When youre deep in the
throes of the home buying and selling process, it can often be surprising the
number of new people youll meet and communicate with during the process. Of course, youre familiar and comfortable with
your agent and, for buyers, your lender, by the time you open
Once youre in escrow, youll 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 whos who. As a home buyer, youll 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 lenders gatekeeper for vetting your financials, dotting all the ts, crossing all the Is, and deciding what, if any, additional documents are needed to thoroughly access your capability to service the debt on the loan youre about to secure. The underwriter speaks through the lender and the processor to let you know what they need. So while youll never speak to her, your underwriter is a crucial member of your new team.
Theres the Home Owners Association, if the house or condo youre 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 theres the man who is suing the HOA for the condo youre buying, who you might be a surprised to learn is now a part of your transaction. Apparently, he wasnt thrilled that the shed the HOA had used for years, that everyone just recently discovered was on his lot and not the HOAs 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?
Call me. Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
Helping you make the right move in , , , , , , , , , , , , and other Orange County communities.