Secure The Mortgage On Your Bay Area Home

You will now need to contact your lender, who will arrange for an appraisal. This appraisal is required by the lender and paid for by you, the buyer. It assures both you and the lender that the home is worth the price being paid. The home inspections and appraisal usually happen within the same time frame.

At this point, you will most likely be required to submit additional documentation to finalize your loan. Typically, your lender will want to see current tax statements, recent pay stubs, updated bank statements, and proof that old debts have been satisfied. Do not lift your financing and appraisal contingencies until you have been told by your mortgage broker or bank that you may do so.

Be aware that in California, real estate agents and brokers are not permitted by law to provide you with an estimate of real estate value. Only a trained and licensed appraiser can do this. Your Bay Area Modern agent can offer an opinion as to value based on comparable market analysis, but the licensed appraiser has the final word. If you have entered into a contract for a home and find that the appraised value is lower than what you have agreed to pay, you might be obligated to purchase the home unless your contract provides for an appraisal contingency to protect you. As experts in writing real estate contracts, we will do our best to ensure that you are protected from overpaying for a home.

Once the financing is secured, you'll be ready to move to the next step in the Bay Area home buying process: Finalizing and Closing on the Purchase of Your Bay Area Home.

Economists Forecast Recovery to Begin in the Second Half of 2020

With the U.S. economy on everyone's minds right now, questions about the country's financial outlook continue to come up daily. The one that seems to keep rising to the top is: when will the economy begin to recover? While no one knows exactly how ...

Read More

Why This Summer Is the 2020 Real Estate Season

With stay-at-home orders starting to gradually lift throughout parts of the country, data indicates homebuyers are jumping back into the market. After many families put their plans on hold due to the COVID-19 pandemic, what we once called the busy ...

Read More

Will the Housing Market Turn Around This Year?

Today, many people are asking themselves if they should buy or sell a home in 2020. Some have shifted their plans or put them on hold over the past couple of months, and understandably so. Everyone seems to be wondering if the market is going to ...

Read More

Unemployment: Hope on the Horizon

Tomorrow, the unemployment rate for April 2020 will be released by the U.S. Bureau of Labor Statistics. It will hit a peak this country has never seen before, with data representing real families and lives affected by this economic slowdown. The ...

Read More

Confused About the Economic Recovery? Here's Why.

As we continue to work through the health crisis that plagues this country, more and more conversations are turning to economic recovery. While we look for signs that we've reached a plateau in cases of COVID-19, the concern and fear of what will ...

Read More