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da_hal | Buying a house questions? |
1. What is "escrow" and how long does it take?
2. Usually, how long does it take to purchase a house before you can actually move in?
3. Generally, how much are "closing costs" and other related fees outside the actual cost of the house?
thanks in advance
Additional Details
Jessie_P, so start to finish, how long did it take you? |
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mrdankeschoen
|
1. There are two terms of "Escrow" used when talking about Real Estate.
a) Is a monthly payment that is set aside in an interest bearing account to pay your annual taxes and insurance. The payment is usually collected by the mortgage provider and dispersed when payments are due.
b) Directly related to your question - Escrow is a neutral 3rd party that handles the dispersement of funds to the appropriate parties in a Real Estate Transaction. The process will vary from State to State. In California Escrow is usually handled by the title company. They will coordinate with the buyer, seller, their real estate agents and mortgage companies to prepare the appropriate paper work to complete the transaction.
1.1. Escrow is typically 30 days for an existing home. I have closed escrow in as little as 4 days. The main determinate in the length of escrow is the ability to complete all the necessary inspections, surveys and appraisals. When purchasing a newly constructed home Escrow will last until the home is complete.
2. You can move in once the loan you used to purchase the home has recorded with the county. This can be the same day in some counties but others can be up to a week. Check with a local title company or Real Estate attorney for estimated times. Keep your moving schedule flexible. I have seen many folks plan a move right on the estimated closing date only to have the closing delayed.
3. Closing costs will vary depending on your purchase price, loan amount and types of financing. Here is a sample of estimated closing costs for the purchase of a home @ $500,000 financing $400,000
Lenders fees $1050
Appraisal $375
Home Inspection $350
Title and Escrow $3500
Recording Fees $100 * vary by county
Misc Fees $500
Some counties and states have additional taxes associated with a Real Estate transaction. Contact a mortgage or Real Estate professional in the area and have them provide you with a Good Faith Estimate (GFE) - While the numbers may not be accurate, it will give you an idea of some costs involved. I recommend you have at least 2% of the purchase price available to cover closing costs and you should have a reserve of 6 months of mortgage payments. Remember you will need to probably buy new furniture and window dressings.
~Danke Schoen |
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CAS
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Escrow is actually a neutral party to the purchase transaction that handles all the documents and recording for the sellers,buyers,lender and title companies. escrow time frame is dependent on what is negotiated between the buyer and seller. typically is 30 days. Move in is usually the day after escrow closes.
closing costs depend on your purchase price and type of financing you are obtaining. |
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theeconomicsguy
 |
1. Escrow is money that is set aside for property taxes and insurance.
2. It depends. If you are already approved for a mortgage, that will greatly reduce the time. I would expect between 1-2 months if there is no current occupant that is going to have to move.
3. Closing costs vary. You may be able to negotiate with the seller for him to pay some of them. You will get a good faith estimate from your lender, although that isn't necessarily going to be exact, but it should be close. Good luck with your house. |
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pinkstealth
 |
Some of this will depend on the house.
Escrow is the money put aside for taxes and insurance. We always did our own. Some mortgage companies do it for you.
I bought a house and moved in in 2 weeks. It depends on how long it takes to get your loan approved. Mine was approved over night at the BANK. Not a loan shark.
Closing costs, points, interest rate. You have to check with who is loaning you the money. |
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Searchlight Crusade
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Escrow is the process by which both parties to a contract live up to it. The escrow officer stands in the middle, and makes certain the terms of the contract are adhered to, and everybody gets what is their due under the contract.
Escrow should not take more than 30 days if your agents and your loan officer have it together.
Closing costs are the costs of doing the loan, as well as things like preparing the deeds, transfer tax, etcetera.
More here on loan closing costs
http://www.searchlightcrusade.net/posts/1122472894.shtml
http://www.searchlightcrusade.net/posts/1139580907.shtml |
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Shannon T
 |
Check out sites like remax and century 21 they have information on them for first time home buyers |
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lolitakali
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a month ... and depends on how much the real estate agent charge!
like 5%? |
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nelson_devon
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Escrow is used to pay taxes and insurance. It is to make sure you don't lose the house in the first few years. If you get a new house you won't have to wait for anyone to move out so move in times vary greatly, but plan on a month or two. Closing cost are around $5000 to $10000 probably, but again this can vary greatly. |
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Jessie P
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1. If you can handle your own escrow, do it. I can't stress this enough. If the mortgage company handles your escrow account, they will find a way every year to make sure it's short. They will say that you have too little money in after your taxes and insurance are paid, and that the cushion needs to be so much. Then your mortgage payment goes up. It's crap!
2. I took possession of my house the DAY I signed the papers.
3. I had to pay something like $2800 for closing costs, not counting the down payment. |
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