Once an offer is accepted by the seller, the escrow process begins. This marks the official start of the transaction, and the clock starts ticking on the timeline outlined in the purchase agreement.
Category: housing market
Real Estate & Property Taxes Explained
As tax season approaches, taxes are on all our minds. But every time of the year, it’s important to have a clear understanding of how real estate taxes and property taxes factor into your transactions. At Eastland Escrows, based in Covina, California, we recognize the importance of navigating these aspects smoothly. Here’s what you need to … Continue reading Real Estate & Property Taxes Explained
Refinancing Your Mortgage: A Smart Move for Covina, California Homeowners
For many homeowners in and around Covina, their home is their most significant asset. If you have built up substantial equity in your home, refinancing can allow you to access that equity for various purposes, such as home improvements, debt consolidation, or education expenses. It’s like unlocking the hidden value in your property to achieve your financial goals.
Should You Buy or Sell Your House in Today’s Housing Market?
Yes! Today, we want to help you navigate the complex and dynamic housing market, which has seen some significant shifts in recent times. Deciding whether to buy or sell a house can be a challenging decision, especially with factors like increasing interest rates and low inventory in play. Let’s dive into some considerations to help … Continue reading Should You Buy or Sell Your House in Today’s Housing Market?
Seller Financing Impacts Home Sales
Seller financing, also known as owner financing, occurs when the seller of a property acts as the lender for the buyer. Instead of obtaining a traditional mortgage from a bank, the buyer borrows money directly from the seller to purchase the property. This arrangement can be a game-changer for both buyers and sellers, as it offers several advantages.
Mortgage Types for Home Buyers
For clients who are more flexible in their finances and anticipate changes in their income or market conditions, adjustable-rate mortgages (ARMs) can be a suitable choice. ARMs typically start with a lower interest rate for an initial period, followed by adjustments at predetermined intervals. It’s crucial to stress the potential savings during the initial phase, but also inform your clients about the possibility of rate adjustments and the importance of being financially prepared for those changes.
Escrow Timeline: How Long Does Escrow Take?
Before we dive into the timeline, let’s briefly explain what escrow is. Escrow is a neutral third-party service that ensures a secure transaction between the buyer and the seller. It acts as a safeguard, holding funds and important documents until all the conditions of the sale have been met. The duration of the escrow process can vary depending on several factors.
The Pros & Cons of Buying a Home with an HOA (Homeowner’s Association)
HOAs work to maintain a certain level of aesthetic uniformity and upkeep within a neighborhood. They set guidelines around exterior home maintenance, landscaping, and even the color of your home. These standards often protect and even enhance property values, ensuring that your investment remains solid.
3 Ways Escrow Protects Against Real Estate Scams
Using an escrow service is an excellent way to protect yourself from scams. Here are just a few ways they guarantee a safe transaction:
6 Tips to Sell in a High-Interest Market
The most important things you can do when selling a home is to set the right price. In a high-interest-rate environment, buyers may be less likely to take on a larger mortgage payment. Therefore, it is crucial to price your home competitively. Work with a real estate agent or do some research to determine what similar homes in your area are selling for, and price your home accordingly.
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