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Marla Lopez's Blog

By Marla McWilliams-Lopez | Broker in Coeur D Alene, ID

BUYING A FORECLOSURE - 5 Part Series - Part 5 of 5 - CLOSING THE ESCROW

from Estate Properties

Written by Marla Lopez, Realtor, Broker/Owner, B.S., Business Administration


CLOSING THE ESCROW


Once the inspection is completed, and the Buyer does decide the property is right for them “as is”, we move on towards closing.


The lender continues to work the loan process, sending out the appraiser, etc. The buyer's lender should pull loan documents a few days before close for Buyer's signature. Here is yet another potential delay due to the ONAM factor (Overwhelmed Nature of Asset Managers).


Once the buyer signs their loan docs, the bank needs to sign the closing documents. Because the Warranty Deed (document that shows ownership and transfers title) must be signed in just the right place for Idaho standards, and notarized as so. The bank “signers” (unfortunately) often sign this inappropriately. One would ask why someone doesn’t just give adequate instructions as to the proper way in which to sign. The title companies DO give proper, detailed written instructions, it just somehow goes unread or is lost in the cyberspace (ONAM factor).


This particular delay occurs on approximately 20% to 25% of the closings, and usually only delays the closing process by a day or so. In rare cases, I've seen it take up to 2 weeks.


Hopefully, this knowledge up front will make the potential delays that one may incur easier to handle. Nothing good in life is easy, and the incredibly reduced price of a bank REO comes with some frustration, however, most Buyer's find that the value of their new asset far exceeds the bumps in the road of the escrow.



Here's to HAPPY BUYING and successful closings!


Marla Lopez
ESTATE PROPERTIES
"The House Hunter"
Realtor / Broker
208 676 8933
866 874 7876 (fax)
 
 
Licensed in:  CA, WA, MT & Idaho
 
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