Buying a house is a stressful and challenging experience. You have the power to make the experience much smoother and less stressful by staying on top of things and being very organized. Many people are involved in most real estate transactions. It takes cooperation and communication between all of these entities to ensure a smooth escrow close. A positive outlook and a quick response to anything asked of you will encourage this cooperation. Many things can hold up an escrow — make sure you’re not one of them!
TRUST YOUR REAL ESTATE AGENT
By the time you are in escrow, you hopefully have a real estate agent you trust. You are going to be leaning on them during inspections and negotiations and you do not want to find yourself second guessing their advice or explanations. You need to be able to trust that they are doing their job properly and efficiently.
Trusting that your real estate agent and home financing professional will walk you through the entire process is crucial to a smoothly closing escrow. While you might trust them, do not be afraid to express any anxieties. You will need to lean on them during negotiations and inspections. They are the experts, so ask questions.
BE FLEXIBLE
In general, stay flexible and focus on the big picture, whether that applies to choosing a home, or negotiating. During the escrow process you will have an appraisal and inspection. Don’t get so caught up on that one crooked light fixture that you lose or delay the deal. In the grand scheme of things, a few thousand dollars does not hold much merit. Part of the process is asking for credits or repairs.
Also, be flexible with your time. Your Realtor, Escrow Officer and Lender will try to be as accommodating as possible, but documents could come with only a day or two notice for the signing. Knowing to be flexible the week of your closing helps to get your closing documents signed quickly.
CREATE A TIMELINE
When you begin escrow, be sure to have your Realtor go through an overview of the timeline. It can be helpful to have a visualization of the process. Plus, knowing when you have reached new milestones in the process can help you feel like you are getting closer to the ultimate goal and could help alleviate some stress and anxiety.
STAY ON TOP OF THE PAPERWORK
As a buyer, the biggest thing you can control during escrow is the paperwork. Be sure to sign your paperwork and get it back to your lender immediately to avoid delays in your escrow process. While you might think there is not much going on at the time, the lender and escrow company are working very hard to make sure the sale closes. Even a one-day delay in getting them the documents they need can slow down the whole process significantly. Do not be the reason your escrow is delayed.
If you are working with an experienced lender, they will likely keep on top of the paperwork, bank statements, income tax information and so on, keep the process moving along. Be prepared for multiple calls if you are slow at getting them what they need. If your lender or escrow officer asks for a signed document do so immediately.
CREATE A TO DO LIST
The long list of things that need to be done can seem endless. It can be overwhelming. Sit down with your Realtor and prioritize a to-do list. Schedule inspections, get quotes from insurance companies, learn about the neighborhood, arrange for utilities to be turned on and switched over and get the locks changed. Remember to use pencil because you will make a lot of changes.
GET READY FOR INSPECTIONS
No house is perfect and chances are you will receive some bad news with inspection day. One great tip is to be there in person. Inspection reports can sound much more daunting than what an inspector will discuss in person. Try to schedule all your inspections for the same day so you only have to be there once.
WATCH YOUR FINANCES
Do not risk your loan financing by making large purchases during escrow, when lenders and underwriters will be scrutinizing your accounts. Do not lease a new car, do not buy a houseful of furniture and appliances on a credit card, do not quit your job or do anything that can make a lender nervous. Just leave everything alone for the time being.
UNDERSTAND THAT YOUR CLOSING DATE COULD CHANGE
Do not assume that your closing date is set in stone. Think of this date as a target that everyone is aiming for. Delays can come up or sometimes you may close early. Do not book movers for the closing day until you know for absolute sure. Escrow gets pushed back constantly. Do not lock yourself in.
WHY CHOOSE CITRUS HERITAGE ESCROW
When choosing an escrow company there can be many important factors to evaluate. Fees, location, staff and even recommendations from friends and colleagues are all things to consider. With Citrus Heritage Escrow by your side, you can rest assured that when you receive your settlement check, you’ve gained the maximum benefit from your home sale or purchase.
Call us today with any questions or concerns. Our professional Escrow Agents will help you through this exciting yet confusing process. (951) 335-7200.