You Ask, We Answer: How Does the Escrow Process Work when Buying a Home?

When you purchase a new home, escrow is a word that you will hear numerous times from your Realtor. There are several types of escrow accounts that will be established, and you may be wondering where your money will go when placed in an escrow account or how it is applied to your transaction. By taking time to learn more about the escrow process, you can be a more informed buyer. Your Initial Escrow Deposit Within 3 days after your offer is accepted by the seller, you will be required to make an earnest money deposit into the Escrow Trust Account which is usually 1% of the purchase price of the property.  Typically, you will electronically wire the money or write a check for the...

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Thinking About Selling Your Own Home? Think Again – Why You’ll Want to Work with a Real Estate Agent

There is no requirement for a homeowner to work with a real estate agent when selling a property, and many homeowners consider saving themselves the cost of a real estate agent’s commission fee in an effort to reduce costs and to keep more money in their pocket from the sale. While this may seem to make sense, the fact is that a real estate agent’s services have true value to you, and there are several key reasons why you want to work with a real estate agent when selling your home. Assistance With Pricing The Home Before you initially list your home for sale, you must decide what a fair and reasonable price is. You may actively compare price per square foot data with other...

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Buying a Home? What to Do if Problems Are Found During the Final Home Inspection

As a home buyer, you may go through a number of different steps to ensure that the property that you purchase is in great condition. For example, you may complete an initial walk-through or even several home tours before you make an offer. You may also order a property inspection and even negotiate for the seller to make some repairs on your behalf. A day or two before your closing date, you may set up a final home inspection to ensure that the home is still in the same condition as the initial walk-through. In most cases, there will be no problems with the final inspection. However, in the event that there is a problem with the final inspection, you will need to know how...

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