Video – Why is Time Critical in Orange County Real Estate Deals?

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Video – Why is Time Critical in Orange County Real Estate Deals?

You’ve Heard “Time is of the Essence” So Many Times, Right?  Believe It!

In your Orange County home deal, time really is of the essence.  As cliche and so-oft-repeated-it’s-grown-meaningless as this sounds, this Real Estate catch phrase is actually really, really true.  And important.  Why?  Because of these really likely scenarios.

Real Estate in California is bought and sold using contracts designed and updated by a fleet of really smart Real Estate lawyers

And these contracts have dates in them.  As in the date they are due to be completed – which is another way of saying – HOW LONG YOU HAVE TO GET IT DONE.  Meaning the date your answer is due.  And the date you need to be finished.  With your offer paperwork, your lender’s paperwork, your escrow paperwork and anybody else’s paperwork you want to review.  Like a home inspection report, a general contractor’s bid, a pool inspector’s report, and the home appraisal – just to name a few.

Why Do You Need To Know About Due Dates in an Orange County Real Estate Transaction?

Because as a buyer, if you miss a date, you could lose the deal.  As a home buyer in California today, you have contracted to complete a litany of actions by certain dates.  If you don’t complete each of the actions, and remove the contingency on completing that action, the seller has a right to cancel the contract.  Which is probably not something you want the seller to do.

As a seller, you need know when the buyer is due to remove their contingencies.  And if the buyer misses the due date, you have to decide what to do.  Do you want to cancel the contract?  Maybe – especially if you have a better offer waiting in Back Up position.  Do you really like the buyer and his deal?   If you do, you may be willing to extend the due date to accommodate the buyer’s need for extra time.

What Are the Actions That Have to Be Completed?

Here’s a list of the typical actions the buyer and seller agree to complete and the standard time frame for each one:

Seller to deliver all reports, documents, and disclosures – 7 Days from Acceptance

Buyer’s Receipt and Review of Seller’s Disclosures – 17 Days from Acceptance

Buyer’s Home Inspection (including negotiating any repairs)- 17 Days from Acceptance

Receipt and Review of Home Owner’s Association CC&Rs – 17 Days from Acceptance

Review of the Preliminary Title Report – 17 Days from Acceptance

Determination of Insurability – 17 Days from Acceptance

Appraisal Contingency Removal – 17 Days from Acceptance

Final Loan Approval – 17 Days from Acceptance

And these days are calendar days.  Weekends count.  Holidays count.  It all counts.  And “acceptance” is the date that the contract and the last counter offer (if applicable) was signed by both the buyer and the seller and both parties receive a copy.

What the Bottom Line On the Timing for Real Estate Deals?

The bottom line on buying or selling in today’s Orange County real estate market is that you have to make the time to get it done on time.  Because time really is of the essence.  I’m Leslie.  Just keeping it real in Orange County Real Estate.  949-678-3373

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