Buying from Seller? - Posted by Ken

Posted by ken in sc on March 19, 2004 at 06:57:14:

The title company, escrow company, or lawyer who is doing the closing performs two things. First the close the transaction which is detailed on the contract. Second, they close the loan. They can certainly start on the first part while the loan is in process, but cannot start on the second until they get a “package” with closing instructions from the lender. Typically the lender orders the appraisal unless they tell you to do so.


Buying from Seller? - Posted by Ken

Posted by Ken on March 19, 2004 at 06:40:37:

When you buy from seller I wanted to be clear on the steps and who is responsible for what.

Once contract is signed, it goes to Title Company and Lender. What happens from there? Does Title company wait to hear from lender before doing anything? Does lender notify buyer that everything is ok and buyer sets closing date? How long is typical for this process?

Also, regarding appraisal…at what point does appraisal take place?