One of the most confusing items for first time homebuyers is the escrow concept. I recently had a real estate deal fall apart because of a mis-communication between the buyer and the mortgage loan officer. It wasn't anybodies fault it was just that everybody didn't understand fully what was going on.
Here are some articles on escrows so you can understand them better.
What are escrows and mortgage explanations
Home buyer money checklist - How much money every first time home buyer needs for closing
What is a FHA loan and FHA mortgage explanation
If are a first time home buyer there are a lot of things you have never heard of, or seen before. If you don't understand something give me a call or email me. Even if you aren't my client I will try to explain what you don't understand.
After all a home purchase and the mortgage is one of the biggest purchases you make in your life. So don't be afraid to look stupid because you aren't. You just haven't done it before. Ask the question and keep asking the question until you understand it.
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~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
It's best to clear these things up at the initial consultation. I make a point of talking about escrow and home inspection. I make it clear that after a home inspection, we are not making a list of cosmetic things that need to be fixed. If the carpet is stained, consider that at the time of the offer.
I'm with Linda on this one. There's no excuse for an L.O. not to communicate escrows to a buyer.
There's a similar problem with tax prorations. I see a lot of competitor Good Faith Estimates that only have the escrows on them. L.O. expects a buyer that only goes through the purchase process once every 5-7 years (on average) to remember there are prorations due at close!
It's madatory on my team that 13 months of property taxes be on every purchase GFE:)