Escrow is officially closed when they receive confirmation from the title company of name change to new buyer and when funds have been released to seller.
Escrow closed July 31, 2012 and since then I have been working out the details with my contractor on how I want the property to be remodeled. Honestly, it's not too exciting once you cross the bridge from being in escrow to being a homeowner. Don't get me wrong, it's exciting, but I've been excited ever since my offer was accepted and throughout the process the "excitement" died out.
The feeling is more like "finally!" My loan process lasted 60 days and it's not over yet... I still have to wait another 60 days for my contractor to remodel the homes. Once he completes the work, I will then be extremely excited. As mentioned previously, this property was an REO and hasn't been cared for for almost a year now. Windows are broken, garage was being converted into living places, my kitchen has no sink, faucet, cabinets, and let's not talk about the 80's tub that still sits in my ugly bathroom. With a 203K loan, the process doesn't stop when escrow closes, it ends
when the draw center has disbursed the last payment to the contractor
after his work has been inspected by the bank and city ...I can't wait to see how my house is going to look when its "move in ready" .... now this part, is exciting!!
It's all process, but I'm glad to be in this process than no process at all! It's a big achievement and I'm extremely proud of myself and all the people who made this dream come true. I am looking forward to the day I can move in and enjoy my purchase! I'll be posting pictures of the home and show you before and after pictures. Soon you'll be able to see the beauty behind this diamond in the making... Go and find your treasure today!
I dare you