Page 29 - IGo Realty

Home Buying Guide
What happens when you’re under Contract
Once the the sellers accept your offer you you you will will enter the the escrow period period There are are two important elements to to to this period period The The first is is you you you you will will arrange financing if you are planning to to use a a a a a a a a loan to to purchase the home Your lender will will start the the process of getting the the final approval for your loan They will will work with with escrow to get the the data they need about costs and present you with with a a a a a a Good Faith Estimate of of your costs and terms of of the loan The lender will also order a a a a a a a a a a a formal appraisal appraisal of value value The appraisal appraisal value value must match or or or exceed the the the the amount you offered for the the the the home or or the the the the lender will not be able to lend lend the the the the full value you are expecting The next section will discuss contingencies in in in more detail The other major portion of the the the escrow period if that this is is the the the time for you to do your final due diligence and investigations of the home condition The sellers will provide you with with a a a a complete disclosure of of issues they are are aware of of with with the the home and neighborhood for you you you to review Until you you you remove contingencies you you you can still cancel the the purchase without any financial penalty so this is is the the time to check out the the the the community the the the the home and the the the the other factors that will affect your enjoyment of the property At the the end of the the escrow period you will have made multiple small decisions which all lead to closing on your new home 29