NOW THAT I’M IN ESCROW, WHAT COMES NEXT?

1. The three major Buyer contingences are: (1) HOA resale package & Seller Real Property
Disclosure (SRPD) approval, (2) Home Inspection, and (3) Financing, if applicable.
2. Escrow will be opened and we will verify that the earnest money deposit is received into escrow. Most Buyers that back out do so prior to depositing earnest money so we
recommend continuing to show your home until earnest money has been received into escrow.
3. Escrow may contact you for any needed existing loan payoff information. Occasionally, escrow will find liens or judgments on your title that need to be cleared. Especially with a common name there can be errors and these errors are relatively easy to clear.
4. I will be emailing you the Seller disclosures (including SRPD) to complete, initial and return to us. This is part of the Buyer’s due diligence so a timely response is needed.
5. We will order any needed HOA resale packages for the Buyer’s review and approval. Often, your HOA will require a small fee to process these requests. I will contact you to obtain credit card payment for these items or will provide you a link that you can go to and pay for it. This is part of the Buyer’s due diligence so a timely response is needed.
6. The Buyer will schedule a professional home inspection. You do not need to be present for this process but can if you wish. It is very common that the inspector will not be familiar with the equipment and systems in your home and will sometimes note issues when they simply did not know how to operate your systems. Once the Buyer receives the inspection report we will usually receive a Request for Repairs. This can be very straight forward or sometimes involve more negotiations with the Buyer.
7. If financing is involved an appraisal will be ordered by the Buyer’s lender. We will generally supply the appraiser with comparable home sales and he/she will visit your home to take measurements, photographs and complete their report. The lender will only loan based on the lower of appraised value or sales price, so the appraisal is important. A low appraisal can cause a buyer to back out.
8. Escrow will be contacting you to arrange for your document signing appointment. The Grant Deed must be signed in front of an escrow approved Notary Public. Please notify us and escrow early if you plan on being out of town during the escrow period.
9. A final walkthrough is conducted within 5 days of escrow closing. The contract
requires that you maintain the home and keep all utilities on until the closing of escrow has been confirmed.

http://www.superiorml.com 

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About Superior Mortgage Lending LLC

Superior Mortgage Lending LLC is a full service mortgage broker located in Las Vegas, Nevada. Our goal is to provide excellent service to you throughout the process. NMLS # 372130 Nevada License # 3582 California License # 603K964 Arizona License # 0119906 8867 W Flamingo Road STE 200 Las Vegas, NV 89147 (702)507-4170 / www.superiorml.com
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