In Escrow-Now What?

The Process, Step-by-Step

Escrow is Opened: you will receive wire instructions shortly direct from escrow to submit your earnest money deposit (be sure that you call escrow directly and have them confirm the account routing numbers, you will need to complete with your bank, note this is a Federal Wire not a regular online transfer)

Inspections: It is your choice whether to have a home inspection completed or not, but it's always highly recommended. Here are a couple inspectors we utilize often. All are competitive and do a great job. Normally for this size home the inspection is somewhere between $350-450. Please inform them we referred you and that you are active military (may offer a discount). During this time with COVID19, protocol is that buyer is not present during inspection, at the end of inspection we will FaceTime to go over summary and later receive complete report. Let us know which you’d like to go with and we will have scheduled ASAP.

Normally the inspection takes 1.5-2.5 hours, they will email us a full report usually the same evening.
Archive Property Inspection Steve Phone: 951-304-3508 Cell: 760-807-9833
www.archiveinspection.com

A Better Home Inspection: Danny Forsters (800) 720-2844
http://www.forsterhomeinspections.com

Loan Processing: Make sure to pay close attention to what the lender asks you for. It may seem like they are asking you for EVERYTHING and more, but it's very important that they get all of their documentation needed to fund your loan. Please make this a priority!

Appraisal: The appraisal will be ordered and scheduled through the lender, and you will be notified when the appraisal is complete. If the appraisal comes back under the value of the contract price, we will need to negotiate further with the seller. We hope this doesn't happen, but it's a possibility and we will be ready if it does.

Home Owner's Insurance: Start shopping around for home owner's insurance as soon as possible; if you need a referral for this, please let me know. Once you get a good quote that you like, send the company's name and the contact info of the representative to your lender. Below are a couple of local companies that we utilize (just let them know we referred you)
Nick Micheli
951-265-4543 (text is ok)
nmicheli@siainc.net

Craig Davis
951.699.1776
craigdavisfarmersinsurance

Escrow and Title: You will receive a lot of forms from the escrow company as they work closely with all parties and will open title and start working on closing. If the escrow company asks you for any documentation, please make this a priority to get this information to them.

Negotiations: as necessary per inspections/appraisal-Once we have inspection we may submit a request for repairs for health and safety items

Closing Disclosures: Once your loan has been approved, the lender will send you a Closing Disclosure. Make sure to review this document and ask your lender any questions before closing!

Loan Documents:  Will take place at escrow or a Mobile Notary will come to you

Final Walk-through: This will be scheduled to take place with 5 days prior to closing. This is our final opportunity to walk-through the property to confirm that any and all requests repairs have been completed as as agreed upon.

Deposit Closing Funds: escrow/lender will give you the specific figure

Clear to Close: Once all requirements have been met with the title company and lender, we will get a "Clear To Close" and you can finally take a breath! After we get the clearance, we will be contacting you to set up your closing arrangements

Utilities: Call utilities for changeover-once you sign loan documents

Key Turnover: once property funds and records