Some people you never want to meet

When you’re deep in the throes of the home buying and selling process, it can often be surprising the number of new people you’ll meet and communicate with during the process.  Of course, you’re familiar and comfortable with your agent and, for buyers, your lender, by the time you open Blog Image

escrow.  Let me introduce you to the normal and customary people you’ll be hearing from, some unusual yet not uncommon folks who may reach out to you, and the ones from out of left field that no one could have predicted would have any bearing at all on your ability to buy or sell a home.

Once you’re in escrow, you’ll certainly hear from the escrow officer.  The neutral third party who makes sure both sides stick to the terms they agreed to in the contract and who deals with all the money matters.  Your escrow officer may have an escrow assistant, and even an administrative assistant.  All totally normal – although challenging to keep straight who’s who.  As a home buyer, you’ll probably hear from the loan processor.  Some lenders like to bird dog everything for their clients, but others get you cozy with their processor just to move things along.  This is the lender’s gatekeeper for vetting your financials, dotting all the t’s, crossing all the I’s, and deciding what, if any, additional documents are needed to thoroughly access your capability to service the debt on the loan you’re about to secure.  The underwriter speaks through the lender and the processor to let you know what they need.  So while you’ll never speak to her, your underwriter is a crucial member of your new team.

Blog ImageThere’s the Home Owners’ Association, if the house or condo you’re buying or selling has an HOA, or more than one HOA.  They most certainly are a part of your transaction team, as they facilitate the disclosure of the CC&Rs for the community, the financials for the association, and the transfer from one owner to another.  Many lenders require this to be completed and review by the underwriter before loan docs can be generated.  And if the HOA outsources the doc prep and transfer to a third party, you have another team member.  One that you will never meet or talk to, but who can either help keep your transaction moving along on time, or who can add an unexpected delay due to their own internal turnaround times.  Surprise!

Then there’s the man who is suing the HOA for the condo you’re buying, who you might be a surprised to learn is now a part of your transaction.  Apparently, he wasn’t thrilled that the shed the HOA had used for years, that everyone just recently discovered was on his lot and not the HOA’s lot.  And when the HOA removed the shed, rather than agree to pay rent to keep the shed on said landowners lot, the landowner filed a lawsuit for back rent for all the years the shed was on the land, and neither party knew it.  You might not realize the impact that pending litigation will have on your ability to get a loan to buy that condo.  And as the condo owner, you now have to disclose said litigation to all other potential buyers.  Who knew?  

I'm Leslie Eskildsen, Realtor.

Call me. Text me.  949-678-3373

Email me.

Helping you make the right move in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Irvine, Laguna Niguel, Laguna Hills, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Dana Point, Corona Del Mar, and other Orange County communities.