What does closing in escrow mean? – Metro Detroit real estate
| Here is what closing in escrow means. There are several reasons why a closing has to close in escrow.Sometimes the foreclosure bank has not signed the closing documents. Sometimes the mortgage bank has not sent the money to the title company. Sometimes the title company has not gotten authorization to fund the loan. Most times it is just a formality and a matter of time before the closing is complete. Sometimes it happens the next day. Sometimes it is just a few hours. But when a house has to close in escrow it means it is not a legal done deal yet. (Relax though I have never heard on one falling apart) What it does mean is that the buyer does not get keys to the home. They can’t take possession of the home yet. So once all the papers are signed or the authorization to fund and the money is in the title companies account then the deal is done. The buyer gets the keys, the old mortgage company gets paid off and the deal is done. It is officially your house. I hope this explanation of what “closing in escrow” helps you understand what is going on. Comparative market analysis (CMA) Metro Detroit real estate explanations [wnt_grid keyid=”1″ title=”Foreclosures & homes for sale in Westland 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=”150000″ max_price=”1000000000″ listing_status=”Active” county=”Wayne” city=”Westland” /]
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