subject: Find Hot Santa Monica Foreclosures Tip 2 [print this page] Things Buyers Need to Recognize Concerning Purchasing Santa Monica Foreclosures Recommendation 435
An essential home buying check-list, with case studies from my experiences with Santa Monica foreclosures:
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 get started however, if you desire a home in Cali, look for Santa Monica foreclosures on the internet.
Step 1 - Your financier pre-qualifies you for a mortgage loan
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 inform 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 frequently a free service. This is due to the fact that the seller of the home will commonly pay the realtor's commission charge. An estate agent will guide the buyer through the process and help them attain a lower price. The estate agent does not just help with the process, he or she will also help with negotiating the contract. Realtors also provide information regarding the community and neighborhoods. Their services are very important. Without the help of my estate agent when I was searching for Santa Monica foreclosures, I don't think I would have ended up buying anything.
Step 3 - The sales contract is accepted and the property is given over to escrow This step is almost expected by the buyer and seller when dealing with Santa Monica foreclosures.
The escrow service is used in lots of states in the US. In many states such as Texas, the deposit for the house and the contract is given to 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. In order to close on the property, the title company will make sure that all liens are paid so the transfer from seller to buyer is smooth.
Step 5 - The escrow company prepares to transfer over assets to the two parties involved
Once the mortgage is approved, the home loan lender will send the home mortgage documents to the escrow company, who will prepare a HUD-1 settlement statement. The escrow company then collects all monies and documents from all parties. I used this same method when I had 2 of my Santa Monica foreclosures and the sale went through without fault.
Step 6 - Parties sign and verify the mortgage documents
This is the most exciting step by far for the buyer of the property. The buyer then travels to the title company and signs the required papers.
Step 7 - Loan is funded
Once all of the paperwork has gone through and is checked then the mortgage funds are released. 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 foreclosures.
Step 8 - Seller vacates the property and buyer moves in
As soon as mortgage is funded the buyer owns the property legally. The buyer can now move into their new home!
Just before I forget though, if anyone is looking for homes in California, check this resource out Santa Monica foreclosures. A little warning though, searching for Santa Monica foreclosures if you know you cannot afford to purchase one will make you jealous!
