In other areas of the country after you’ve come to a
written agreement with
the seller of the home you wish to purchase and the processing of the transaction begins it is called “in escrow”. In Michigan we call the work that takes place “The Process.” Ok, not too original, but it works for us.
There is so much that goes on behind the scenes that you, the buyer, have not encountered before. Different people involved in the transaction and hired by you will be doing their jobs diligently to make sure that the Process runs smoothly and in approximately 30 days the home that you fell in love with is yours.
Here are a few key points in the Process that will take place by those you hired:
Title company:
Will research the background of the home to make sure all liens against
the property are accounted for and paid for in full by the seller of the home.
Will make sure there are no outstanding assessments on the home and that
property taxes are either paid for in full, or will be paid upon closing.
Will co-ordinate with your mortgage lender to insure a smooth transaction
with them in regards to accurately drawing up the paperwork that you will
sign at closing.
Mortgage company:
Will order the appraisal on the home and the survey of the lot.
Will ask for updated documentation from you (last pay stubs, most
recent bank statement, etc.)
Will send off entire package of items needed to the underwriter. (Don’t
ask me about underwriters, they are like the Wizard of Oz behind the
scenes but are all knowing and powerful.)
Will co-ordinate with the Title Company in regards to closing costs,
tax prorations, etc. so that your documents to sign at closing are error.
Your buyers agent:
Will accompany you to your home inspection.
Will keep in contact with both the mortgage lender and the Title Company
on a regular basis to make sure things are running smoothly.
Will help you find affordable home owners insurance if you don’t already
have an insurance carrier that you wish to use.
Will stay in regular contact with the sellers agent.
Will keep in contact with you regularly during The Process to answer any
questions or concerns you may have.
Will accompany you to the home again if you wish to measure for window
treatments, flooring, furniture placement, etc.
Will hold your hand and listen to you when the Buyers Remorse sets in.
(It will set in, it happens to everyone!)
The items above are merely a quick snapshot of what goes on behind the scenes during
The Process. The people you hire for your most important financial transaction are working daily
to ensure that you are happy and celebrating at end of this journey.
Please make sure that you are hiring people who are hard working, dedicated and have
your best interest in mind always.
© Kris Wales Macomb County MI real estate Search for homes in Macomb County
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