From Accepted Offer to Homeownership (Escrow Timeline)
Your Relator has submitted and offer for you and it has been accepted. Now the rubber hits the road so to speak.
First you will probably talk with your lender. They will need to tie up any loose ends with you and will contact the appraiser to appraise the property. One piece of advise: Do NOT make any major purchases!! Before your loan will fund, the lender will pull your credit one more time. If you make any major purchases like buying new furniture or a car, this can affect your credit rating and could affect your loan. Wait until you hav the keys in hand to your new home before you make any large purchases.
Next you will have a home inspection. This means your Realtor probably set up at time for a home inspector to come in and take a look at the condition of the home. You might also have a roof inspection, chimney inspection, foundation inspection, or sewer lateral inspection at this time. This will depend on what information the seller provided and what you feel is important to find out about the house. Often after the general inspection, they will recommend certain areas be inspected further.
During the inspection time period you the buyer will need to do your own investigations. You will want to check out the neighborhood at different times of the day, try to talk to neighbors, check out crime stats. Remember YOU have to be comfortable with where you are buying and only you can make those decisions.
Often times during the inspection time period items will come up that need repair. This is were a lot of negotiating can go back and forth between both sides. You the buyer may want to ask for some of the work to be done and the seller may or may not be willing or able to. It is important for you to keep in mind what is realy important to you and what are potential deal breakers.
Once we get through the appraisal, loan approval and inspection time periods you will in writing remove all your contingencies. After you remove contingencies you are pretty much committed. Negotiations are complete between buyer and seller and now the title company will wait for the lender to deposit funds (the money you are borrowing), disperse funds to the seller and transfer the deed of trust to the property to you the buyer. During this time you will also meet with the title company to sign loan documnets, and instructions for the deed of trust transfer.
Once the deed has been recorded with the County the keys are yours!
If you have any questions or comments you can contact me at lcartolano@apr.com or at 510.213.1139
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