Mortgages Made Simple with Rick Gundzik

Sunday, July 24, 2005
I'm in Escrow! Part 2
You've found your dream home, your offer was accepted and your real estate agent says, 'Congratulations, you're in escrow.' Now what?

As a homebuyer it is pretty straight forward. Here is what to expect.

Appraisal
Many agents include an appraisal contingency which means you'll be paying for an appraisal pretty quickly. The contingency is to make sure you're not paying for more than the home is worth.

Home inspection
A home inspector will come out and rip apart your dream home. Just kidding!! They're actually very good and can give you a good idea on the condition of your home. They'll check water pressure, electricity, look for obvious water leaks, check the functioning of appliances, etc. They'll give you a nice report of your new home.

Pest inspection
Depending on your state a pest control company will come out and inspect your new home for the existence of/or damage from pests. In California its termites.

Loan
In our opinion this is the most important part. Hopefully you took our advice and had your loan pre-approved. This is a detailed process which we will cover in our next blog entry.

Paperwork from closing agent
You will receive various items from the closing agent. Typically this will include requests for information about your mortgage company, your insurance agent and a little history on you. Simply fill out the forms and return them promptly. If you have any questions, give them a call.

Buying a home doesn't have to be a nightmare. Just be sure you understand your offer, have secured a good loan with payments you can afford and if you're ever unsure of anything, call your real estate agent.

Questions??? email us at questions@pacificresidential.com
posted by Pac Res @ 4:39 PM  
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