Home Buying in California>Question Details

Karlazubia, Home Buyer in California

question after i sign docs, what are my chances of having the house? also what happens after i sign loan docs?

Asked by Karlazubia, California Wed Jul 13, 2011

signed loan docs at the title company with a notary yesterday, they gave me wire instructions i paid it yesterday as well. now what????

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It sounds like you are asking about the BIG DOC's at the Close of Escrow?
as opposed to all the doc's you sign when you make an offer:

Okay; the Doc's are signed, probably at the Title Company.
The Doc's need to be signed by both parties.
The Title Company keep a copy of everything.
Most of them go to your Lender.
You wait approx. three business days and the transaction will RECORD and the Title Company will call your Realtor and he will pick up the keys and bring them to you. Normally this is done by 11:59 (noon) and the house is now YOURS.

Congratulations.

Good luck and may God bless
3 votes Thank Flag Link Wed Jul 13, 2011
Hi Karlazubia,

After you completed the signing of your documents Escrow will package the docments up along with the final HUD-1 and overnight them to your loans Underwriter. If your Underwriter received the documents this morning in their office then 48 hours will be required for the Underwriter to verify that all documents were received, signed and initialed completely. Based on the 48 hrs beginning today, Friday morning your loan should fund unless there are any last minute pre-funding conditions received. Once the loan funds on Friday then Monday morning the Title companies Rep. will visit the county recorders office and record all documentation transferring title of the home to you. At this time possession of the home will be determined by your purchase agreement with the Seller(s). Your Realtor should be able to let you know when possession will take place. Congrats on your soon to be new home!

Matt
1 vote Thank Flag Link Wed Jul 13, 2011
You are on the home stretch. Like Jay mentioned before, nothing is guaranteed, but you are very very close. Docs will go back to lender, lender needs to fund your loan. Once escrow has all funds in, they will authorize recording, and once recorded, you own it.

Hang in there! You're almost done!

Thanks!
Sinead McAllister
858-205-5215
brokermcallister@gmail.com
1 vote Thank Flag Link Wed Jul 13, 2011
First of all, nothing is final until the keys are in your hand. This is a Cracker Jack market (a surprise in every box) so guarantees are few and far between. But the chance is still high (greater than 95%).

After you sign docs, those docs go to the seller and your bank. If the bank approves all of the signatures, they "fund" your loan (send your loan amount to escrow) and notify escrow to release for recording. All of the money in escrow is disbursed when the County confirms recording. That's when you can legally have the key. You are the "owner of record" only after it records.
Web Reference: http://JayEmerson.com
1 vote Thank Flag Link Wed Jul 13, 2011
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