i have questions for you.
1) Buyer has to make an offer to the Seller for the home ( property). This offer is usually accompanied with an " earnest money deposit" check, a pre-approval letter from a Bank " Lender" , a proof of funds available, and the other supporting documents. This offer is usually made through a real estate agent " Broker" who represents the Buyer, who then passes the offer to the real estate ' Broker' representing the Seller.
2) Once the Sellers accept the offer, the real estate representing the Buyer then deposits the check to the escrow company.
3) Within a give time period as agreed in the Offers, the buyer then proceeds with inspections ( e.g, home inspection, roof inspection, pest/ termite inspection, etc .. ) if Buyers satisfied with the property, the the Buyers can remove contingencies to the offer. At this time, the earnest offer deposit becomes non-refundable , should the Buyer cancel the purchase.
4) At the same time, the Buyer also needs to proceed with a loan application at a Bank or Mortgage company. The Lender typically requires an appraisal be done on the property, to determine its value, if everything is satisfactory, the Bank underwriter will approve the loan.
5) Buyers then sign various form/ disclosures from the Sellers/ Agents, Bank in front of a notary public at the escrow company. The loan gets funded by the Bank. Seller pays off the loan they may owe to their Lender. Seller then signs a grant deed transferring ownership of the property to the Buyer. This grants deed gets recorded at the Country Clerk Recorder's office, and Buyer becomes the owner of property. The escrow office closers the escrow.
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