It’s the moment you have been waiting for- that call where I tell you the good news and the amazing home you fell in love with is yours! The seller has accepted your offer and we have officially opened escrow. But what happens next? …and when?
First, take a moment and relish in the excitement; you are one step closer to the big move! We usually have three days after your offer is accepted to put your Earnest Money Deposit (EMD) into escrow. The amount of the EMD is determined in the negotiating stages, but is typically 3% of the offer price, so you will need to have funds available.
Now is when my team starts moving quickly on your behalf; escrow is opened, title insurance is ordered, and your lender will be advised on the terms of the sale and close of escrow date (COE). My transaction coordinator will order a property inspection and termite report. Once those are delivered to my escrow officer, I will go over the inspection with you and we will decide what repairs, if any, will be required to be done by the seller prior to closing, or if a cash credit will be given to you at closing to do the repairs yourself. Once the property inspection and all requests for repairs, or credit for repairs, have been completed, the contingency of inspection will be removed. Your lender, who has pre-approved your financing, will order the appraisal and once that has been completed, that contingency will also be removed.
Once all contingencies have been removed and your lender has finalized your loan, all loan documents will be ordered and delivered to escrow for you to sign. After you sign loan documents and place final monies into escrow, your loan should close the following business day. It is when the Deed of Trust is recorded that we can grab the bubbly and celebrate, because you are officially a homeowner!
As I stated in the beginning, buying a home is a very exciting time, but it can also be a bit overwhelming and you may feel that just reading over this Home Buyer’s Guide alone could give you a panic attack. But please!, do not stress because I am fully committed to guiding you through the process every step of the way. I will be readily available to answer any questions you have and I will do all I can to develop a fiduciary relationship that you can not only trust, but rely on.