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After the Offer is Accepted |
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After the offer is accepted:
Once the terms are agreed upon and the counter offers and addendum's are returned, your
original offer and counter offer(s) will then be returned to the bank for signatures. It may take an
additional week or more for them to be returned and escrow opened. It is imperative that all the
terms and conditions contained within their final counter offer are followed regardless of being
returned and escrow being opened. Some counter offers will state that your contingency time
frames start from your signature and others will state that these periods start only after escrow
receives the signed documents from the owner-bank. Although rare, it is possible for the lender
to accept another, more desirable offer, before your contact is signed. If this does happen, there
is nothing you can do other than leave your offer as a back up or, move on. Contracts are not
fully ratified until signed by the banks representatives.
Once escrow is opened, the escrow officer will forward initial documents for your review and
completion. These documents need to be completed and returned as soon as possible and
within the time frames allowed by the bank. When obtaining a loan, you will also need to complete
all of the required paperwork that they require as soon as possible. The closing dates set by the
bank are firm and their contract will usually contain a per diem charge for each day beyond the
closing date specified ($100.00 per day or more). During this time you will also need to complete
your home inspection, termite inspection or other agreed upon inspections contained in the
contract. Failure to complete your inspections or other required conditions within the specified
time frames could put your deposit at risk. Time is of the essence. Your Realtor will help you
through the process but, ultimately, it is your responsibility to follow the contract. When you have
completed your inspections, your loan has been fully approved, an appraisal has been completed
and all other conditions have been complete and accepted, your lender will order loan documents
or, when paying cash, escrow will provide a closing estimate which will include the total amount that
will need to be deposited by wire or certified funds to escrow and will then, after receipt of funds,
record and close within 24-48 hours. Once loan documents are received back to your lender or to
escrow, you will need to sign the loan documents before a Notary Public. This happens either at the
escrow office chosen by the bank, at the lenders office or, on occasion, at your home or office.
When returned to escrow, your lender will review the documents, complete final verifications and
then prepare for funding of the loan.
Loans will typically fund, if no issues exist, within 24-48 hours after received and approved. Any
conditions of funding must be completed prior to actual funding. Once funded, escrow will record
and close within 24-48 hours.
Before close of escrow, no work should ever commence on the property. Attempting to start
repairs or, moving into the property prior to confirmation of closing could void the contract.
After you receive notification of closing, the property is yours. Congratulations!
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Last Updated ( Saturday, 24 July 2010 )
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