STEP 7: DURING ESCROW

•   If your offer is accepted, give the escrow company your earnest money deposit to open an escrow.  They will assign a title officer to examine the chain of title to the property.  The escrow period is usually about 30 days long, but it is sometimes delayed.

•   Your Realtor® will help you order a home inspection and other reports.  Review the results of these with your Realtor®.  The reports must be completed within the timeframe required by your Offer (so that if the results are ugly, and the seller refuses to fix the items or to compensate you, then you can back out without penalty).

•   Contact your lender and he will order an appraisal.  The appraisal must be completed within the timeframe required by your Offer (so that if the property appraises below the selling price you've agreed to, and the seller refuses to lower the price to the appraisal value, you can still back out without penalty).

•   Review and sign the disclosures provided by the seller.  Be sure to ask any questions you may have.  Remember that the disclosures must be reviewed and completed within the timeframe required by your Offer.

•   The escrow company will send you a Preliminary Title Report which you should review.  Also it may include a detailed form that you need to complete and return immediately.  It helps the title company give you clear title by verifying your identity.

•   Your lender will approve you for your loan.  Stay in touch with your lender every day to ensure the loan will close on time.  Any time your lender asks you for additional documents, provide them immediately or you could delay the escrow closing (and be penalized).

•   If you've made it this far, it's safe to plan your moving date.  Give your landlord your 30-day notice to move.  Arrange for some friends or a moving company to help you move about 2 weeks AFTER your closing date.  Why overlap occupancy?  It's much less stress on everyone; and besides escrows don't always close on time.

SEE ALL OF THE STEPS HERE (click on the links below)

1. PREPARE FOR HOME OWNERSHIP

2. GET READY TO SHOP FOR HOUSES

3. FIND A HOUSE

4. MAKE YOUR OFFER

5. ITEMS COVERED IN PURCHASE CONTRACT

6. NEGOTIATIONS

7. DURING ESCROW

8. CLOSING ESCROW

9. YOUR NEW HOME

Are you ready?  Let's go! Take your first STEP today towards making your DREAM a reality! 

Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"

Text copyright © 2009 R.P. Brown, All Rights Reserved