Questions Answered
Real Estate Questions, Answered by Beverly Oanes
A regularly updated set of plain-English answers to the questions clients ask me most.
How long does closing usually take?
30-45 days
What is escrow?
It is a neutral 3rd party that follows all instructions from each party (seller and buyer sides). For example, the earnest money deposit is held in a neutral account that escrow manages to avoid potential litigation between the two parties.
What is earnest money?
It is an initial deposit from the buyer to prove they are serious about their offer. If their offer gets accepted, then this EMD (earnest money deposit) is deposited to escrow.
How do showings work?
Buyers notify the buyer's agent of the property they are interested in. Then, they give their availability so that the buyer's agent can see when the home is ready for preview.
What do I do before making an offer?
Lender preapproval letter, BRBC (broker representation Broker compensation agreement) to prove buyer is working exclusively with the agent, buyers' schedule/availability (to preview properties, talk on the phone,etc.)
Beverly Oanes Licensed California real estate agent · DRE #02241181 · FirstTeam San Fernando Valley · Burbank · Glendale · Pasadena · Westside Los Angeles · Ventura County · Orange County · South Bay · Gardena · Azusa · Valley Village · Alhambra · San Gabriel Valley
