Buyer: Accepted Offer

by kevinjones on April 9, 2014

in Escrow

Buyer: Accepted Offer.  Realty Professionals 805-473-0300.  What is the process after we get an accepted offer?  Depending on the contract and the various terms and time frames it will vary slightly.  The basics are getting the Escrow opened along with Title so they can provide you with a clear deed.  Will need to get the deposit into escrow, usually within 3 business days and this can be in the form of a personal check unless you are in a short escrow like 7 to 10 days it is wise to just wire the money in.  The lender must be contacted and be provided with a copy of the contract so that they can begin the process so that they can get the appraisal ordered.  Then there is the inspection process, you will need to find a home inspector that meets your needs and will do an inspection up to standards.  When selecting an inspector some of the things to consider are how detailed of an inspection are they going to provide, is it in writing, printed out, emailed a combination?  There are different organizations for inspection education and certifications.

Pismo a 300x200 Buyer: Accepted Offer

Realty Professionals 805-473-0300

 

 

 

 

 

 

 

 

Now inspections in California, you are allowed to inspect just about every aspect except bringing the City or County inspector(s) to the property.  During an inspection you may make discoveries that will require a person of trade (roofer, electrician, plumber, etc.) and you have the right to satisfy yourself within the time given, the contract by default is 17 days.  After the inspection you have the right to ask for a credit or repairs to be made and this should be discussed with your agent.  There will be several disclosures, disclaimers and forms that you will be given to sign.  They range from disclosures about the property, local area, County, State, etc., disclaimers about the property and surroundings, forms from various companies involved with the transaction.  Escrow will also send out their package that will also include the Preliminary Title report for us to review, also Natural Hazard Disclosures to review.  You as the buyer will need to speak with escrow about how you are going to hold title and provide them with your Insurance information about the property for Fire insurance.  It is wise to speak with your insurance agent ahead and shop around your policy.  During this time period you should be speaking with you lender about your loan options, locking in your rate and your total payments based upon your rate, fees, interest, property taxes and insurance.  Another great idea is speaking with your accountant and making sure that you keep track of all of your expenses for your write offs.

IMG 6321 a 300x200 Buyer: Accepted Offer

Realty Professionals 805-473-0300

 

 

 

 

 

 

 

CHECKLIST:

Open Escrow
Deposit Check in
Lender copy of Contract
Home Inspector Selection
Appraisal Ordered
Home Inspection
Request for Repairs
Disclosures & Disclaimers
Escrow Instructions
Preliminary Title Report
Natural Hazard Disclosures
CLUE report
Appraisal Complete
Lock in Interest rate
Insurance Information to escrow

IMG 6330 a 300x200 Buyer: Accepted Offer

Realty Professionals 805-473-0300

 

 

 

 

 

 

 

Here at Realty Professionals we do our best to make this a very easy, smooth and simple transaction.  It is our philosophy to make this process a seamless and streamlined as possible, with a little humor and the least amount of stress so that you will want to do this again!  Hopefully we will get the opportunity to work with you on different levels such as Residential, Income Producing Properties (Apartments) and Commercial properties to help you build a nice portfolio!  For more information call today 805-473-0300.

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Post by Kevin Jones

Realty Professionals 855-955-SOLD (7653)

Kevin has written 388 articles.



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