{"id":838,"date":"2010-12-07T18:20:57","date_gmt":"2010-12-07T18:20:57","guid":{"rendered":"https:\/\/www.conejovalleyguy.com\/?p=838"},"modified":"2023-09-22T11:30:25","modified_gmt":"2023-09-22T18:30:25","slug":"10-things-you-might-not-know-about-buying-a-house","status":"publish","type":"post","link":"https:\/\/www.conejovalleyguy.com\/10-things-you-might-not-know-about-buying-a-house\/","title":{"rendered":"10 Things You Might Not Know About Buying a House"},"content":{"rendered":"

\"\"<\/strong>“I’m buying a house!<\/strong>” <\/span>you tell your friends with excitement.<\/span><\/h2>\n

**cue downpour of unsolicited advice, scary stats & information**<\/span><\/h3>\n

 <\/p>\n

If there\u2019s one thing I\u2019ve learned through my years in real estate it\u2019s this, misinformation is everywhere<\/strong>.<\/p>\n

 <\/p>\n

I\u2019d like to settle some of the basics and put a few of those rumors to rest.<\/span><\/strong><\/h3>\n

Here are 10 Things You Might Not Know About Buying A House (and it\u2019s all true, I promise).<\/p>\n

 <\/p>\n

1. The buyer (you) can walk for any reason<\/span><\/h3>\n

During the contingency period, usually 10-17 days, you can cancel for any reason and get your deposit back. It\u2019s that simple.<\/p>\n

Contingency Period:<\/span> an offer on a home has been made and the seller has accepted it, but the finalized sale is contingent upon certain criteria that have to be met. These criteria, or contingencies, typically fall under three major categories: appraisal, home inspection and mortgage approval.<\/p><\/blockquote>\n

2. The seller has no contingencies<\/span><\/h3>\n

Unlike buyer\u2019s rights (see #1), the seller cannot cancel the sale. Even if a better offer comes around, the seller is bound to the sale as soon as the offer is officially accepted.<\/p>\n

NOTE:<\/span> The seller can gain rights to cancel if the buyer isn\u2019t performing according to contract (i.e. neglecting to remove contingencies on agreed upon date.)<\/p><\/blockquote>\n

3. The buyer dictates the inspection process<\/span><\/h3>\n

Once escrow is open, the buyer has the chance to perform any and all inspections they want during the contingency period – and the seller must make the home available for inspectors.<\/p>\n

Escrow:<\/span> a neutral third party that facilitates the transaction and holds all money\/documents throughout the transaction<\/p><\/blockquote>\n

4. The seller is not required to complete the buyer\u2019s list for repairs<\/span><\/h4>\n

In both L.A. and Ventura County, only three things are required by the seller:<\/p>\n