Thread: Paperwork Before Escrow

YES, you should get it in writing! It does not matter what they agree to verbally, it must in writing to be enforceable.

Their word is as good as the paper it is written on...Heard this term before..it is true.

Get everything in writing, and what ever you do don't just leave it up to your lender. Make notes of everything,and discuss with your Realtor and your Realtor will make contingencies,and addendums, things like that which will state the repairs that are promise. Also read all documents before signing.Its not like the seller will necessarily hire someone to come to the home to fix it, most cases that I have seen, is they will give you either an escrow for the cost, or a concession off the price. I would go for the concession, because if you don't have the money it won't be fixed. With Escrow it is money that is put in an account type source, where either the seller or you find the person/company to do the work and they are paid for their work out of the escrow account, this is so that the sellers can be assured its not just going to your pocket, and that it is in fact being done.

Another tip is don't just leave these things up to the Realtor, and such, my Realtor is really nice, and seems really good, except the fact that she continuously forgets about things I have told her such as out first offer we told her one amount and she swore that we spoke of another. So you may tell your Realtor one thing , and they may forget to put it in the contract.
Papers before escrow don't mean you are signing for the home and the house just means that as of now you both have agreed to go further with the purchase, and in some instances there can be some penalties if not carried out properly, such as a loss of escrow money or the loss of sale all together...I would make sure to sign the forms so that no one else sees your home and goes to the bank or seller themselves with an offer higher than yours. Good Luck sorry for the novel.

Jazz
Leasing Manager
Sales

Thank you ACER9103 for your helpful info.

My agent says they received several other offers for the home but he says he worked hard to prevent anyone but me to get the home. I signed and initialed a lot of papers and the bank (owner) says they're giving 30 days to complete the sale or I'll have to pay $150 a day till it is..?? Has anyone ever heard of this? My agent says he's sure it will be done before then. Of course I would think that would depend on my lender, wouldn't it?

Originally Posted by oneofthecrowd

I signed and initialed a lot of papers and the bank (owner) says they're giving 30 days to complete the sale or I'll have to pay $150 a day till it is..?? Has anyone ever heard of this? My agent says he's sure it will be done before then. Of course I would think that would depend on my lender, wouldn't it?

What does your lender say about their lending process? Will they be able to get it done in 30 days? It's nice that your realtor says it's fine, but unless s/he is the one lending the money s/he would not have a clue.

Well, I am not sure about the $150 charge, but as long as you stay in contact with the inspection and appraisal person and ensure that your lender has all their ducks in a row than it can be done in that amount or less. I hear its the inspection that can take time.

Good luck!!

Oh you should see if you can make a deal that if the sellers push back the closing date that you can charge $150 for each day until they are ready, because it can be delayed from both parties. Just a thought!