Thursday, May 31, 2012

Tips for staying sane during a crazy escrow

We were supposed to close today, which is also my due date (no baby yet).  However, the sellers did not finish the lender required repairs.  Therefore we can't get our loan documents, which means no loan, which means no closing.  This has been the most insane 2 months of my life.  I thought the stress of planing a wedding would be bad.  Here are some tips I have learned that hopefully will help you.

1. Don't do it while you are pregnant.  I honestly can not stress this enough.  You can't nest because you are moving/packing.  You also have extra hormones which will make you more emotional.  Its just a bad mix.  Don't do it.

2. Make sure you have an AMAZING and fantastic real estate agent.  We were blessed with a family friend who I have known since I was 5.  She knows the market where we are well (been here 20+ years), is on top of everything and we can trust her.  TRUST is huge.  Do not use the selling/listing agent.  Get you own and make sure they are willing to fight for you and earn their commission, not just do the minimum.

3. Take meticulous notes.  Write everything down.  Who you talked to, what they said and when it happened.  Most things can be done in email these days which is great because it leaves a paper trail.

4. Do all paper work immediately.  Yesterday I got two documents from our escrow agent at noon.  We had them signed and walked into the office by 3:30pm.  The faster you do your job, the sooner others can do theirs.

5. Be prepared for setbacks and disappointments.  Don't assume that when you sign a purchase agreement for a house with a close day of 30 days out, that you should immediately give your current landlord 30 days notice.  Had we done that, we would have been in big trouble.  Things always come up and go wrong, don't expect that your 1st close date will be when you actually sign papers.

Bottom line.  Expect the unexpected, and try to roll with it.  Even if it is killing you, and you just want it to be over.  Eventually it will be even if it takes an extra 6 weeks longer than you expected.