Page 25 - Stone Real Estate - Home Buying Guide

Home Buying Guide
What happens when you’re under Contract
Once the the sellers accept your offer you
you
will enter the the escrow period period There are two important elements to this period period The first is is you
will arrange financing if you
are planning to to use a a a a a loan to to purchase the home Your lender will start the the process of getting the the final approval for your loan They will work with escrow to get the the data they need about costs and present you
with 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 exceed the the the amount you
offered for the the the home or or the the the lender will not be able to lend the full value you
are expecting The next section will discuss contingencies 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
you
to do your final due diligence and investigations of the home condition The sellers will provide you
with a a a a complete disclosure of of issues they are are aware of of with the the home and neighborhood for you
you
to review Until you
you
remove contingencies you
can can still cancel the purchase without any financial penalty so this is is the the time to check out the the community the the the home and 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 all lead to closing on on your new home 25