Deering Center Real Estate
The Down Payment
You will be asked for a down payment on the home you are purchasing. You can choose to put down as much or as little as you want (depending on your mortgage), but remember, the more you put down toward the total price of your home, the less time it will take you to pay off and the less your mortgage payments will be every month.
The Role of Escrow or Settlement Company
During this period of purchasing your home, you are going to need an escrow or settlement company to act as an independent third party so that you know when and who to give your money to get the deed to your new home. The escrow or settlement company will hold your deposit and coordinate much of the activity that goes on during the escrow period. This deposit check may also be held by an attorney or in the broker's trust account. Make sure that there are sufficient funds in your account to cover this check.
The Escrow Period
The period that you are "in escrow" is often 30 days, but may be longer or shorter. During this time, each item specified in the contract must be completed satisfactorily. By the time you have opened escrow, you have come to an agreement with the seller on the closing date and the contingencies. Each contract is different, but most include the following:
- Inspection contingency: this should be completed as soon as possible after the contract to purchase is signed as unsatisfactory results of the inspection may mean that you will want to cancel the contract.
- Financing contingency: Once the contract is signed, you have a period of time to secure funding. If, for any reason, you are unable to secure funding during the period of time granted to you by the contract (and the seller will not provide a written extension of time), you must decide whether you want to remove the contingency and take your chances on getting a loan. You may choose to cancel the purchase contract.
- Marketable title: With an attorney or title officer, review the title report. The title must be "clear" to ensure that you do not have legal issues regarding your ownership. Check into local and state ordinances regarding property transfer and make sure that you and/or the seller have complied with them.
- Homeowner's insurance: This will probably be required before you can close the sale. Due to such requirements as special fire and earthquake insurance, obtaining this insurance may require a lengthy
Deering Center Listings Summary
Deering Center - Town vs. County Stats
Avg Price in Deering Center: $932,900 / County Avg $937,200
Avg Taxes in Deering Center: $12,700 / County Avg $6,000
Avg Sq. Ft. in Deering Center: 1,580 / County Avg 2,094
Avg Price per/sqft in Deering Center:$590 / County Avg $448
Avg Walkscore in Deering Center: 72 / County Avg 40
Avg Year Built in Deering Center: 2023 / County Avg 1981
Avg Days on Website in Deering Center: 30 / County Avg 82