Congratulations to you Buyers that are in escrow. Great price and great interest – it is a great time to be a Buyer. To make sure your buying experience is smooth and successful there are some ways you can help yourself through the course of your escrow. It isn’t automatic that escrows close, and it is important that you help yourself along the way to make sure that yours does.
One area that causes delays, and frustration, in escrow is not having all the documents signed, or signed in a timely manner. There are many, many documents to sign during the course of negotiation, escrow, loan, and closing. If you are asked to sign something, something you agree with, make a point to sign and return it in a timely manner. If you have questions, ask them right away and get your answers. Don’t delay your performance because you are not happy with, or are questioning, something.
If you are getting a new loan, don’t make any purchases without talking to your lender. We’ve seen a simple new $1,500 credit line at a department store blow a Buyer’s ratios and almost cause the Buyers to lose their new home. Without a private money swing loan they would not have been able to buy their home … this news coming in while the Sellers are actually loading the moving van anticipating closing the next day. Credit will be rechecked before funding. If you get a new credit card, buy a new car, etc. you can jeopardize your loan.
When you get your inspection reports – read them and make your repair requests immediately. Repairs must be ordered, tradesmen scheduled, re-inspections made. A delay of a couple of days can cause you grief at the closing end.
How is your communication with your lender? Are you talking about locking your interest rate? Do you know your rate … for sure? A shocking higher rate when you are ready to close, even if you can qualify and make the payment, is not a pleasant experience – especially if it could have been avoided. Are there pre-doc conditions? Pre-funding conditions? If so, get them handled as quickly as possible as things will be delayed until you do.
Be available to your agent, be responsive to your agent, talk to your lender, stay active. You don’t have to be alert 24/7, but don’t go underground. If you travel stay in touch. With email and faxes it is easy to get documentation to you most anywhere on the planet in a timely manner.
Our advice: Delays in your actions can lead to a delay in the close of escrow. These days there are new potential delay factors that we must deal with. The appraisal may be reviewed. The underwriter may initiate an unexpected and unexplainable hurdle that must be dealt with. You can’t control those items, but you can control your actions. Be timely, pay attention, keep smiling, take action. Be sure to bring certified funds to close the escrow, i.e.- cashier’s check or have the funds wired, no personal checks.
Remember to set up your utilities for the close of escrow. If the Seller schedules them to be turned off you might be without power, gas or water for a few days. It’s the details of the transaction that will help you maintain your peace of mind as you move towards home ownership … pay attention to them for your own sake. When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Lisa Wetzel & Jim Valentine, RE/MAX Realty Affiliates, 775-781-5472. firstname.lastname@example.org, www.carsonvalleyland.com
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley, Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: www.findhomesincarsoncity.com of visit our website at www.CarsonValleyLand.com