House Buyer Question Continued:

Make sure you have time to do your inspections of the property, paperwork that could affect the property and the appraisal.

You should be able to back out of the contract during this time without owing any cost to the seller or agents.

In California, that time frame is build into the residential purchase contract, unless it is changed by you, the buyer or seller and all parties agree.
First Time House Buyer Questions: videos by Steve Olmos, your real estate agent and consultant in Southern California

 

 

In a number of other states, this is not true and you as a buyer need to give yourself that time.

It is important to do an inspection of the property you are about to buy.

You do not have to hire an inspector, but have someone that know what they’re looking for is advisable.

You should do the inspection before you do the appraisal.

So, that if you do find a problem that the seller will not correct and a problem that would cause you to back out of the contract, you don’t want to have paid for an appraisal.

 Let’s say everything looks fine, you still need to be cautious.

You do not want to go out and buy furniture, get a new credit card, or do anything that could affect your credit or monthly payments, because your lender could do a last minute check on your loan and if they find changes that they feel effects you qualifying for the loan, they could want you to get re-approval or even deny your loan completely.

If you cannot complete the contract with the seller, you could owe the seller for expenses and the agents’ commissions

Now that you have hired the right real estate professional, you made sure you have the right loan for what you want and have found the right house, have open escrow, escrow will get all the paperwork and monies together for escrow to close.

Escrow will schedule with title to get the property transfer to you, the new homeowner.

Congratulations

This is just an overview of house buying questions and what you will need to do and watch out for when buying a house.

Or you can call (909) 590-1537 Monday – Saturday 8am to 7pm (pst) and let us find you the right agent, the right area and even a lender to find you the right loan to work with. It’s that simple!