Boise Housing Market News and Information

A few months back I posted a couple videos, “Understanding Title Insurance” and “Understanding Escrow“, where my friend Lisa explained the role of Title Insurance and Escrow. But what about “closing”, what should you expect at the closing table?

For that I called on my favorite Escrow Officer, Kelli Williams of Title One Corp, to help set your expectations of what you, a buyer or seller, should expect at the closing table.

What Should I Expect at Closing?

Q: What should a Buyer or Seller expect at Closing?

A: Closing is what we have all been working toward; its where all the pieces finally come together. The Title Officer and Escrow Officer have been working behind the scenes to put together all the needed paperwork for the buyer and seller to finally “sign on the dotted line”.

Q: What do I need to bring to the Closing?

A: For starters yourself! And a photo ID will also be needed. If you are required to bring funds to the closing you’ll want to bring that as well. Cashier’s check works best, but we can also accept a personal check from a local bank or credit union. However, we can’t take cash or credit cards or even checks drawn on a line of credit!

Q: Will I get the keys when I come in for the Closing?

A: Great question! No, you will not receive the keys at the closing. We actually still have quite a bit of behind the scenes work to get done. We need to make sure the buyer’s loan funds and we have to pay off the seller’s lender and then we have to record the documents! You’ll get your keys after the transaction is funded and recorded. I will contact your Realtor to let them know when you can pick up your keys.

The Wrap Up

Closing is an exciting time! Thank you Kelli for your time!

I have no clue what she is telling her. Honest.

As a real estate agent, and a Realtor, you know I act as your advocate in your real estate transactions. Something I think I do quite well.

But as a real estate agent, I’m also a salesperson who wants to make a living for my family. I know, who knew this money thing was so important?

And its out of this function as a salesperson that these “uncomfortable truths” originate.

Drum roll please…

1. I (Probably) Don’t Know the Answer to That

Everyday I’m asked a multitude of questions. And surprisingly few are actually real estate questions. Lending question, zoning questions, legal questions. Check. Questions about the home’s quality, about if the home meets “code”? You bet.

But truthfully, I don’t know the answer. And if I’m serving you well, I’ll tell you that.

What I can tell you is how the market is doing. I can look up sold homes in neighborhoods for you and give you an opinion on what’s happening in a specific neighborhood. I can teach you about how short sales work and how they are different from bank owned properties. I can explain the purchase and sale agreement we use to make an offer. And I can refer you to experts in other fields I know who handle those other things. And hopefully that’s what I do.

2. I (Honestly) Don’t Want You to buy a Short Sale

I know. We look at a lot of homes. Many of which are short sales. But I always hold my breathe when we go see that short sale, hoping you don’t fall in love with it. Why? Because there’s nothing short about a short sale. Its going to take forever! I’ve explained that to you, and you say you understand and that you aren’t in a hurry, but after waiting 90 days for the bank’s approval with still little word (I’m looking at you US Bank) you are beginning to wonder if I’m doing everything in my power to make sure you get this home.

I am. Honestly, I am.

But you’re beginning to realize you could have bought something else and already be moved in! And the truth is, when you said you weren’t in a hurry you actually meant, “I don’t want some salesman to push me into buying the first home we see”. And so here we unhappily sit, waiting, waiting, waiting for a bank.

In Boise, among single family homes, short sales are 28% of the total market. That’s a lot of homes; so a short sale might end up being the best option for you, just be honest if you aren’t okay waiting MONTHS for it. And I promise not to hard sell you on something you don’t want.

3. I (Desperately) Want You to Listen to Me.

I do. I want you to take my advice. Of course, I can’t make you. And you are free to do as you see fit. But the truth is I want you to take my advice. Its dangerous, I know.

But when I suggest a lender or a home inspector or a contractor its not because I get some kick back from them. Honest.

Its because I’ve built a relationship with them over the years. I know them. I know how they do business. And I know you’ll be taken care of.

That friend of your aunt’s friend who lives here in Boise? I don’t know them. I probably haven’t done business with them.

See, buying or selling a home is a stressful event. Even the smoothest transaction is a minefield of pitfalls and hiccups. You want–scratch that–you NEED a great team around you to make it happen! So take my advice. Call the people I suggest. I’m looking out for you and me. Our interests are aligned!

OK, so what did I miss? I know you’re thinking it. I missed…