4000 MacArthur Blvd. Ste 800
Newport Beach CA 92660
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A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.
Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:
Once you’ve found a suitable property, you’ll need to put in an offer on it. Your real estate agent should help you to do this, as different sellers and properties require different sorts of offers.
At this stage, you’ll normally have to put down earnest money, a deposit that indicates you are seriously interested in a property. Typical earnest money deposits are 1% to 2% of the sale price. If you close on a property, this money is put towards the downpayment.
Normally, your offer will also contain contingencies that allow you to pull out of the deal. These are designed to protect you and your money if the house you’ve chosen is not quite what it seems. Common contingencies include:
4000 MacArthur Blvd. Ste 800
Newport Beach CA 92660
714.602.1334
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