The escrow is closed (meaning when the deed has been recorded with the county and everyone is paid). Buyer and the seller will receive a final closing statement and other documents. Check the statement carefully and file the statement with your most important papers. You’ll need it when ...
Your real estate agent is the best source of accurate, up-to-date information on comparable properties, also known as “comps” or “comparables”. You can also look at comparables that are currently inescrow, meaning that the property has a buyer, but the sale has not yet been completed....
Once you feel confident, you will make a good-faith deposit. This deposit will put the house in escrow, meaning it will be taken off the market. This is when the lender-required appraisal takes place. This is also a great time to have the home inspected. If all goes well and neither...
Property Taxes:Depending on the location and value of your property, you may pay thousands of dollars in property taxes each year.Property taxesare sometimes billed twice per year, though some property owners may be required to pay property taxes into an escrow account overseen by the mortgage ...
Home exchanging is where you agree to swap homes for the duration of the holiday with someone living in the destination you'd like to visit. So they stay in your home while you stay in their home -meaningyou both enjoy free holiday accommodation.Home Base Holidaysmembers arrange anything from...
Once your offer is accepted, proceed to close by completing all necessary paperwork, securing financing, scheduling a final walkthrough, and coordinating with escrow and title companies. Review closing documents carefully, ask questions as needed, and be prepared for a smooth closing process. Navigati...
Wondering how long an appraisal is good for? It’s a tricky answer because most appraisals aren’t portable, meaning if you get one, you can’t take it to another lender anyway. So first you have to consider whether you’ll be using your old appraisal with the same lender that ordered...
sight of the fact that home buyers have already found the positive things they like about the home. They have opened escrow and now you’re there to detect and disclose the negative things about their new home. In other words, your job is to help them make an informed purchasing decision...
I’m paying all cash for a house (to make my offer more attractive to seller than other bidding buyers), so I’ll have 100% equity at close of escrow. Then I’d like to pull out 60% in cash out, leaving 40% in so I can get the lowest interest rates. One mortgage broker told...
After you’ve found a residence that you want, the final step in the process is aloan commitment, which is only issued by a bank when it has approved you as the borrower, as well as the home in question—meaning that the property is appraised at or above the sales price.11 ...