First of all, congratulations on getting your offer accepted! When buying Campbell Real Estate, some common next steps include (but is not limited to):
1) DEPOSIT CHECK IS SENT TO TITLE/ESCROW COMPANY. The title company will cash the check and put it into an escrow account to be applied towards your closing costs/down payment. Make sure you have enough funds in your account to cover the check. If your check bounces, you can be in default of the contract and lose that dream home.
2) INSPECTIONS ARE ORDERED. Your Campbell Realtor will recommend some reputable inspectors in the area and even schedule the inspections for you. Some recommended inspections include, but are not limited to: property, termite/pest, roof, chimney and pool.
3) ATTEND THE INSPECTIONS. It’s a good idea to be there at the inspection so that the inspector can point out areas of concern and to get recommendations from the inspector on how to do regular maintenance on your new dream home.
4) GET FINAL LOAN APPROVAL. During this process, the appraisal is ordered and the Preliminary Title Report and any HOA docs are reviewed by the lender. Get a commitment from your lender that you are pre-approved and there are no major loan conditions outstanding.
5) CONTACT AN INSURANCE AGENT to obtain a quote on homeowner’s insurance and to confirm the property is insurable. It may be beneficial to start with the company you have your auto insurance with to get any multi-line discounts. It’s a good idea to get at least 2 quotes so you can make sure you are getting the best deal.
6) REVIEW DISCLOSURES provided by the Seller. Make sure you are okay with the items that the Seller has disclosed.
7) REVIEW ANY HOA DOCS provided by the Seller/HOA. Make sure you know and are okay with the rules and fees for that association.
8) REMOVE CONTRACT CONTINGENCIES. Make sure you perform all the steps above before you remove your contingencies. Once contingencies are removed, you will lose your deposit if you back out.
9) DO FINAL WALK-THROUGH. Your Campbell Realtor will make an appointment for you to see the Campbell Home one more time before you sign the closing documents. During this walk-through, you want to make sure the property is in the same condition as when you made the offer and/or that the repairs you requested from the Seller has been completed.
10) REVIEW ESTIMATED HUD-1 (Settlement Statement). The title company will send an estimated HUD-1 to your Realtor who will forward it to you. This statement will show all the costs associated with the purchase of the home (including the loan) and how much money you will need to bring to the signing (step 11).
11) SIGN CLOSING DOCUMENTS AT THE TITLE/ESCROW COMPANY. Your Realtor will schedule an appointment for you to sign the loan documents and other final documents related to the sale of the home. You will also need to bring a cashier’s check for the amount referenced in the HUD-1 statement or if you prefer, you can have the funds wired to the title company. A good Realtor will attend the signing with you.
12) ARRANGE FOR UTILITIES to be transferred to your name. This will include but is not limited to: PG&E, phone, cable, water, garbage.
13) LOAN IS FUNDED. Your lender should tell you when this will occur.
14) TITLE COMPANY RECORDS at the County Recorder’s Office. This is usually done the same day as the funding of the loan or next day.
15) IT’S OFFICIAL, YOU ARE NOW THE NEW OWNER OF YOUR DREAM HOME!! Your Realtor will hand you the keys to your new home. This usually happens the same day that the title company records at the County Recorder’s Office.
Trang Beuschlein has been helping those buying or selling Campbell Real Estate for years with exceptional service. When you are searching for an experienced Campbell Realtor, you can count on Trang to help you buy or sell your Campbell Home.
BKR Realty, CA DRE License #01453711