What Happens in Escrow

. .Cory La Scala

(619) 825-6421 . . .

Cell: (619) 884-3452 . . .

Fax: (619) 825-6429 . . .

Email Me . . .

The Life of an Escrow

for

Buyers and Sellers

SELLER
Pre - Escrow
	*Prepare house* for showing and selling.
	*Review & accept offer* (Purchase Agreement) from Buyer.
In -Escrow
	*Escrow opens*the next calendar day; order preliminary title report.
	*Expect home inspection appointment* date from Buyer.
	*Order* Natural Hazard Disclosure and deliver to Buyer within 7 days.
	*Read & sign*all mandatory disclosure documents and reports, and deliver to Buyer within 7 calendar days, or other adreed upon date.
	*Expect report*from Home Inspection, and Repair Request from Buyer.
	*Expect appraisal appointment*date from Buyer's lender.
	*Obtain written loan approval*from Buyer's lender.
	*Obtain contingency removal* within 17 calendar days, or agreed upon date.
	*Make agreed upon repairs* when all contingencies are removed. Some repairs may be required by the lender for the loan to be funded.
	*Obtain notification of close date* if different than original date.

	*Receive call* when closing has been recorded; Give all keys and openers to your listing agent.
	*Funds dispersed* by escrow company after sale has been recorded with County.
	*Final documents sent* to interested parties.
BUYER:
Pre - Escrow
	*Determine 'needs' and 'wants'* of new home; make a separate list for each.
	*Pull your own credit report*, and pay for your FICO score if necessary.
	*Get initial pre-qualification* from a Direct Lender - most sellers, and especially banks, want approvals from direct lenders in this market, not mortgage brokers. Some markets in San Diego County are very competitive; an approval from a broker could put you at the bottom of the offer list. And, at this point, do not give your Social Security Number to the lender; instead give them the FICO score you obtained yourself. (You don't want your credit dinged by a lender inquiry, we'll do this when you're ready to submit offers and physically visit homes.)
	*Re-work 'needs' and 'wants' list* to reflect your purchase price. You may find you don't qualify for a home with enough square footage for a family room, for example, so that item will be moved to the 'want' list..
	*Get DU Approval from lender* when you're ready to start seeing homes and submitting offers. Tell them you want to submit all documents now, so that when you do find a home and submit an offer, you'll only need to update a few documents. DU Approval is an Automated Undewriting (AU) systems of Fannie Mae and Freddie Mac, and it will make your offer look stronger to Sellers, especially banks.
	*Read, sign & submit Purchase Offer* paperwork to Seller(s). Depending on the San Diego market in which you're looking, a competitive market (homes below $350k especially) may require more than one Purchase Offer before one is accepted. Generally speaking, homes above $500k are in a Buyer's market, and have less competition.
	*Receive acceptance from Seller;* escrow opens the next calendar day.
In - Escrow
	*Escrow opens* the next calendar day.
	*Order home inspection* and any other physical inspections (Roof, Pool, Foundation, Geologic Survey, Soil, etc.). Some home inspectors receive extra training in roofs, pools, inspections and other disciplines. See the CREIA website for more information.
	*Give Earnest Money Deposit to escrow* company, preferably on Day 1 of escrow. Being proactive shows the seller that we're serious about getting escrow started, and this good will may help down the line shou;ld we need anything from the Seller.
	*Have physical inspections* performed, and send copies of reports to Seller. Decide which repairs you want Seller to do, which repairs the lender will require, and which repairs you can wait to do yourself. If something major is found in any of the inspection reports, and you don't feel you should buy the home, you can cancel within your inspection contingency time period, with no penalty.
	*Obtain all disclosures & reports* from Seller within 7 calendar days, or agreed upon date. Read all carefully and approve, or cancel agreement within contingency period for no penalty.
	*Obtain appraisal report* within the 17 day contingency period, or other adreed upon date. Appraisal at purchase price or higher is what we're looking for. Anything lower and price negotiations start. This must happen within the 17 day contingency period, or other adreed upon date.
	*Lender underwriting should be complete* 24-48 hours of appraisal report submission to lender.
	*Meet lender's loan conditions.* Underwriter makes a list of conditions that must be met before the loan will be funded. These conditions include any documents that haven't been submitted, repairs that must be made, and a variety of other issues that myst be address prior to the loan funding.
	*Obtain written final loan commitment* from lender. This is extremely important before removing loan contingency. If there are conditions that cannot be met, loan will not close, and you may have to cancel the purchase. We will only be seeing homes that will work with your type of loan, so there shouldn't be any conditions regarding property condition that cannot be met in escrow.
	*Loan documents prepared* by lender and sent to escrow.
	*Loan documents compiled* by escrow company.
	*Sign closing documents.* This usually takes place at the escrow office, or another location with a mobile notary, which you will have to pay for if you need it due to logistic issues.
	*Deposit required funds* (Down payment, any closing costs you're paying, etc.)
	*Escrow returns loan documents* to lender for review.
	*Escrow ensures conditions* of contract have been met.
	*Lender 'funds' loan* (sends funds to escrow).
	*Documents recorded* with the County and escrow is closed.
	*Escrow company disperses funds* after recording.
	*Receive keys* from your Realtor.
	*Final documents sent* to interested parties.

Cory La Scala, Cory, 91901, 91902, 92008, 92009, 92010, 92011, 92130, 91910, 91911, 91913, 91914, 91915, 92117, 92118, 92120, 92014, 92105, 92019, 92020, 92021, 92114, 92024, 92025, 92026, 92027, 92029, 91932, 91935, 92093, 92037, 91941, 91942, 92040, 91945, 92111, 92113, 92126, 92145, 92103, 92108, 92123, 91950, 92104, 92107, 92054, 92056, 92057, 92110, 92154, 92109, 92139, 92106, 92064, 92127, 92128, 92129, 92067, 92091, 92119, 92102, 92115, 92116, 92155, 92161, 92101, 92069, 92078, 92173, 92071, 92131, 92075, 92121, 91977, 91978, 92124, 92122, 92081, 92083, 92084, 92120, alpine, bonita, carmel valley, chula vista, clairemont mesa, coronado, del cerro, del mar, east san diego, el cajon, encanto, encinitas, escondido, imperial beach, jamul, la jolla, la mesa, lakeside, lemon grove, linda vista, logan heights, mira mesa, miramar, mission hills, mission valley, mount laguna, national city, north park, ocean beach, vista, old town, otay mesa, pacific beach, downtown, granite hills, hillsdale, rancho san diego, grossmont, cuyamaca, sdsu, college, san carlos, fletcher hills, palomar mountain, paradise hills, pauma valley, pine valley, point loma, poway, ranchita, rancho bernardo, rancho penasquitos, rancho santa fe, san carlos, san diego, san marcos, san ysidro, santee, scripps miramar, scripps ranch, solana beach, sorrento, spring valley, tierrasanta, university city, south park