WHEN do you get keys???

by | Dec 20, 2015 | Real Estate | 0 comments

Upcoming Free (& non-promotional) Home Buyer Classes: 

Saturday January 9th , from 9am-12pm (ish)
Marshall Community Center, conference room
1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Thursday night, January 14th , from 5pm-8pm (ish)
Marshall Community Center, conference room
1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, January 23rd, from 11am-2pm (ish)
Vancouver YMCA, conference room
11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave)

If these class dates and/or times don’t work for you, please let us know.  We understand that you have lives, and families, and work.  We will work something out that works better with your schedule.  Just let us know….
….we also have home seller classes available too…link on left on website

Remember…with reservation…we will throw in lunch, or dinner!  😀
Hi!  Happy Sunday afternoon, and Merry Christmas!!  🙂

Thank you everyone who came to the 2015 Winter Client Appreciation Event yesterday for Star Wars: The force awakens. That was a BLAST, and the movie was fantastic!!   Seriously, if haven’t seen the new Star Wars yet, and you liked the originals….GO SEE IT!  We love hosting the client appreciation events. I think next spring we are going to try something different though… we are thinking about having 2 smaller events. This would be offering everyone a choice of a movie event….a family movie (G rated Pixar/Disney), or a ‘date night’ movie…(PG/PG 13 maybe Batman vs Superman). Whereas Star Wars we had seating for 400, and FILLED it (wow!), these two movies next spring would be about 150 in each theater so a bit smaller venues.  Thoughts?  We do these for you, so I would be interested in your feedback.  🙂
grin emoticon

That being said…. I received a text that the led light inside the little lightsabers got too hot on one of them. The little light sabers were purchased from Oriental Trading, Co, and we don’t want to take any chances, so please take out the batteries (they’re brand new duracells). Use the batteries for your christmas presents this week,and please THROW the little lightsabers AWAY. I have only had the one text, but as always, better safe than sorry….

Ok….on to this weeks home adventure topic….WHEN do you get keys?

As I say in the home buyer classes, real estate in Washington state is NOT like HGTV.  You do not get to sit around a table with the sellers to sign documents, and then immediately get keys.  Washington tends to be more conservative when dealing with the transfer of property.  In October of this year we also had new rules (TRID) implemented which changes it up a bit more.

Once the appraisal has been completed (remember, you won’t be at the appraisal and neither, most likely, will your agent as we are not ‘supposed’ to have contact with the appraiser), the appraiser will turn her/his appraisal of the property you are buying into your lender.  Your lender will send you a copy of the appraisal.  Assuming the appraisal comes in at purchase value (or more), and the appraiser calls out no other repairs, your lender will send your completed file to the underwriters.  The underwriters will look over your file and most likely, come back requesting more, or updated, information.  You, the buyer, will provide that information to your lender (even if you have already given it to your lender 2 or 3 times before…it’s crazy, we know), and your lender will send that information to the underwriters for review.  You are in final underwriting. At this point the underwriters ‘should’ come back with (hopefully, if you did what you were supposed to, and your lender did what they were supposed to) an approval.  At this point, your file should go to the closing department for docs…you’re almost there…kind of.  Docs take around 24 hours as you go in a que where everything has to be looked over…again.  The new law states that you, the buyer, must receive a copy of your loan information to review for 2 days before you can sign so you will get an email.  You must open this email AND acknowledge receipt by actually going through the email and responding accordingly.  IF you DON’T do this, then you can’t sign to close on your home.  The new law means YOU MUST do this.  Once the 2 day waiting period has passed (remember you opened the email and acknowledged receipt by following instructions), you can sign at the title company.  The title company will call you for an appointment to sign WHEN THEY GET THE DOCS.  The title company won’t set up an appointment until they get the docs from your lenders closing department.  The title company will also let you know how much money (if any) to bring to signing.  This money will need to be in the form of a cashiers check made out to the title company, and don’t forget your state ID or license, and one other form of ID.  

 At the title company you are signing for acceptance of the loan, and the property.  Once you have signed, you will receive a copy of everything you have signed….and be sent on your way.  YOU ARE NOT DONE YET…..do NOT go buy anything for your home yet.  JUST DON’T DO IT!   The sellers will sign separately, releasing interest in the home.  

Once you, and the sellers have signed, all the documents go back to the underwriters for review. The underwriters can, at this time, pull credit, check jobs, ect, and they will look over the file again.  Once they have approved your file, and the closing documents, the underwriters/loaning company will approve funding.  At this time your lender may call you to congratulate you, but yeah….you guessed it, you STILL aren’t done….yet.  Once your loan has funded, the title company now has the ok to send your file to the county for recording.  Recording happens at the county courthouse (monday through friday) around 11am & 4pm.  If your funding happened before 1pm, you could record between 3pm-5pm that same day….but if it happened after….it could be the next day either in the late morning, or afternoon.  Once the county records the property into YOUR name…this is closing.  The title company will contact your agent to let us know it has recorded, and we will call you to set up a time to get you KEYS!  This is closing….the property is now recorded, with the county, in your name, as the new homeowner.  NOW you can go shopping!  😀

From signing to getting keys is about 1 or 2 business days.  Sometimes it can take longer, but that is because there is something else going on there….work to confirm repaired?  Or wanting to close on a certain day?  Once you sign though, those docs are only good for a short window of time…usually only a couple of days.  If you don’t record in that period of time…all bets are off…and you go back to getting NEW docs.  No one likes that…  

There is so much happening behind the scenes that you are usually not aware of.  There are 28 people involved in the purchase/sale of a home…some like you like your lender, and your agent…and some are gremlins who live under the banks…  *cough* underwriters *cough*  The key to remember is that we all work FOR you.  Questions?  Please contact me anytime…  🙂

Information is power, and I hope that I am able to help you.  Good luck, and as always…May the odds be ever in your favor out there….  AND If you are looking for a real estate agent, I would love to be able to help you.  
As always….this is just a quick overview…. please remember that your agent, and your lender work for YOU.  You drive the bus…we are merely GPS to help you get to your goals.  Like the classes, this weekly blog email is to help you with your home adventure.  The goal is to be informative and non-promotional.  🙂  We are, however, hoping you will call and want us to help with your adventure.  

If you have any questions about this, or something you have heard…or if you would like me to help you with your home adventure, please call, email,  text, or facebook me anytime.  I am, as always, happy to help!
Thank you again for your business and your referrals!!  …and thank you for referring these classes to your friends, family, and co-workers. 
 .   ..disclaimer…if you have already purchased a home, or would no longer like to receive these emails, please let me know and I will be happy to remove you from any further mailings… 
 Upcoming Topics:  Septic vs Sewer & What is ‘escrow’?  

Last Week:   Homebuyer FAQ’s…  Starting point or refresher                    
Have a great day, and I will talk to you soon,

Tracie DeMars / Realtor

ReMax Equity Group
License# 81289
Vancouver, WA

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