Closing an Escrow – Stress Test!
Closing an Escrow in my opinion can sometime be more stressful than getting married. At least when you are getting married you know what date it is going to happen (generally).
Although there are smooth escrows and a good agent and good lender can ease many of the problems things still come up beyond the control of any of these people. Underwriters need a last minute clarification or documents, or something else goes wrong. Generally the weaker the loan the more likely there is to be a problem. But sometimes even cash offers run into problems.
Be Prepared:
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Roll with the punches. When they ask for something (documents and so forth) just get them ASAP.
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Be honest up front with your REALTOR and Lender. If there is a problem and we know about it we can often deal with it ahead of time.
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Keep cool, 95% of the time things work themselves out.
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Keep all the documents you get in on a PDF file so you can send them off at a moments notice. Keep all pay stubs and bank statements.
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Don't charge anything. Make large unexplained deposits or move money around, other than directed to close.
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When a real problem comes up at the last minute we can often work through it, but it might take some time.
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Communication is key, make sure your lender and REALTOR are committed to keeping you in the loop.
Don't let the stress of closing escrow eat you alive.
Home Point Real Estate is located in Brentwood Ca and provides service to the East Contra Costa County Communities of Brentwood, Oakley, Discovery Bay, Antioch, Pittsburg and beyond. Give us call regarding Buying a Home, Selling a Home, or Real Estate Investing. Find out more about Home Point Real Estate.
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