I have noticed that there is a big secret in buying home and no one is even talking about it. I mean, Realtors just accept it as a fact, but very few bother to mention it to their buyers or sellers. I think that the Bayer Aspirin corporation stock prices would plummet if this dark secret actually made it into the light of day. O.K. I’m going to share it with you now….
Realtors and lenders can never tell you the EXACT day that you can move into your new home –and I’m going to show you the best way deal with it so you are not stuck living in a hotel with a car full of furniture and screaming kids or spouses when you actually thought you were going to be moving into your new home.
Whoa….what…why don’t these "real estate professionals" know when you are going to get the keys, you ask? After all, isn’t the date written in the contract? Don’t you have to hire movers, pack, get the kids ready, etc.? Right now you are looking for a nice new home to buy. Once you find your home, you need to know when you’re going to get the keys so you can plan your move, right? Then what is the problem?
Let me explain:
Once an offer is made and accepted, the real estate contract stipulates either a 30 or 45 day escrow period – meaning that the contract is allowing a certain number of days for the buyer to conduct inspections and get financing while allowing the seller enough time to move. Usually a buyer has 17 days to complete inspections, but if buying a foreclosure, the home the buyer is frequently given only 10 days.
You must understand that there are almost two dozen different people who are going to put their hands on your transaction – each having their small part to do before the sale can go through. These people include but are not limited to:
- Buyers Agent
- Buyer
- Sellers Agent
- Seller
- Natural Hazards Disclosure Company
- Buyers Escrow Coordinator
- Sellers Escrow Coordinator
- Buyers Agent Manager
- Sellers Agent Manager
- Title Officer
- Escrow officer
- Title Officer Assistant
- Escrow Officer Assistant
- Loan Officer
- Lender’s Underwriter
- Lender’s Appraiser
- Buyers Home Inspector
- Buyers termite Inspector
- Buyers Roof inspector
- Home Insurance underwriter
- Home Warranty underwriter
- Mortgage Insurance Underwriter
- Notary
- Attorney
- County Recorder
If just one of those people does not complete their job in a timely fashion, then the whole process can be delayed. Do you think this ever happens - almost always. The best way to plan for this when looking at homes for sale is to do the following:
Try and close in the middle of the month rather than at the end – so you have more time and plan on moving one week after the projected close date. this will give you the privilege of moving at your own pace rather than feeling rushed for time.
Doing both of these things will give you greater control and flexibility in your move and make for a stress free transition for the entire family.
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