Tuesday, July 24, 2012
What Happens A Few Weeks Before Close of Escrow
A lot of excitement and a little bit of stress as time is of the essence and everyone is running around to get everything finalized and ready for funding!
Okay, if getting a house isn't stressful enough, imagine your loan officer telling you that they found a tax lien and a judgment against your contractor just a few weeks away from close of escrow!!
Last week, the bank called me to request letters from my contractor to justify the tax lien and judgment he had against him!! When my loan processor told me this, I freaked out! This was coming in a few weeks before close of escrow and of course I thought the worse. If my contractor isn't validated, I would need to go searching for another contractor that can match my budget and have him fill out all the paperwork, all in a few weeks.
It is so important to get a responsible and reliable contractor for a 203k loan. Luckily, my contractor was responsible to write a letter of explanation for the tax lien and judgment that was requested by the bank in a timely manner. We had to wait two days to hear back from the bank with a "your contractor should be validated just fine."...........Finally, I can breath!
Now that oxygen is running to my brain, I can process that I'm soon going to be a homeowner and a landlord!!! I'm so excited!!!! I feel like I was finally able to reach such a big dream of mine...
This is it a few weeks before close of escrow .... contractor is going to be validated just fine, I satisfied all contingencies, property has been approved, and now, we have to wait for the final decision! At this point, I just want everything to be over already, it's been more than months and I'm hoping my next blog will be titled "I AM A HOMEOWNER!!"