Home Buying in Long Beach>Question Details

Marcos Garni…, Home Buyer in Long Beach, CA

what is next when getting in escrow?

Asked by Marcos Garnica, Long Beach, CA Mon May 6, 2013

well i am a first time buyer so how long will it be for they to ask for my closeing cost.what should i know because i heard you going to sign like a milllion papers thats too much to read.plus i need to know what my mortagage is going to be the house is $350,000 i know i should go with a 30 year fix rate anything that i should ask or know please let me know thx

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I want to echo the fact that these are all questions for your Realtor. If you don't have one, get yourself one. A good agent will answer all your questions, educate you and be with you every step of the way.
1 vote Thank Flag Link Tue May 7, 2013
Hi there, since your offer was accepted and Escrow was opened is your offer contingent on inspection and appraisal if so then you need to have the inspection done asap and after all clears you need to have the appraisal done to insure the value is there,,most of the offers will allow 17 days to conduct all this,, best of luck.
0 votes Thank Flag Link Wed May 8, 2013
Hi, was your offer contingent on inspection and appraisal, if so then you need to get the inspection 1st done asap to make sure the house is in livable condition, if everything thing is in order then you,l need to have the appraisal done and most of the items all this has to be taken care of within 17 days from accepting the offer and opening escrow, hope this will help you, but your agent should be telling you all of this.
0 votes Thank Flag Link Wed May 8, 2013
Marcos: go to www. MGIC.com.
This website has a wonderful First Time Homebuyer tutorial that you will really enjoy.
It is most informative for first time homebuyers.
I always suggest this to my first timers. They learn a TON!
0 votes Thank Flag Link Tue May 7, 2013
If your agent hasn't given you all of this information yet he/she is doing a very poor job. I always give my buyers and sellers a timeline of events for escrow that outlines what happens when.
0 votes Thank Flag Link Tue May 7, 2013
First off, your Real Estate professional should be able to help you and answer your question and "if" you are not being represented (you should be btw) the escrow officer can help guide you. Once Escrow is open - they will order a preliminary title report, in some areas escrow instructions will be prepared and emailed to you immediately OR you can go into escrow and sign right there with the escrow officer. I would recommend you schedule an appt. and do that, she or he can help you with any questions. They will want a SOI (statement of information) fill out everything best to your knowledge. Escrow will also want your EMD (earnest money deposits) this is anywhere from 2-3% of purchase price, which will be cashed and held in escrow. This is eventually go towards your downpayment and closing costs. Escrow will also send you NHD (natural hazard disclosures) Termite report (if that was in the contract) . Escrow and your lender will also need to know who you are getting your insurance from (Farmers , AAA, StateFarm) .... Once the lender obtains all the necessary information they will get an approval (usually takes approx. 21 days) with a list of "conditions" before they order the loan documents all of the conditions will have to be met. This time-frame various from lender lender 2-3 weeks sometimes. Once loan documents are ordered, they will send to escrow for you to go in for the signing. You should be signing your loan documents at least 2 days prior to your closing date. Keep in mind Memorial Day is Monday 27th so offices are closed. Once the funds are approved and wired, then escrow/title will confirm they received and deposited, authorize the recording of the transaction and the following business day the documents are recorded at the county recorder's office, which at that point is CLOSE OF ESCROW and congratulations ~

I hope this was helpful information. Again, your realtor and escrow officer are the best source for you since they will have the details of the transaction. If I can be of any assistance, please feel free to call me.

Lesley Harris, Realtor
(562) 673-0943

0 votes Thank Flag Link Tue May 7, 2013
You need a competent agent experienced with first time buyers to represent you in the transaction. Part of his/her responsibility is to explain the process and paperwork to you, and protect your interests. Escrow commences after your offer has been accepted by the seller, and you provide your ernest money deposit to the escrow company. Escrow is an independent third party whose role is to ensure that all conditions of the contract are met. During escrow you will receive disclosures and information about the property you are buying. Towards the end of the escrow period you will be asked to provide the balance of your downpayment.. Escrow ultimately receives funds from your lender and disburses it to the seller's lenders. Your lender will explain your repayments for the mortgage you have selected.
0 votes Thank Flag Link Tue May 7, 2013
It sounds like you are trying to do this without a Buyer's Agent; WHY, when they are free to you?
Your Lender should have given you a GFE, (Good Faith Estimate).
Your Title Company should have given you a HUD1.
These two documents should answer all your questions.
0 votes Thank Flag Link Tue May 7, 2013
Escrows are closing 30 - 45 days these days. The papers you sign should all be explained to you. Your Lender should go over all your payment information, monthly insurance even estimated tax. Are you working with a Lender?
0 votes Thank Flag Link Tue May 7, 2013
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