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REAL ESTATE: THE CLOSING PROCESS

Closing a home. Closing information from Bruce Clark, Irvine Realtro. Southern California homes, condos, investment property, office buildings, business opportunities and raw land. Orange County real estate investments.

Closing on a house - a very exciting time for all! Closing on a house is the culmination of many events: the offer, counter offers, negotiations, loan application, inspection, appraisal, request for repairs, insurance, repairs, loan funding, then recording the deed of trust. The house is closed on when the deed of trust is recorded (called recording). Just before recording, the loan is funded. The reason the loan is funded just before recording is so that the new owner doesn't have to pay any unnecessary interest charges. Many times, loan funding will hold up recording; if this occurs, don't panic - call your Realtor, as they will have been in touch with escrow and updated on the status of funding.

Once recording occurs, the Realtors are notified by escrow, who then notifies the buyers and sellers. Congratulations - you have just bought or sold a house! For the new owner, there are a few more documents to review and sign: one will be the key receipt. What, and how many, keys are received is important to document, especially when it involves common area keys (pools, community rooms, etc.). These keys can cost upwards of $200 and, if they need to be obtained, can take a couple of weeks. If these keys are not forthcoming, the buyers' agent needs to confirm with the sellers' agent not only that they will be forthcoming (as it was probably represented as such by the sellers' agent earlier in the escrow), but confirm the day in which to expect them. If necessary, the buyers' agent can even go so far as to request that the seller reimburse the buyer for the key(s) so that the buyer can request them from the responsible parties.

After closing, be certain to check your closing statement (sent by escrow) and your lenders Good Faith Estimate. The Real Estate Settlement Procedures Act (RESPA) allows the borrower to request to see the HUD-1 Settlement Statement that shows all actual charges imposed on borrower in connection with the settlement one day before the settlement, so you will have already received a great amount of information on the fees and charges you are paying to buy or sell the property. If you see a charge or fee that doesn’t look right, give your lender or escrow a call. (Note that the closing statement as issued by escrow is a series of debits and credits: by law, they must add up perfectly. That is, the debits must equal the credits to the penny. If you have questions about the closing statement give escrow a call first then, if you still have questions, call your Realtor.

It is a very exciting time, buying or selling a home. I look forward to the privilege of reprensenting you. Please don't hesitate to contact us with any questions you may have. Good luck in all your real estate endeavors!

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Had income reductions, maybe a job loss or unexpected medical expenses - and now the bank is threatening to foreclose? What does that mean for you, your family, your children, your job - your future? Will you ever be able to buy a home again? How badly will it affect your credit, your ability to rent a home, and is there an effect on job opportunities?

These are questions many homeowners are facing in this global economic disaster. Who can you count on? Where can you turn for accurate and trustworthy information? What resources, if any, are there to help you and your family through these challenging times? The Clark Group of Coldwell Banker has a core team of California Association of Realtors who are Certified Short Sale and Foreclosure Resource (SFR) specialists who have teamed up with experts in real estate law, tax solutions, credit repair, bankruptcy law and more.

Many homeowners are not aware of all the options available to them: we see far too many foreclosures, many unnecessary, as the homeowner could have possibly prevented foreclosure in more than one way. This is why we are putting on these free workshops in Orange County: to educate the public about their options, both short term and long term.

More Free Homeowner Solution Workshops Being Planned:

Not able to attend one of our free workshops? Call us at 949-285-1207, email us, or sign-up for our mailing list for notification of all upcoming events, to reserve a seat at one of our free homeowner workshops, or to set-up a Private Consultation. Always seek legal counsel and a tax opinion before attempting to pursue a short sale. A real estate agent cannot give you legal or tax advice.

Reasons to Avoid Foreclosure:

Articles of Note:

Here are articles and websites dealing with short sales, mortgage fraud, loan modification, and deficiency judgment that we found very informative:

First thing you should do if you are in danger of missing, or have missed, a loan payment, is contact your lender: most lenders have programs in place that might be perfect to help you. Also, early on in the potential foreclosure process, all homeowners should not only contact an attorney, but also research all potential guidance and assistance available from the government, including the U.S. Department of Housing and Urban Development (HUD). HUD's Guide to Avoiding Foreclosure may be particularly helpful. HUD's toll-free telephone number is (800) 569-4287. Not all homeowners, however, can qualify for certain HUD programs.

Read more  |  Workshop Information  |  HUD Info.

Foreclosure Process

Mortgage default: what to expect next:

30 - 60 days: Technically, after being more than 30 days late on a mortgage payment, the borrower is in default. Lenders may not contact you until a second payment is missed, but it is common that lenders report the first late payment and every subsequent delinquent payment to the credit bureaus.

61 - 90 days: Loan servicer notifies the borrower that they are in breach of the loan agreement and may file a "Notice Of Default" (NOD).

91 days to one year: Lender sends out a NOD and, after an additional 90 days has elapsed, a "Notice Of Trustee Sale" (NOTS), which sets a sale date for the property (auction). Note that the lender does not have to wait any particular time period to foreclose on the home and sell it at a trustee sale (auction), but it is typical for there to be a 21-day period after receipt of the NOTS to allow the borrower to reinstate the loan.

>>> Click here for a chart showing the California Foreclosure Process.

Experience Makes All The Difference

If you are experiencing issues with regard to your Orange County home, the Clark Group can help. Call Bruce Clark at 949-285-1207.

Issues With Your Home Loan:

WoodburyAgent.com: Don't let them foreclose on you.If you, or anyone you know, have questions about the Orange County real estate or mortgage markets, or are experiencing issues with regard to your home, the Clark Group can help. Call Bruce Clark at 949-285-1207. With the myriad of options a homeowner is presented with now, more than ever, one needs a team with the experience to navigate through the process. All information is held in the strictest of confidence.

If you are in foreclosure, we suggest your first call should be to your lender to inquire as to the availability of any loan workout programs. This could involve a modification of the loan, a loan forbearance, or even a reduction in the principal amount owed. If your lender does not any of those programs in place, or you don't qualify, we suggest your second call should be to the Homeownership Preservation Foundation at l-888-995-HOPE. They are an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. Their services are free of charge.

There are many more resources and programs being made available by both lenders and the government; Call Bruce Clark at 949-285-1207 to find out more about what options could be available to you. Also, don't forget that we offer free Orange County homeowner solution workshops. All information is held in the strictest of confidence.

Sign-Up For One of Our FREE Homeowner Workshops:


    







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