If title problems are severe enough and not covered by insurance, you could actually lose your house. A title insurance policy
protects you and your heirs against title defects for as long as you own your home.
The Title Companies in Redding are:
Fidelity National Title
Placer Title
First American Title.
Step 3: Getting anAppraisal
An appraisal is an estimate of the value of a property made by a qualified professional. The appraisal of your prospective home
is an important part of obtaining a mortgage. After all, the property you are purchasing serves as the collateral for the loan.
Although the primary goal of the appraisal is to justify the lender's investment, it also protects you from overpaying. Your
lender will use an independent 3rd party company to hire the appraiser and will charge you as the buyer a fee for the service.
If the appraisal falls short of the amount you wish to borrow you may be refused a mortgage or offered a smaller amount on the
mortgage. It is important that your purchase contract be contingent on whether the appraisal comes in at or above the purchase
price you and the seller have agreed upon.
If the appraisal comes in at less than the agreed upon purchase price you have the option to ask the seller to reduce the purchase
price to the appraised value. It's important to remember that the seller does not have to lower the price. If the seller won't lower
the price you may cancel the agreement as long as the agreement was contingent on the appraisal.
Step 4: Closing
All the preparation is complete. Now it's time for closing! Closing is the legal transfer of ownership of the home from seller
to buyer. In California an escrow company handles the closing. Your escrow officer will coordinate the signing of documents,
the collection and disbursement of funds, and the recording of the transfer of ownership.
In order to ensure a smooth clos [