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