follow the home purchase process.
How much money are you, the buyer, supposed to put into escrow? This totally depends on the terms as stipulated in the offer of purchase. Still confused? The good news is that an escrow agent who specializes in this period and process should be involved. The agent serves as a third party who enjoys a neutral state between seller and buyer, and helps provide assurance to both parties. The agent is also heavily involved in the actual transaction to ensure the clauses of the offer will be met completely, accurately, and satisfactorily. Further, the escrow agent serves as the manager of the trust account that holds the funds that will cover the value of the transaction. You might be wondering how long the money that you will deposit remains “in escrow.” The money collected from the buyer is held in escrow until the seller completes his or her obligations, and transfers the title over to the buyer. After this transfer is authorized, verified, and completed, the payment is then remitted to the seller. The “good faith” or “earnest” money is used to cover some of the down payment, the purchase price, and the closing costs.
STEP 9: NEGOTIATE WITH THE S TE WITH THE SELLER
The negotiation process in real estate transactions is one of the key steps for both the buyer and the seller. While the seller and listing agent want to sell the home for the reasonably highest amount they can, the buyer and the buyer’s agent want to get the best deal that they can. It can feel like a competition, and this is where negotiations come into play. For many buyers, this is the toughest and most challenging aspect of purchasing a home, to the point of becoming exhausting. It’s
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