For home buyers, finding the right home is a big deal.
In fact, most buyers begin to look forward to closing escrow and moving into their new home when their offer is accepted.
But, for agents, the work begins when the seller accepts your offer.
Here’s what typically happens after your offer is accepted.
The first thing your agent will do after your offer is accepted is to open escrow.
This is a simple matter of sending a copy of the accepted offer to the designated escrow officer.
The title and escrow company will then complete a title search and process the transaction.
The home inspection is usually completed before ordering the appraisal to ensure that there are no serious issues with the home that could cause the transaction to fail.
The lender orders the appraisal from an independent 3rd party appraisal management company.
The lender is not allowed to select the appraiser or influence the outcome of the appraisal.
The purpose of the appraisal is to justify the value of the property for the loan; not to determine fair market value.
The lender processes your loan, including credit confirmation, employment verification, and collecting (lots of) documentation required for the loan.
Sign Final Closing Documents
After your lender has processed your loan, they will send your loan documents to escrow.
Your escrow officer will use those documents to prepare your final closing documents.
Both buyer and the seller will then sign your respective final closing documents.
After both buyer and seller have signed off, your lender will wire your loan funds into escrow.
When all funds required to close have been deposited into escrow, and your lender has authorized closing, the escrow officer will record the deed at the County Recorder’s Office, which constitutes “closing”.
Then, your agent will deliver the keys to your new home to you!
For more information on how to buy a home, please call me at (208)938-5533 or e-mail me.
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