It might feel like it as a home buyer, but you have not signed your life away after putting your John Henry on the Real Estate Purchase Contract. Attorneys prepare these contracts with consumer protection in mind for both buyer and seller. Buyers are protected with numerous contingencies in place and sellers are guarded by the timely requirements stipulated in these agreements. By the time a buyer gets to the purchase contract phase, their loan status has been initiated to the point the lender feels comfortable enough to supply the buyer with a pre approval letter. This letter is a required necessity with the presentation of any purchase contract.
The California Residential Purchase Contract gives the buyer 17 days to thoroughly investigate the home. They can have as many inspections as they deem necessary during that period of time. A whole house inspection is an absolute must for any home, regardless of the age of the property. This inspector checks all of the components with a fine-tooth comb checking for any defects. A whole house inspector is a jack-of-all trades but a master of none, therefore they can call out a problem but can’t diagnose the issue. A professional in that field should thoroughly analyze the defect. A heat and air company would inspect the heater and air conditioner as an example. Any defects found can be negotiated between buyer and seller.
The lender has conditions that have to be met, probably the most important being the appraisal of the property. The majority of properties appraise at value, which puts the buyer one step closer to becoming a homeowner. The occasional home that does not appraise to value will require some concessions, normally by the homeowner. Buyers and their lender have to work expeditiously in getting the loan processed and finalized with the usual closing taking from 30 to 60 days.
The sellers have obligations and time restraints they have to meet. Any seller required repairs should be completed prior to close of escrow and in time for the buyer to perform a final walk-through verifying repairs were completed. All personal possessions not conveying with the property have to be removed and sellers are encouraged to have their property professionally cleaned at move out. With both parties following the rules of the contract can increase the chances of a win-win situation for all participants. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.