Home Buying in 90042>Question Details

Denice, Other/Just Looking in Los Angeles, CA

how long does escrow usually takes ive been waiting for a while now and they keep on telling me next week next week!?

Asked by Denice, Los Angeles, CA Thu Oct 8, 2009

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5
Does escrow have the loan docs? More information is needed about the stage you are in.
0 votes Thank Flag Link Tue Nov 5, 2013
The problem is that most lenders specialize in refinances but will gladly accept a purchase loan.

They do not understand that on the day it is supposed to close, people need to move and may just have a moving truck filled with all of their belongings.

That is one reason why buyer should call me.
0 votes Thank Flag Link Tue Nov 5, 2013
Hi Denice
Is it a short sale?
Have your agent findout.
Or call escrow directly and try to get some answers on what is holding up escrow.

Best wishes,
Jes Sierra, B.Sc.
Realtor®
0 votes Thank Flag Link Thu Oct 8, 2009
Hello Denice,

Escrow can take some time. If it's a short sale the escrow opening would depend on when you have lender approval. Escrow doesn't usually open until both buyer and seller have signed off on all the purchase agreement. If it's an REO it is subject usually to final bank approval which can be slow.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
mcarrabba@kw.com
0 votes Thank Flag Link Thu Oct 8, 2009
Denice
It's hard to answer that question just on your post.
What are you waiting for - appraisal, approval?

On a general note escrows are taking longer because the financing process is taking a lot longer.
The new appraisal guidelines have doubled the time required to 10-14 days, instead of a week. Underwriting guidelines have been tightened, so loan officers jump through more hoops to get you approved and keep the Underwriter happy.

In terms of a short sale, the negotiators have hundreds of files so they just work on those that are on fire.
Feel free to post more specifics.

BTW, I'd start with your Realtor. They should know the facts.
0 votes Thank Flag Link Thu Oct 8, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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