Prospective homebuyers
should familiar themselves with the role the agent, lender and escrow
plays in the buying process.
Before considering looking for a home, homebuyers should contact a
lender to determine the maximum loan amount and monthly payments they
qualify for.
Knowing how much a buyer can afford, an agent will help buyer to locate
a home.
Providing, buyer finds the right home, and seller accepts buyer's offer,
the agent moves forward to open escrow.
Escrow is the deposit of instruments and funds with a neutral third
party, with instruction to carry out the provisions of an agreement of
contracts.
During escrow, Escrow Instructions are signed, appraisal of home is
performed, home inspection take place, loan is processed &
approved, home insurance is provided, if it has been agreed, home warranty is
ordered, etc. Toward the end of transaction, buyer signs loan documents,
loan is funded; then Title Company record the closing with
the city of records, naming the buyer as the new owner of the house. At this
point, Escrow Company provides to buyer(s) the Closing Documents and
agent proceeds to hand the keys of new home to buyer.
As a Realtor, I recommend homebuyers to contact first a lender, before
start looking for home with an agent.
If you are in the market to buy a home, contact me now, Mario Perez,
626-688-0114. |
