definition: HOW LONG IS ESCROW???
- 05/24/11 06:06 AM
HOW LONG IS ESCROW??? The most important factor in determining how long escrow will be is the type of financing the buyer will use to purchase the home. Typically an all cash purchase is going to between 7 and 20 days. Conventional financing is typically between 20 and 30 days. FHA financing usually 30 to 45 days and VA financing is usually 35 to 50 days. Two other main factors are who your lender/loan officer is and the condition of the property.
Cash buyers: They do not need to go through the loan process, nor do they need the house … (1 comments)
definition: Buyers need a good home inspection...
- 05/23/11 09:33 AM
A quality home inspection is one of the most important things for a buyer of a home. This is one area where i never recommend going for the cheapest inspector you can find. In my six years of selling real estate i've seen many home inspections/inspectors, and i can promise you that they are not all created equal. I've seen some horrible reports that were a complete waste of the buyers money but i've also seen some great reports that was worth every penny for the buyer. Depending on the situation, a good report can sometimes get a repair for a … (0 comments)
definition: So,you are thinking about buying a Forelcosure in the Sacramento area?
- 04/22/11 10:35 AM
Before we get into the process of buying a foreclosure, let's first discuss what a foreclosure is. A foreclosure can be called a number of other interchangeable terms such as "Bank Owned", Repo, Bank Repo, Lender Owned, Coporate Owned, or "REO" (which stands for Real Estate Owned. It's the term banks use for property that is currently in their ownership). A home becomes a foreclosure when the previous owner stops making payments on the mortgage to the lender. From there the bank files a Notice of Default (N.O.D.) telling the owner, "hey, you are behind on your payments you need to … (0 comments)
definition: How long does it take to close escrow???
- 01/27/11 08:36 AM
First, let's quickly define "Escrow." Escrow is a neutral third party that has the responsibility of seeing that the buyer and seller agreed upon terms and conditions are carried out. Escrow is the vehicle by which the interest of all parties to the transaction are protected. At the end of escrow, the seller receives their funds from the buyer/buyer's lender and the ownership of the house is recorded in the buyers name.
For four years in a row, the time it took to go from contract to close was 30 days for a normal transaction between 2005 and 2008 according … (1 comments)
definition: Real Estate Definition: The Home Inspection
- 09/13/10 07:07 AM
Nearly all real estate transactions allow for a buyer to have a inspection period to have the home checked out. This "inspection contingency period" is typically between 7 and 17 days after an agreement is reached. During the inspection period, the buyer, at their own expense has the right to hire a home inspector and sometimes also pay for additional reports such as a pest report, roof inspection, pool inspection, engineering report, etc. Because a home purchase most likely is the largest investment you'll ever make, it's essential that you have a thorough understanding of the property's condition. A comprehensive professional … (2 comments)
definition: What's the Deal with Commissions?
- 05/24/10 12:03 PM
How much is the commission? Who pays for what? When is it paid? I get asked these questions and much more about commission on a very regular basis. As a real estate agent you just assume that everyone knows how commission works. That's just not case, even with sellers that have owned multiple properties before In California, it's traditional that the sellers pay the commission. The most common amount is 6% of the selling price but anything is negotiable. From there the listing agent (the one representing the seller) lists the property on the MLS and offers a portion of that … (4 comments)
definition: Real Estate Definition: The "Contingency Period"
- 04/23/10 07:49 AM
This information pertains to the state of California and mostly Sacramento area real estate. The contingency period or inspection period is designed to serve three major purposes for the buyer. One is to inspect the property, "Inspection Contingency." Two is to get the buyers loan approved and ready, "Loan Contingency." And third is to have the home appraised, "Appraisal Contingency." The standard California Purchase Contract has a default period of 17 days for these contingency periods. As with anything in real estate, everything is negotiable. So even the time period for the contingencies is negotiable. Most bank owned properties reduce the contingency period to … (0 comments)
definition: Real Estate Definition: The "Initial Deposit"
- 04/06/10 07:59 AM
In California, it's customary for the buyers to include a good faith deposit when they make an offer to purchase a home. The deposit should not be given directly to the seller, but held by a trustworthy third party that maintains a trust account specifically for home purchase deposits, such as an escrow or title company, real estate firm, or real estate broker. The deposit can be in the form of a check made out to the third-party company or it can be wired into the appropriate account. The size of the deposit you make is usually determined by market conditions … (2 comments)
definition: Real Estate Definition: The "Final Walk Thru"
- 03/29/10 12:26 PM
The "Walk Thru," "Final Walk Through," or "Verification of Property Condition" should always be preformed. No matter what you call it, the walk thru is typically done a few days before a buyer is going to close escrow. It is intended to do a few things: 1.) If the buyer is purchasing the home from a seller that has equity in the home, typically the buyer asked for a few repairs to be done that came up during the home inspection. The walk thru is an opportunity for the buyer to see that the agreed upon repairs have been completed. As … (3 comments)
HOW LONG IS ESCROW???
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