What is the escrow closing process in Oahu? Hi everyone, my name is Fawn Bertram, an agent in Ewa Beach, Hawaii with Homes by Fawn and Hawaii Life Real Estate. Let’s talk about what’s happening as we prepare for the closing with escrow.
After inspections are done, we wait for the mortgage lender to give us the “clear-to-close.” This means the mortgage underwriter has officially approved all documentation required to fund the loan. All that remains now is the actual closing process.
Here’s what’s going to be happening while we wait for those magic words:
Appraisal: The goal of the appraisal is to verify the value of the property for the lender and to protect you from overpaying. The contract is contingent upon whether the appraisal comes in at or above the purchase price. If the appraisal comes back short, we will be back to the negotiating table.
Survey: The survey is a sketch showing a map of the property lines/boundaries among other things. The survey will show if there are any encroachments on the property.
Title: The title company will conduct a title search to ensure the property is legitimate and find if there are any outstanding mortgage liens, judgments, restrictions, easements, leases, unpaid taxes, or any other restrictions that would impact your ownership associated with the property.
Next week, we will talk about what happens on closing day!
Want to Know More?
If you’re up for the challenge, just click the link here to receive the guide: 90-Day Digital Guide
This guide will walk you through the home buying process and what you should do now to plan for the future. If you’re not ready, that’s fine as well. This 90-Day Homeowner Challenge starts when you’re ready. It can be now or a year from now. All you have to do is click on the link for the challenge, and you’ll be all set.
Let’s Do This!
Ready to start? I can’t wait, let’s do this! Do you have questions? Please email me at email@example.com or call/text at 808-439-1077. I am so excited for you to start on your 90 Day Homeowner Challenge. This is going to be great! Looking forward to helping you on your journey to homeownership. I’m Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. I’m here to provide you with a smarter approach to real estate. Make it a great home buying and selling day.