Important real estate changes -- FYI.
August 29,2022 | Posted By Flavia Brown in Real Estate
In case you or a friend or relative are interested, positive changes were recently made in the real estate world, making it easier to buy a home. For example, it is now acceptable for buyers to make offers with no upfront money. That is, no earnest money deposit (EMD), pre-approval letter, or proof of funds are required until after the offer is accepted and ratified. However, this kind of offer (or any offer) should be presented properly and with skill. Also, after an offer is accepted the buyer has 17 days to decide whether or not he/she wants the property. The 17 days is called the contingency period, and all buyer contingencies must be removed, or the buyer and seller negotiate over the cost of repairs, or the buyer cancels the contract and gets the EMD back, less any title and escrow costs. Regarding the three no upfront items, buyers (offerors) should still have them ready in case the offer is accepted. If the offer is accepted and the three items aren’t available to present, the buyer will have breached the contract. There’s more to all this, but these are the basics.
Another change is the new C.A.R. residential purchase agreement. It grew from 10 to 16 pages, with many changes. Upon request I will email a filled-in sample and my brief explanation of every paragraph. No charge, of course.
The C.A.R. purchase agreement (form RPA) is used in 95 percent of all California residential real estate transactions.
The following is no change, but a reminder that my specialties include finding or creating good deals, being sure there aren’t any mistakes in the selection of a home, running smooth and problem-free transactions, guiding first-time buyers from beginning to close of escrow, and referring buyers to the best and most helpful mortgage lenders and direct lenders. My goal is always to help my buyers make wise investments and make a ton of money. After 17 years and 255 closed escrows I have never had a complaint and my DRE record is spotless. I will be honored to represent you, whether buying or selling.
Best regards,
Flavia Brown, Realtor (17 years, 255 closed escrows)
P.S. My website contains more than 50 informative and helpful real estate-related blog posts. Visit homesbyflavia.com, click "Blog” and scroll down.
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