Buying a home, what to expect once escrow is opened, is an interesting article about the home buying process. For more specific details about what to expect once escrow is opened, continue reading below.
Buying a home can be quite an exciting experience. It can also be scary if you don't know what happens once your offer has been accepted. You need an experienced agent to help you feel comfortable and to walk you through the entire process.
Once your offer is accepted, you typically have a time period to do your inspections. This can vary from State to State. And, the contract can be changed in the counter offer making the time frame even smaller. The buyer should do a physical inspection of the property right away so he/she or they know if there are any major defects in the property. Depending on if the home is sold as is and the seller has no intention of repairing any of the items, at least you will know if you want to move forward or not. Even if the seller says a home is sold as is (all are sold as is by the way) if there is a health and safety issue, many times you can get the seller to repair these items. If not, you can still walk away from the home.
Your lender (unless you are lucky enough to pay all cash) will order an appraisal. This protects you as well because if the home does not appraise, you won't be able to get a loan for the entire amount (if it comes it too low). You can walk away or renegotiate a new sales price. Chances are that it never comes in over the asking price because then the seller would want more money and then you may not be able to afford it.
The seller will also give you disclosures (unless it is a flip property, or a bank owed property). If you don't like something on the disclosures (such as someone died in the property etc) you can back out of the deal as well.
Of course, there will be a lot of paperwork to sign and fill out. You will also have escrow paperwork once escrow has been opened. You will have to remove your contingencies which are: appraisal, inspections and obtaining your loan. Escrow will tell you how much money you will need to bring in before your home can close and become yours. It really is not that difficult. Of course, you will run into issues, but with the right realtor, it can be made a lot less painless. Call me if I can be of any help to you. I can best be reached at 951-204-1864.
Joan Patterson, B.A, G.R.I., Realtor, License #01431647
Keller Williams Realty