Wednesday, June 24, 2009

You Got An Offer

What do you do after you received an offer? Easy, visit MySecretAgent for the steps in a typical residential real estate closing.

How the offer is written up will determine the steps you have to take in order to give or take possession of the home.

Here are 10 steps in a typical residential real estate closing:

Offer presented to the seller.

Seller accepting the offer by signing or initialing necessary pages.

Open an escrow account; negotiate the escrow and title costs and sign preliminary instructions.

Secure financing and negotiate lender closing costs. (Buyer should be pre-approved)

Buyer should read and approve seller’s disclosures.

Buyer to obtain and approve property inspection, and approve other reports as needed.

Buyer to check title and remove contingencies from the offer.

Buyer to complete any remaining escrow work, and do the final walk through of the home.

Buyer to get funded by lender.

Sign the final escrow instructions (also called closing the escrow, transferring title).

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