Escrow, inspections, and Closing
Immediately following the seller's acceptance to your offer, you will enter into escrow. It is during this stage of the home buying process that you will have an opportunity to learn much about the property you are buying through the ensuing inspections, title searches, and appraisals. . .
Escrow and the Title Company: In short, escrow begins when your purchase offer is accepted by the seller and once you've deposited your earnest money - usually with a title company. Escrow ends when the deed is recorded with the county and you become the new owner of the property. Of course, we can help you select a title company. The title company acts as a neutral third party to the transaction, whose principle duties are to research the history of the property to ensure that the title is clear, hold documents and funds while carrying out the instructions of the contract.
Home Inspections: Once the offer is accepted by the seller, the buyer typically has 10 days to inspect the property. We will recommend professional home inspectors who we use regularly and in whom we are confident, to evaluate your home's structure and systems. We can even coordinate the appointments for you. It's a good idea to attend all of your inspections personally along with your agent. There is much to will learn about your new home during this period. If there is anything you do not understand, be sure to get clarification by either the inspector or your Greater Phoenix real estate agent.
Your Greater Phoenix real estate agent may recommend inspections other than the general home inspection such as roof, mold or pool inspections; a termite inspection is called for in the Residential Real Estate Purchase Contract and is recommended.
Appraising the Home's Value: The lender will order an appraisal of the property in order to estimate its value. This is typically a buyer's expense. Appraisers are specialists in evaluating properties, and they base it primarily on recent sales of similar type properties in the area. The lender is interested in the appraisal for lending purposes; you're interested in it for reasons of your own: to be sure you're not paying too much for the property for one thing. Ask for a copy of your appraisal. Of course, we'll be glad to go over this with you.
If the Going Gets Tough, You Can Look To Us: Things don't always go according to plan and this is when you really need an experienced Greater Phoenix real estate agent. There are a lot of variables involved, any of which can go wrong. We've been through the process many times and have numerous strategies to help smooth things out and keep everything on track.
Finally, the Final Walk-Through: A few days prior to the close of escrow (COE), we will walk the property together one last time to conduct a final walk-through. This final inspection is to ensure that the property's current condition is acceptable. As responsible Greater Phoenix real estate agents, we will also bring a checklist of items to inspect to ensure that the work we requested has been completed to your satisfaction.
Closing Escrow: This is the final stage in the home buying process. When your transaction is nearing completion, the title company will provide you with a settlement statement that details all of the financial aspects and related costs of your home purchase which we will go with you. When you have signed the final documents and everything is complete, the transaction will be recorded with the county recorder. It is at this time that you officially become the owner of your new home. Congratulations.
Feedback and Referrals: A good Phoenix real estate agent always knows that there is room for improvement. We will ask for your constructive criticism, good and bad, about our service and performance. A smart, aggressive Greater Phoenix real estate agent will ask that you refer them whenever the opportunity presents itself, and we appreciate it.
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