Malibu Foreclosures and The best way to Buy Them Recommendation 99
The most important checkpoints in the homebuying process using case studies from my experience in dealing with Malibu foreclosures:
The most expensive purchase you will likely make and the most stressful - is that of a house. Well, I've compiled the process into an easy to read list for you:
before we get started however, if you desire a home in Cali, look for Malibu foreclosures on the search engines.
Step 1 - Your loan institution qualifies you for a 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. From your loan amount, will be able to work out how much you will be looking at in terms of monthly repayments.
Step 2 - Homebuyer Makes Purchase Offer On House With Assistance From Real Estate Agent
Employing the help of a real estate agent will likely be free of charge. Normally, the seller pays the Homebuyer's Realtor a commission. A realtor will also help the buyer with the home buying process and liase with the seller for a better price. The Real Estate Agent will also help the client is negotiating the terms of the sales contract. Realtors also provide details about the community and neighborhoods. Their service is extremely important to the homebuyer. Without my real estate who helped me when I was looking for Malibu foreclosures, I don't think I would have ended up buying anything.
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 Malibu foreclosures.
The escrow service is used in many states in the US. In Texas for example the deposit and contract is given over to a Title Company.
Step 4 - As soon as the buyers information is checked and verified, the mortgage or loan provider will order a 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. The title company will ensure that all liens are paid before you purchase the property.
Step 5 - The escrow company prepares to transfer over assets to the two parties involved
Once the mortgage has been approved and is ready the lender will post the supporting documents to the escrow company who will prepare a HUD-1 settlement document to allow the home buying and selling process to continue. The escrow company you use will then collect all it needs from both parties. I used this same method when I had 2 of my Malibu foreclosures and the sale went through without a hitch.
Step 6 - All parties involved sign mortgage docs
This is the most exciting step by far for the buyer of the property. The buyer will go to the title company office and sign papers.
Step 7 - Loan is funded
Once both parties have signed the paperwork, the home mortgage is funded. The next step is then for the escrow provider to send the paperwork off so that the mortgage can be recorded. The funds will be then released and instructed and decided 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
Malibu foreclosures.
Step 8 - Seller Moves Out, Buyer Moves In On Agreed Date
When the mortgage has been officially funded the buyer will then legally own the property. You as the buyer are then eligible to move in!
On a side note, if you're searching to buy in California then check out the properties for sales in California, especially
Malibu foreclosures. Just a warning though, searching for
Malibu foreclosures if you know you cannot afford to purchase one will make you jealous!
Malibu Foreclosures and The best way to Buy Them Recommendation 99
By: Quinton Webster
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