Appraiser:
The lender will hire an appraiser to place a value on the property before approving your loan.
Earnest Money Deposit (EMD):
The buyer makes a good faith deposit with an offer to show that you are serious about buying the property. In exchange, the seller agrees to stop marketing the property.
Inspection:
An expert conducts a formal review of the property to find visible issues that need to be repaired. You can make your offer contingent on an inspection or conduct a pre-offer inspection to make your offer stronger.
Inspection Contingency:
You can make your offer contingent on a home inspection. If the inspection uncovers issues, we can determine the best way to move forward.
Loan Officer:
The loan officer represents a financial institution and provides a loan to the buyer.
Pre-Offer Inspection:
A pre-offer inspection is an inspection of the home before you make an offer. It is a way to make your offer stronger in a competitive market.
Private Attorney:
You can seek outside legal counsel on the contract. In our area, most buyers don’t hire their own legal counsel, however, you are always welcome to do so.
Settlement Company:
The settlement company, also called a title company, ensures the contract is fair to all parties and manages the money throughout the process. Working with your agent, the buyer hires the settlement company, which is paid through the closing costs.
Specific Tests:
Tests like radon and termites require separate contingencies in your offer. Your agent can walk you through your options.
Walkthrough:
The buyer reviews the house just before closing to make sure everything is in the same condition and that all home inspection items are fixed.
Compass
6460 E Pacific Coast Hwy #255, Long Beach, CA 90803 | 2nd & PCH
Leslie Stonick | CA DRE# 01363678
Stonick Group