How soon should I put money into escrow?, Los Feliz Homes For Sale, Los Feliz Houses For Sale, Houses For Sale Los Feliz, Los Angeles Homes For Sale

How soon should I put money into escrow?

Today’s post is focusing on: How soon should I put money into escrow? Are you ready to learn a thing or two? It’s only a few hundred words no big deal.

So you have been looking and looking and finally found a home you love, your dream home, maybe? What is the best way to ensure that you secure that home? How soon are you contractually obligated to deposit your EMD (Ernest Money Deposit) into escrow?

Before you start searching for homes you should have a Pre-Approval letter from a qualified mortgage broker or direct lender then connect with a real estate agent who is a neighborhood expert and knows how to help you save money either nonrecurring closing costs including loan and escrow fees or a price adjustment while making sure you get what you want. This can add up to tens of thousands of dollars or more out of your pocket.

How soon should I put money into escrow?, Los Feliz Homes For Sale, Los Feliz Houses For Sale, Houses For Sale Los Feliz, Los Angeles Homes For Sale

Once you’re Pre-Approved and your Realtor helps you identify the place you have been looking for, it’s customary to deposit 3% of the property sale price into escrow within 72 hours. Your first transfer of funds into escrow is known as earnest money deposit. It doesn’t have to be a wire transfer although typically is. It could be a check hand delivered or carried by a pigeon. As long as the dough hits the escrow account the seller shouldn’t care how it gets there.

The amount of earnest money deposited is negotiable, and typically the rule of thumb in California is a  3% of the total purchase price. This amount tells the seller that the buyer is serious and ready to buy the property. This EMD is usually refundable to the buyer as long as the buyer operates in good faith within the agreed upon contingencies periods. In most cases, if the buyer cancels the agreement within the contingency period they will collect 100% of their EMD and move on to the next property.

Buying a home can be a terrifying, exhilarating, and exciting process. It’s the largest purchase that most people make in their lives – I get it. If you reap the knowledge of a qualified agent and take the proper steps, this process is going to go smoothly.

This article is courtesy of Zac Stiehl BRE: 02033096 of The Shelhamer Real Estate Group

Los Feliz Real Estate | Los Feliz Homes For Sale | Los Feliz Houses For Sale

This article, How soon should I put money into escrow? was provided by Zac Stiehl of The Shelhamer Real Estate Group. If you are selling your Los Feliz home, I have a comprehensive marketing plan, including preparing your Los Feliz home properly that will help get your home sold in less time and for more money. Call me at 213-267-4219 or contact Zac to discuss how I will get your home sold.

For a mortgage, Pre-Approval contact Joe Tishkoff, from Skyline Home Loans

Original Source: SilverLakeBlog.comOriginal Source:

In the real estate transaction process, buyers and sellers initially negotiate and agree upon the terms and price of the deal. Once these negotiations are finalized, a fully executed agreement is provided to an escrow service, which acts as a neutral third party overseeing the transaction. The role of escrow is to ensure that all parties involved fulfill their respective obligations.

Sellers are obligated to honor their commitments, while buyers also have their responsibilities to fulfill. During this process, loans are managed through escrow, with existing loans being paid off and new ones initiated. Essentially, every aspect of the transaction, from financial arrangements to contractual changes, is coordinated and facilitated through the escrow service. If there are any modifications or amendments to the agreement, they are documented through addendums and processed as escrow amendments.

Back in 2015, Glenn Shelhamer started the Silver Lake Blog (SLB), and it quickly became the go-to place for everything happening in Los Angeles – from the latest news and cultural happenings to the ins and outs of the real estate scene.

Fast forward to 2023, and we’ve given SLB a major upgrade, making it even better for keeping up with what’s happening in the central region and Northeast Side of Los Angeles.

At SLB, we bring you all sorts of cool and interesting stuff. Whether it’s the big events everyone’s talking about, little things happening around the community, the hottest topics in town, or showcasing some really unique homes, we’ve got it covered.

And let’s not forget, we’re part of The Shelhamer Real Estate Group – these guys are known as one of the top real estate teams in the U.S. So, stick with us at SLB for all the latest and greatest from the heart and soul of LA!”