So you found your dream home and you've put an offer on that home and the
seller has accepted that offer. Well escrow is opened up!
What is escrow? What happens during escrow? What do you need to do during
escrow? Well that's what we're going to be talking about in this video, so let's get started!
get started!
Welcome to Houston Katy Homes Group, my name is Alfredo, I'm a realtor here in
Katy, Texas. So when you find your dream home you will discuss this with your
agent and your agent will prepare a purchase agreement. There are a
number of items that will be in that agreement, this is a fairly standard
agreement which will have a number of contingencies added to it, namely the
price, the move-in date, additional property that you would like to remain
with the property you're going to purchase. Your offer may include other
contingencies such as the roof needing to be repaired, or other repairs that you
may have noticed that need to be done to the property before the sale can be
finalized. In a seller's market you may need to be as flexible as possible when
negotiating the terms, whereas in a buyer's market, here you
have the advantage, and you may be able to ask for certain contingencies that
would favor you in the whole purchase process, but you need to discuss this
with your agent to know exactly what advantages you may have with regards to
negotiating with the seller.
Now an offer may be accepted in which case you would
be notified, an offer can just be rejected and if it's rejected, you may
hear nothing back from the seller, or there are certain forms that they could
submit which invites you to make another offer. Escrow spans from the
acceptance of the purchase agreement to the close at the title company. Once in
escrow a number of events are set into motion at the same time. The deposit is
made and it will be held in trust during the whole contract period.
A home inspection is performed and for this you will need to hire a specialist home
inspector and your realtor can usually recommend two or three inspectors that
you can notify to perform this inspection on the home. Also, in the
purchase agreement there is an option period, usually it's about
1% of the sale price of the home that is given to the seller, now this is
non-refundable usually about $200-$300 or so and this gives you a 10 to
15 day period, you can negotiate the period of time and in that
time you can for any reason back out of the purchase of the
house and receive your deposit and all your money's back. Basically you can quit
without any issue.
All listings should have a
disclosure form. This is a very standard form here in the state of Texas
and it is a detailed list and here there's the disclosing of any issues or
defects with within these enumerated items related to the house and you can
discuss what is there on the disclosure form with your agent and if there's any
issue your agent can bring it up with the seller. The appraisal also happens
during this period and in this period the bank sends its own inspector to
inspect the house, to ensure the home's true value in relation to the
loan that is going to be given to the buyer. Also during this period at the
later stages the bank will finalize the loan process so
there may be some requests for documentation. Do your best to make sure
that you respond to them quickly and timely, as you don't want any delay to
this whole loan approval process. Do not make any big transactions also when it
comes to credit during this period. The bank will check one last time to see if
you've made any kinds of transactions so don't go out and buy a car don't do some
large transaction, this will cause the loan to be denied. This has happened to
many people they thought well I've been approved now I can go buy a nice car and in
the end the bank says sorry, you don't qualify anymore your debt has become
too high and we can no longer offer you this loan, and the whole sale of
house collapses. So be very careful with your purchases, just wait and get
through the whole sale of the home first. It's relatively simple during the closing. You
will go to the title company and you will sign many many forms. Now this is
normal if you're a first-time home buyer don't panic, actually you should have
received a number of days before the documents so you can review them,
so that when you show up during the closing you don't have to suddenly go
through each and every document because there are a lot of documents and
everybody who buys a home signs those very same documents. This is just normal
part of the process, be prepared for it and you will just go about signing all
the necessary documents so that the funding can happen and with that funding
now you get the keys and ownership of the home. Also you'll need to bring the
funds for the closing costs to take care of the closing cost and two or three
days before you will be notified how much you need to bring to meet the
closing costs. You will need to bring a cashier's check
no personal checks it will be a bank
cashier check and you'll bring it with you to cover all the closing costs.
Now the closing costs just to review from our previous conversations will be
about three to four percent of the sale price of the home.
These will include a number of items: your title company fees, title insurance,
loan origination fees, appraisal fees, any survey fees, taxes, deed recording fees,
credit report fees, one year's worth of homeowners insurance.
So in summary, be as flexible as possible during sellers market, but also during a
buyer's market let your agent fight for your interest and get the best deal
possible. Have your deposit ready! Make sure you have the necessary funds. Get a
good home inspector, remember to ask your agent they'll be able to recommend two
or three of them. During escrow do not make any big purchases, don't buy a
car don't do anything that'll show up in your credit reports, this can cause your
loan to be canceled. Take care of any tasks in a very timely manner to avoid
any delays. Be sure to discuss all the contingencies that are available to you
with your agent.
I hope you found this video helpful. If you did please like and
share it with a friend, also consider subscribing
just hit the notification bell so that you will not miss any of our upcoming
videos.
I'm Alfredo with Houston Katy Homes group, til next time, thank you for watching!
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