I’m a buyer and my offer was just accepted – what happens now?

There are a lot of little steps necessary in closing a transition.  Here is a quick overview of what happens on the buyer side

  • We introduce you to escrow and they send instructions for your initial deposit
  • You wire your initial deposit
  • You make a final decision about which lender and loan program you want to use (if any) and let us know
  • If your contract contains inspection contingencies we conduct the inspections, any follow on inspections and negotiations that are needed.
  • An appraiser calls us and schedules an appraisal walk through.  Either we or the listing side meet them and they inspect the property.
  • Appraiser prepares and returns the appraisal to the lender
  • The lender conducts an internal review of the appraisal
  • The lender tells you your appraisal is approved
  • You shop for Home owners or HO6 insurance and provide info to your lender and escrow
  • The lenders underwriting department reviews all docs and the appraisal
  • Your lender issues what is called “conditional approval.”  This conditional approval will specify any remaining documents you need to submit.  A lot of them are technical and not your responsibility, but some of them are like the back of a statement or a missing page of a tax return.
  • If we are going to need more time to close, which happens occasionally, it should be clear by now and I ask for it about now. 
  • You return all the loan conditions to your lender that are your responsibility
  • Complete loan package is submitted for final approval by your loan officer to underwriting
  • Lender issues “final approval” and “Clear to Close”
  • Closing disclosure (CD) is issued
  • You acknowledge the CD.  This is usually an easy electronic process. 
  • TRID requires a waiting period of three days not including Sunday’s before you can sign loan docs.  This must elapse.
  • Lender emails docs to escrow
  • Escrow prepares docs and final figures for closing statement
  • You sign loan docs in front of a notary.  This might be in the escrow office or at your home or work.  You will need your driver’s license or passport.
  • You approve the closing statement (might be at the same time as you sign loan docs, or might be by email later)
  • Escrow sends docs back to the lender for final review
  • You wire funds to close – generally this is the day before closing
  • Lender wires loan funds (may be morning of closing)
  • Escrow releases deed for recording to messenger
  • Actual closing occurs when the messenger standing in the recording line gets the deed stamped
  • Escrow emails or calls us
  • We call you!!!
  • We meet the listing agent to get keys
  • We meet you and give you keys!!!!
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