COMMUNITY FORUM

Marnie

09:04AM | 03/11/03
Member Since: 03/09/03
21 lifetime posts
Bvrealestate
We are purchasing a home and we were wondering... what makes a home fall out of escrow? We need to give notice where we are now and are a little scared to be left without a residence

rpxlpx

08:12AM | 03/12/03
Member Since: 03/13/00
1675 lifetime posts
Not sure I understand your question. By "fall out of escrow", do you mean for the closing to "fail"?

Marnie

03:27PM | 03/12/03
Member Since: 03/09/03
21 lifetime posts
yes I guess that's what I mean, I'm just a little worried because this is the first house we buy.... what goes on during escrow, why does it take so long?
Thanks for your reply

rpxlpx

04:26AM | 03/13/03
Member Since: 03/13/00
1675 lifetime posts
"escrow" is the money that is held by the mortgage company for the purpose of paying your yearly taxes and insurance premiums. They do this because it's in their best interest to be sure the taxes are paid and that you have homeowners insurance. For example, if the house burns down and there is no insurance, they would have a difficult time making you repay the loan over the next 30 years - so they would lose big.

Closing occurs after the mortgage company is satisfied that the property is really worth what you're paying for it, and also that you can reasonably make the monthly payments. They also want to be sure that there is a free and clear title to the property. These things take some time. It can be a difficult experience, especially if you've never done it before.

The mortgage company should tell you in advance how much money you need at closing. There will be some expenses. Sometimes most of these expenses are "rolled in" to the loan, sometimes not. All that should be planned ahead.

Good luck with your new home.

Marnie

04:35AM | 03/13/03
Member Since: 03/09/03
21 lifetime posts
Thank you for your explanation!!!! It really helped
Click_to_reply_button
Inspiration_banner

INSPIRATION GALLERY



Post a reply as Anonymous

Photo must be in JPG, GIF or PNG format and less than 5MB.

Reply_choose_button

captcha
type the code from the image

Anonymous

Post_new_button or Login_button
Register

Pursue what's known as the stack effect. To achieve it, open the windows on both the upper and lower floors, and as warm a... Reused steel windows create an eye-catching splashguard in this walk-in shower. The vintage factory windows bring an inter... A galvanized steel tub is a surprising but charming fixture in this bright and breezy screened patio. It's perfect for was... If you're not crazy about the idea of commingling plants and pool, this modern variation may be more to your liking. The s... Yes, a freestanding garage can become its own tiny house. Artist Michelle de la Vega has all the comforts of a modern resi... If you lack plumbing skills but have a good sturdy tree, here's the easiest outdoor shower solution of all: Simply attach... Need a window and a door in a tight space? A Dutch door with a window may be your answer. These useful doors are split hor... How do you like this smart use for an old bottle? Clamp an empty wine bottle to a fence or wall near your outdoor deck or ... Simple and striking, a couple of pieces of "lovingly used" furniture creates a special kind of charm. A weathered chair fo... Twine lanterns add pops of crafty—but sophisticated—flair to any outdoor setting. Wrap glue-soaked twine around a balloon ... When securely fastened to a tree or the ceiling of a porch, a pallet and some cushioning make the ideal place to lounge. V... Incorporate nature into your lighting scheme by securing a dead tree in a concrete mold and draping your pendant lamp from... For the cost of a can of exterior paint , you can totally transform your porch. Paint the floor a hue that complements yo... Repurpose birthday hats to create a string of lanterns for your porch, patio, or garden. Cut the tip of the cone, punch h... This garden shed has been decked out to the nines. Designer Orla Kiely created the intimate home for a flower trade show, ...
Follow_banner_a
Newsletter_icon Google_plus Facebook Twitter Pinterest Youtube Rss_icon
 
webapp1