What does closing in escrow mean? – Metro Detroit real estate
| So there is a hiccup at closing and you need to know what “closing in escrow mean? The main reason forclosing in escrow is the buyer’s mortgage company has not sent the money yet. Many times the documents come to the title company late. Many times the lender has to approve something before they send the money for the loan to the title company. So if the documents aren’t approved in a timely manner the money doesn’t get sent until the last minute. The lender wires the money to the title company. I think there is a black hole between the title company and the lender sometimes because the lender says they wired it but the title company doesn’t have it. So the loan cannot close. So we “close in escrow“. That means that the sale is not final yet. The buyer normally will not get keys until the money arrives because they don’t own the house yet. The seller has not gotten their money. Everybody is in limbo. I have always closed a house after we close in escrow. The money arrives. It may take 24 hours for it to show up, but it does show up. Livingston County Median Homes Sales Prices Buying Metro Detroit Investment properties Great home deals. 1600 square foot colonial for $64,000 [wnt_grid keyid=”1″ title=”Homes for sale in Wayne County MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”500000″ max_price=”550000″ listing_status=”Active” county=”Wayne” /]
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