Whoever said it’s the little things that count wasn’t kidding when it comes to closing escrow
on a house you just bought or sold. If your escrow agent or real estate consultant were able to articulate all the hoops that must be jumped through from the day an offer is accepted to the day you hand over the house keys, they will have earned hero status.Little things can be mini-bombs that go off at the last minute. You may not give utility bills a second thought. But utility companies, as well as closing personnel, will certainly notice that you forgot to pay your water bill. Any bills that stacked up against your property are your responsibility until you hand over the house keys. Failure to pay a $55 water bill can see everything come to a screeching halt.So now we’ve warned sellers. What if you are the buyer? Something Realtors or Loan Officer's might not warn you about (but should) is committing the error of making major purchases AFTER your loan approval — one that has the capacity to lower your cash reserves and/or affect your credit score, making your loan approval become a fleeting moment instead of a reality. While it’s a royal pain for YOU, since you thought you had chosen the house of your dreams, think as well about the seller of the home you offered on in good faith. They may have already purchased another home and physically moved out. Your faux pax may have just caused a domino effect to take place, with escrows fallouts happening in rapid succession. Any other changes in your income, credit or access can change your approval, be careful during escrow to make sure you have no changes until AFTER you close escrow.
Roxy Redenbaugh, Broker
Sr Mortgage Consultant
Residential and Commercial
The Greatest Compliment I Can Receive Is A Referral From Friends, Family, and Business Associates,
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