Best Pracitices For Finding Santa Monica Homes For Sale Tip 4
Santa Monica Homes for Sale - Tips to Find the Best Ones Tip 5
An essential home buying check-list, with case studies from my experiences with Santa Monica homes for sale:
Buying a house is exciting, but can also be very stressful when you don't know what to expect. Here is a fool-proof seven step process:
Before we begin though, if you are searching for a property in California, look for Santa Monica homes for sale on the internet.
Step 1 - Lender Pre-Qualifies A Homebuyer For A Certain Loan Amount
Getting pre-qualified for a mortgage is the most important step to take care of. The amount that your chosen institution agrees to loan you will inform you of your budget. The credit amount provided will also notify you of what you can expect your repayments to be.
Step 2 - Purchase liases with estate agent to make an offer on the property
As a buyer, working with a Realtor is usually a free service. This is due to the fact that the seller of the home will commonly pay the realtor's commission charge. A realtor will also help the buyer with the home buying process and liase with the seller for a better price. The realtor will also negotiate the sales contract. Your estate agent will also be able to provide you with invaluable info about the local area. Emloying an estate agent is a must. Without the help of my estate agent when I was searching for Santa Monica homes for sale, I probably wouldn't have purchased a thing.
Step 3 - The contract is accepted and the home you are looking to purchase is placed in escrow. This step is usually seen as essential when selling homes in California, especially so when dealing with Santa Monica homes for sale.
Escrow is used in countless states. For states like Texas, the earnest deposit and contract is dropped off at a Title Company
Step 4 - Once Homebuyer Information Is Verified, Lender Orders Title And Property Appraisal
These appraisals and titles are possibly the most important step in the whole home buying process. The appraisal process will provide the home with a current market value whilst the title check will check for any outstanding debts secured on the house amongst other things. To ensure you have no problems further on down the line, the title company will make sure that all liens on the property are paid before you buy it.
Step 5 - Escrow office begins the process of transferring assets
Once the mortgage is approved, the lender will send supporting documents to the escrow company who will in turn prepare a HUD-1 settlement. The escrow company will then collect funds from all parties and place funds in an escrow account. I went down this same route when I had two of my Santa Monica homes for sale and the sale went through without a hitch.
Step 6 - Parties sign and verify the mortgage documents
This is the exciting time for a home buyer. The buyer then travels to the title company and signs the required papers.
Step 7 - Loan is funded
Once all parties have signed the paperwork, the home mortgage is funded. The escrow company will then send the transfer paperwork and mortgage deed to be recorded. The funds will be then released and instructed and agreed upon by the HUD-1 document. I foolishly didn't follow this step exactly and was nearly rewarded with some major problems when I put up my Santa Monica homes for sale.
Step 8 - Seller vacates the property and buyer moves in
As soon as mortgage is funded the buyer owns the property legally. You as the buyer are then eligible to move in!
Just before I forget though, if anyone is looking for homes in California, check this resource out Santa Monica homes for sale. A little warning though, searching for Santa Monica homes for sale if you know you cannot afford to purchase one will make you jealous!
by: TommyKesler
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