Under Contract

Once an offer is submitted, it t ypically takes around 24 hours to hear back on whether your offer will be accepted. When both par ties have signed the contract, you are then considered ‘under contract’ or pending. You will have about 48 hours from this point to deposit your earnest money. Typically, the initial deposit is no more than 3% of the offer price (maximum amount allowed under Liquidated Damage Provision in California). These funds are held in escrow at the title company and then used towards the buyer ’s closing costs or purchase price at closing.

During this time, it is ex tremely impor tant to be in contact with your lender. Make sure to provide them with any documents they need as quickly as possible This will ensure we stay on track and can close on the agreed upon date In order to make sure your loan is approved, we have to make sure your credit is protected and does not change. During this time, it is impor tant to tr y your best to postpone any large purchases and make sure to not open any new lines or credit until we have closed.

Title work is also ordered and the due dilligence process begins