Newport Beach Homes – Harbor Realty

The final part of any property sale is the completion or closing; this is often a confusing process for the buyer and seller alike. If you have employed the services of a professional Newport Beach Realtor, they will remove much of the headache and make the entire completion process as painless as possible.

Closing is a word that is used to define the final part of the entire chain of events that has lead to the successful sale of a property in Orange County. Closing will be scheduled for a specific day, and on this day your property will change hands.

Funds will be exchanged, contracts will be signed and keys will be handed over, this is the final process that sees you saying goodbye to your old home and taking hold of your new home in Orange County. Usually the funds will have been deposited into an escrow service, and your agent or Newport Beach Realtor would have taken care of the specifics.

On day of closing you will also need to physically move out of your home if you are the seller, this means arranging with a moving company to have your goods picked up and moved to your new house, or moved into storage if you have yet to complete closing on your new Orange County home.

In the past, closing day was a stressful time, when both parties carried concerns over the deal going bad at the last minute. These days there are very few problems with the closing of a sale; problems can be further reduced by employing the services of a Newport Beach Realtor to handle most aspects for you.

Escrow is a service that is designed to protect both parties in a transaction. Funding is placed with an impartial party and held ready for the actual contract completion.

Unfortunately, escrow can fall through for a variety of reasons. The main reason escrow will fail is due to the purchaser not being able to acquire the required funding. Usually this means that their pre-approved mortgage loan has actually been turned down at the last stage, usually because of undisclosed financial situations resulting in their inability to purchase the property. In years past… many buyers were able to push through even with serious financial failings. In fact, as you likely already know… many buyers were able to secure funding without even proving their financial status. However, times have changed and lenders rules are much more stringent.

The second reason that escrow may fall through is because of property inspections. The home inspection may provide a negative indication such as termite infestation, termite damage, or mold. In such cases escrow does not always fall through but it can if both parties are unable to reach an agreement on the final purchase price.

To minimize the risk of your escrow transactions becoming a problem, you should employ an Orange County Realtor from Harbor Realty to ensure that all your i’s are dotted and t’s are crossed . Something as simple as a typing error on a title deed can cause escrow to fall through, employing somebody to take care of these minute details is a good idea.

When considering which type of property to purchase in Newport Beach, it may prove useful to have a greater understanding of the types of property available, such as condominiums, townhomes and single family homes. Below are some basic definitions of these types of homes for sale in Newport Beach.

• Newport Beach Condominiums – Condos in Orange County are generally one unit within a larger building. The ownership of common areas (such as the interior and exterior walls, roof, swimming pools, gardens, lobby, etc.) is shared by all owners of units within the building. Assessments are paid monthly in order to keep up with the maintenance of these areas. In Orange County you will generally find condos in Costa Mesa and many newer condos in Irvine. One thing to understand about Newport Beach condos, though, is that what is typically known as a condo elsewhere (within high rise buildings, for instance), is not always the case here. In fact, many people consider their home a condo with only one shared wall.
• Newport Beach Townhomes – This type of property will usually have shared walls with connecting dwellings, and be built in a row. They may share amenities such as a pool or gardens and will often share the cost of maintenance for things such as the roof, or driveways. You’ll find some lovely Corona del Mar townhomes on the market with lovely ocean and city lights views.
• Newport Beach Single Family Homes – This term is used to define a detached property, upon its own lot, which shares nothing with surrounding properties. Most often, the owner is responsible for all maintenance and upkeep of the property, and can potentially improve and extend the structure. Find single family homes in Newport Beach as well as throughout all other Orange County communities.

These three terms describe the three main forms of home ownership within the area of Newport Beach. Depending upon your lifestyle and financial situation, one may be more beneficial for you than the others, it is suggested you contact a professional Orange County REALTOR® for further information.

Financial analysts have predicted that the Newport Beach real estate market will continue to gain ground over the coming year. The completion of several master planned communities has meant that there is now even more high quality property in Newport Beach available for purchase than ever before.

Property prices have continued to climb way above the national average for the last decade; the area has been steadily developed into an attractive and affluent part of the State of California. There are still bargain properties to be had, but those wishing to snap up their dream home at a low price, and thus secure a great investment would be wise to do so soon.

The local economy is still running very bullish, local businesses in almost every sector are reporting a  bumper year during 2008, and as such this makes Newport Beach a very attractive area for those wishing to not only relocate their home, but their work as well. The Newport Beach Chamber of Commerce has confirmed that employment statistics are looking extremely good, and job prospects look good for any family wishing to relocate to Newport Beach.

With the obvious buoyancy of this area, it needs to be said that anybody who is considering a move to Newport Beach needs to start moving now; within a very few years it is expected that housing demands will outstrip availability, and prices will begin to rise again. Get in now while you can, and grab a great property investment for the future.