Congratulations your offer is accepted!

Here is what to expect next!

The Escrow process for a buyer typically lasts 30-45 days. (but could be shorter!) The steps below are a general overview of a typical experience for a home buyer.  We are here to guide you through the process and work as a team to successfully close the escrow.

Escrow opens: Once purchase the purchase agreement between the buyer and seller are agreed upon by all parties, the contract is considered fully executed and the escrow process begins.  Escrow Contacts will be provided to all parties.

Earnest Money Deposit – Your deposit made payable to Escrow directly is due within 3 days. This is typically completed by a wire transfer from your bank. Please contact escrow directly on wiring instructions or office location. 

You should never wire money, never answer an email regarding financial information, and never use a phone number or website within an email you receive about wiring money.  If you receive an email about wiring funds or giving any financial information, you need to call the escrow officer or one of their assistants directly to confirm.

Inspections – During the first week of your purchase property inspections take place. There are many inspections that a buyer should consider but below are 7 that we feel are most important. 

  • General Home Inspection ($400-$800 based on size of home and amenities)

  • Wood Destroying Pest Inspection ($85-$110)

  • HVAC (heating and air) Inspection  (as needed if something appears on general inspection report. $125-$175)

  • Sewer Inspection - (very important if there are trees on property or older home $300-$350)

  • Chimney Inspection - if applicable (starting at $295)

  • Permit Inspection - ($150 good inspection to do if there have been additions added to home)

  • Mold Inspection - ($450-$800 good inspection if there is any possibility of previous leaks noted or something comes up in the home inspection report.)

An inspector can identify any problems with the property before you get further into the process of purchasing your home.  We highly recommend you are on site for all inspections and inspections are paid for on the day of the inspection.

You as the buyer has the right to investigate everything about the home.  Below is information regarding buyers investigations and items that you can investigate.

During the inspection period you will also be reviewing various reports such as the Title Report and Natural Hazard Disclosures report.  At the end of the inspection period (which can last from 7-17 days) a removal of contingency is completed by the buyers.

Disclosures – The seller will provide disclosures informing you of the details of the property. We will review these with you and assist in answering further questions.  If the home is in an HOA, escrow will also order these documents for buyer review.

Insurance - All homes must be insured and this is part of the escrow process.  Feel free to use your own insurance agent or I highly recommend the following agent.

Jayme Riggio - Allstate Insurance

805-604-0675

jaymeriggio@allstate.com

Repair Request - Once all inspections are completed the buyer can write up a repair request.  I will go over the inspections with you and work with you to create a request for the seller.  Seller has the choice to accept, deny or modify this request.  You as the buyer also has the right to cancel the escrow based on the condition of the home.

Loan Process and Final Approval - Buyer has between 17-21 days typically to get full and final approval of buyers loan.  It's important that anytime a lender requests information or documents that buyer supplies this information immediately.  The escrow process and closing on time depends heavily on the Buyer's final loan approval.

Final Loan Contingency Removed - Once the buyer's loan has been approved and according the the contract buyer will "release" the final loan contingency in writing.  With all contingencies removed escrow is now in the "home stretch".  IMPORTANT: because buyer has removed all contingencies at this point, if a buyer tries cancelling the contract they buyer could lose their deposit and seller could keep the deposit as recourse.

Sign Final Escrow/Loan Documents - Buyer's lender will release the final loan docs for signature and escrow will setup an appointment either at the office or possibly at your home.  This usually happens about 3-4 days before the closing date.  During this time you will also find out your final monies that need to be wired for the funding of the home.

Final Walk thru - Within about 3 days of closing, buyers will complete a final walk-thru of the home.  This is to confirm the condition of the home and to make sure any repair items have been completed.  Around this time is a good time to call utilities to put into your name.

Escrow Closes and you get your Keys - Escrow officially is closed when the county "records" the home in the buyers name. Typically you would get the keys around 6pm the evening of closing.  But it's good to double check with the team for reminders of other negotiated terms in the contract for possession.