San Diego Real Estate FAQ
Can I get out of a purchase contract after acceptance without losing my deposit?
Yes: As long as we have not removed ALL our 'contingencies' prior to doing so. I'm here to guide and protect and I will NEVER go ahead and remove your 'outs' without knowing you are ready to move forward and are comfortable.
Can I switch lenders in the middle of escrow?
Yes: Though it is not advisable to do so unless it is in the very beginning stages of the transaction. Doing so will create a time problem on the lending side when we are required to have certain things done at certain times during the escrow. Appraisal ordered, loan verification and removal of the loan contingency are a few.
Should the Seller and Buyer ever have direct contact with each other?
LOL, No... Simply because either party may say the wrong thing to the other which may cause an issue down the road. It may also affect an ongoing negotiation that the two agents are working on. The best way to make sure the transaction runs smoothly while limiting each parties exposure to lawsuits is to limit the amount of Cooks in the kitchen.
Should I remodel my home before putting it on the market?
Yes and No: While remodeling your home CAN bring it value, there are certain things that a seller could spend hard earned money on that WILL NOT gain market value. It's best to consult with your Realtor and ask what kind of projects are best to add value.
Should I order a Home Inspection?
100% yes. You have no idea what the sellers have done or let go in that house since they lived in there. You want to know EXACTLY what you are getting into before removing your contingencies prior to COE.
For Buyers; how does the earnest money deposit work?
In the buyer's case, an earnest money deposit is similar to putting down a deposit when you rent a place. It is held in escrow as a 'good faith' deposit to demonstrate that the buyer's offer is legitimate. It is usually between 1%-3% of the purchase price and is part of the buyer's down-payment. If the buyer does not perform and is in breach of contract, the seller can have escrow hold the deposit and keep it. Breach of contract would be if you removed all your contingencies then backed out of the deal at the last minute.
Does my Home Offer ever expire?
Yes it does. The default contractual expiration date of your offer is 3 days after it is signed. That number of days can manually be altered to whatever desired # of days fits the situation. Using the offer expiration date can be used to press a Seller into responding. However, what type of market you are in (buyer/seller) will dictate if that use of offer expiration is appropriate.
