Buying a Home-What To Expect Once Escrow Is Opened

Reblogger Will Nesbitt
Real Estate Agent with Nesbitt Realty at Condo Alexandria 0225-089134

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.

Original content by Joan Patterson BRE#01431647

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

951-204-1864

http://www.inlandempirerealestate.kwrealty.com

 
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Tags:
listing
condo
va
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buying a home
escrow
springfield
arlington
alexandria
fairfax county
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Rainer
106,853
Rob Marken
Bend River Realty - Bend, OR
25+ years experience in Bend

Great points on what happens once escrow is opened for a buyer.  Thanks for sharing. 

Apr 22, 2014 04:35 AM #1
Rainmaker
1,250,578
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Great re-blog, Will.  So much attention is focused on securing the sale.  But much less is shared on what happens afterward ...

Gene

Apr 22, 2014 04:38 AM #2
Rainmaker
1,227,013
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

Will

Is your paperwork as mine, about 3 inch thick files by the time I'm done selling a typical track home? Hope not, cheers cvc

Apr 22, 2014 04:41 AM #3
Rainmaker
2,051,258
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Will, Thanks for the re-blog of a very good summary. We use a Title company to handle all these same items. 

Apr 22, 2014 06:51 AM #4
Rainmaker
2,305,177
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Will. Good choice for a re-blog. Joan does a great job explaining the inner workings of what it takes to get the transaction completed.

Apr 22, 2014 07:40 PM #5
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