Theres an admittedly weird cadence to an escrow. In the beginning, theres a flurry of
paperwork, albeit now mostly electronic, with contracts whizzing across the
internet and being signed on smart phones and iPads. Once the deal is actually
done, there are more emails with escrow instructions and bank wiring
instructions for the agreed-upon initial deposit funds. One small detail to
sweat here is that the contract calls for the initial deposit funds to be received
by escrow within three days from the date of acceptance. So buyers actually have to initiate a
transaction through their bank at this point, as opposed to responding to
requests to sign something by clicking through prompts on a phone or emailing
Now, fast forward to the end of the escrow, when the details can really make you break a sweat. You have to respond to the requests of the underwriter to provide updated pay stubs, bank statements, and other financial evidence of your capability to perform on the debt create by the home loan, usually within a few minutes of the request, if you want to make the closing date.
Then theres the actual signing of the loan documents, which you can do for free at the escrow office (which is God only knows how far from where you are) or with a mobile notary. Sweaty detail to note here if you use a mobile notary, it usually adds another day to the closing process for the mobile notary to get the signed documents back to escrow and for escrow to get the documents back to the lender not a good choice if you are cutting it close on closing. Not to mention that it will add to your closing costs to pay the mobile notary.
Now you have to transfer the utilities into your name, to coincide with the date the seller turns them off, lest you risk a re-connect fee, which no one likes to pay. When you give notice to your present landlord that youre cancelling you lease may come after youve signed your loan documents if youre a conservative player, or you may have given notice the day youre offer was accepted if you are a more capricious person. A detail to determine be it sweaty or not.
Finally, you get the confirmation that your escrow is closed, now you have to know where to pick up the keys, what permits you need to park your car in the assigned parking spot, which may require you to present your closing package to the home owners associations property management companys security company to issue you a temporary pass so your wifes car does not get towed. Sweating yet?
Call me. Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
Helping you make the right move in , , , , , , , , , , , , and other Orange County communities.