Home Buying in San Diego>Question Details

Sj, Home Buyer in San Diego, CA

Typically, how quickly will escrow close after the lender has wired the funding?

Asked by Sj, San Diego, CA Thu Nov 13, 2008

Typically, how quickly will escrow close after the lender has wired the funding? It is an REO property. I'm curious how fast the keys will be handed over.

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It depends on the bank. Has the lender signed the final HUD. If they have then it will record shortly after funding and in San Diego county that can be done on the same day.

However getting the final HUD signed can take up to a week. I would ask your realtor whether the final HUD has been signed, and if has not don't fund until it does or you will be paying interest on a home you can't record on.

hope this helps
0 votes Thank Flag Link Thu Nov 13, 2008
FEBRUARY 13, 2008. I think he got his keys.
Web Reference: http://www.umboc.com
3 votes Thank Flag Link Fri Jul 22, 2011
Hey SJ,

Escrow closes as soon as the sale has been recorded at the county recorders office. Typically, once the funds have been transferred and the loan has been funded, recordation will take place the next day (in some cases even same day). As soon as this things are taken care of at the county recorder's office, you are good to take the keys and enjoy your new home! If you have any other questions, please feel free to visit my website or call/email me. By the way, I know a great REO agent in San Diego if your ever looking to have a local expert. Let me know if you want the contact information. Have a great day and good luck!

1 vote Thank Flag Link Thu Jul 21, 2011
If the Lender has wired the funding, then the Escorw has already closed.

How could you be to that point and not know that?

Have you gone to the Title Company and signed all the papers?

Do you have an Agent representing you?

Good luck and may God bless
0 votes Thank Flag Link Thu Jul 21, 2011
After a loan has funded, the docs have to be recorded at the county recorder's office. Depending on the file and time of day, the transaction will record the same day or the next day if it is too late to record the same day. If the listing is a REO property, you will get the keys as soon as you get confirmation from the title company that the sale has recorded at the county.
0 votes Thank Flag Link Thu Jul 21, 2011
Hi Sj:

In CA, we do NOT use attorneys for this. Our title company handles both escrow and title issues. This really depends on when the lender wires the fund (in the morning? in the afternoon?) and when the specific county will allow you to record the title.

In Marin county, you can have house funded the day before and recorded the next morning. If the fund comes in the morning and there is urgency to close of escrow (late, same date, or short sale, 1031, double closing, to name a few,), the title company can go to the county and record in the afternoon.

If it's urgent, make sure you make your lender and the title company very aware of the timeline and go from there.

For REOs, depending on the serving company, listing agent and/or lender, it can be processed like a regular purchase or could take longer to hand over the keys, but contract is binding, if you meet your terms, they should meet their terms.

Don't let others scare you - I just have a client who bought an REO. The Denver mortgage broker she was using told her it would take the bank (REO owner) more than a week to close the deal - wrong! Everything was on schedule and never missed a beat. This out of state Mortgage broker caused my client a lot of anxiety and myself a lot of headache for incorrect advise given.

So, make sure you have reputable realtors to represent you. It will work smoothly or at least, you will be fully informed.

Sylvia Barry
Marin Realtor
0 votes Thank Flag Link Thu Nov 13, 2008
Sylvia Barry,…, Real Estate Pro in Marin, CA
It is usually done when the deed is recorded. usually if teh wire arrives in the morning it is the same day. it is also up to the fact of how fast the attorney can work. you should have your agent check and see if they can expedite.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Thu Nov 13, 2008
Sometimes the same day but often the next day once the Grant deed is recoreded.
0 votes Thank Flag Link Thu Nov 13, 2008
Once the funds are wired the escrow will close the following day. Depending on the county, it could record and close on the same day. Good luck

jo-Ann Appleby
0 votes Thank Flag Link Thu Nov 13, 2008
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