The Escrow Process When Buying a Sacramento Home
Your offer on your Sacramento Home has been accepted! Now what? click the picture below and find out what the escrow process is all about…
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Your offer on your Sacramento Home has been accepted! Now what? Let’s find out now!
Getting an offer accepted on the home of your dreams is an exciting event but the fun is just starting. What does the whole process look like and what should you expect? A good realtor will be there to guide you through the process from start to finish. We are giving you the short version here but you can find out more by reading our “Guide to a Successful closing”
OK your offer is accepted – what’s next? Working under the premise you are already pre-approved by a lender, the first step is to get your deposit in. You have 3 business days to make this happen. The deposit can be made by personal or cashier’s check or it can be wired. The escrow company won’t take cash.
With the time clock ticking and depending on what was agreed to in the contract its time for you, your agent and your lender to get busy.
Even though you are pre-approved your lender is going to want updated financials including pay stubs and checking statement. Whenever your lender makes a request get them the information that same day. Don’t let any delays be because you held up the process.
While this is happening your Realtor will discuss what types of inspections you may want. Again, depending on what was negotiated these will be out of pocket buyer expenses. Typical inspections include a whole house inspection, a pest inspection to determine if you have termites or excessive dry rot. If the house is older we suggest a sewer inspection. If it has a chimney it’s a good idea to get the chimney inspected and the roof inspected as well.
The seller will be delivering the sellers disclosures to you. The seller is legally obligated to disclose any and everything they know about the property including repairs that have been completed, death on the property within the past 3 years and anything that would be important for you the buyer to be aware of.
With reports and disclosures in hand it’s time to discuss a request for repairs if any with your agent. Our thoughts are no house is perfect. You are buying a used home and every home has its issues. If it is a health and safety issue like lack of ground fault circuit interrupters in the kitchen or baths, or a leaky roof or any other item that could damage or put at risk you or the structure, those are the items we suggest asking the seller to fix. Things like ugly paint or nasty carpet, those are cosmetic and should be dealt with on your dime. The seller is not obligated to make any repairs so be mindful of that in what you ask for. Typically in a buyers market a seller will agree to more repairs than you would in a sellers market. Your Realtor should guide you through this part.
While you are completing the inspections the lender will order the appraisal. Again this is an out of pocket buyer expense. Whether you buy the house or not the appraiser has to be paid. If the property appraises for less than your offer you can ask the seller to reduce the price. If they don’t and you don’t or wont bring in the cash difference you may cancel and not lose your deposit.
Repairs if any are completed or a seller credit given, the appraisal is complete and at value and the lender has given full underwriting approval for the loan. Now it’s time for the lender to order the loan docs and for you to sign at the escrow company. Once loan docs are signed the loan package is sent back to the lender for final review, the loan is funded and the deed with you as the new owner is recorded at the county. This can take anywhere from the same day to 2-3 days depending on your lender.
With the deed recorded you are now officially a homeowner – Congratulations! Your Realtor will deliver you the leys and depending on what was negotiated you can start moving in right away
Well there you have it. Still not sure what to do or need more information? Click on the contact us link below or call today and we’d be more than happy to schedule a Strategic Marketing Consultation with you
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About the authors:
Mike and Jennifer Rigley are one of Sacramento’s top ranked Real Estate Teams and 5 Star Ranked Real Estate Professionals. Selling Real Estate Full time since 2004 with well over 1,500 successful closings Mike and Jennifer Rigley are here to help your dreams of Home Ownership come true.
Mike and Jennifer Rigley of the Rigley Realty Group come with over 15 + years experience helping buyers, sellers and investors realize their Real Estate dreams. Including:
- 35+ Year Sacramento Residents
- Over 1,500 homes sold since 2003 – 10x the average agent
- Team Approach for Maximum Client Satisfaction
- Ranked in the Top 25 of all agents & companies county wide in both the number of listings & sales since 2004
- Top 500 Teams All Companies in California for Production
- Sacramento Magazine 5 STAR Agent
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