Once the offer made by an interested real estate buyer gains acceptance, the escrow process begins. This process involves a ton of paperwork and many arduous procedures that a real estate agent in Lakeside can facilitate you for. During this process, any home buyer can feel exhausted with the number of responsibilities they are presented with. However, with the help of expert real estate brokers, this job can get simplified. Here is a complete guide on the escrow process and an explanation for every buyer who might not be accustomed to the procedure.
1. Money Deposit
This is an initial deposit made by the buying party to confirm their offer of purchase. This amount is held by the mediator or a real estate agent in Michigan City till the deal finalizes.
In this step of the process, the buyer receives the seller’s disclosure, which encapsulates all repair needs or flaws that a property might have. The buyer also receives agency disclosure and local disclosure, which contain the role of the real estate broker and the state’s regulatory bodies. If the disclosed conditions seem problematic to the buyer, they might demand a reduction in the price of the property.
3. Title Report
This report confirms the history of ownership of the property. Any unpaid loans or liens on the property might also be discovered during this process.
Property appraisals help a lender acquire a loan to purchase the property. Appraisals are conducted by professional real estate analysts who stand unbiased in the process. After the appraisal, the lender will only loan out the amount mentioned in the appraisal report.
5. Inspections and Repairs
A home inspection is conducted during this process, and any repair needs discovered during the inspections are met before moving on to the next stage.
6. Homeowner’s Insurance
Once the buyer receives final approval for their loan, they can purchase insurance on the property to avoid any costly repercussions after possession.
7. Closing and Possession
The buyers inspect the property one last time and close the deal on the property consequently. The property is now transferred to the buyer’s name, and they can take possession of their new home.
Why Lane works with a real estate broker of Stevensville who can facilitate buyers and sellers throughout the escrow process and help make the transition as feasible to both parties as possible. Get in touch with their real estate agents of Michigan today and acquire possession of your desired property in no time!