How to Buy a Home
Video Tips Series for Carlsbad Home Buyers
~ What is Escrow ~
There is lots to know when buying a home, especially if you have not been down that road before. Buying a Carlsbad home, or any home, is a lot of work!
This “How to Buy a Home” tips and advice video series will provide you with quick answers to some of the most important issues and decisions you face, and questions you will likely have, when buying a new home in Carlsbad.
See video below for an explanation of escrow
First off, when you work with a real estate professional you have someone to look out for your interests, answer your questions, guide you through the home buying process, and help you find solutions to any problems that arise is important.
WHAT IS ESCROW?
Once there is an accepted offer between you and the sellers, a critical part of the process begin – escrow opens!
So what IS escrow?
The escrow company is a neutral third party whose role is to ensure that all aspects of the contract between you and the seller are followed. Escrow holds the funds collected from you at the beginning (your deposit), per the contract here in CA, unless otherwise negotiated, within 3 business days of contract acceptance until closing occurs. They also receive funds from your lender and any additional down payment you make in accordance with the contract.
Escrow will issue a set of escrow instructions that outline the terms and conditions spelled out in your contract – it’s critical to read these to make sure they are accurate and that you understand before signing them and returning to escrow.
Escrow must also verify your identity, and the seller’s, by having you complete a statement of information (names[s], addresses, employment, etc.), and will also make sure that all required documents are completed.
It’s important to note that escrow, as a neutral party, cannot make any changes in the contract without written permission from both parties.
For example, if there are repairs you request the seller to take care of and the seller, instead, provides you with a credit in lieu of repairs, this change to the contract will be added by having both parties sign an addendum.
If I can help you think through your home buying requirements, and your wish list, in light of your budget and other factors, and answer any questions about the home buying process, please give me a call at (760) 840-1360. Then we’ll get started on finding you the right home and get you into escrow!
The video below provides an overview of escrow.
When we start to work together I’ll get into more detail on what escrow is all about.
Visit Home Buying Tips and Advice to view my YouTube Channel playlist of short videos on how to buy a home, then give me a call (760-840-1360) to discuss your home buying needs and questions.
If you are relocating, why not check out a similar video series at Relocation Tips and Advice and my Relocation blog for helpful information.
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