In escrow? Avoid doing these 5 things

Once you're in escrow to buy a home, it's an exciting and crucial phase in your home-buying journey. However, it's also a period where you should exercise caution and avoid certain missteps that can jeopardize the deal. Here are five things you should never do once you're in escrow to buy a home:

1. Make Significant Financial Changes

One of the most common mistakes is making significant financial changes during the escrow period. This includes opening new lines of credit, making large purchases, or changing jobs. Lenders carefully review your financial situation before approving a mortgage, and any changes can impact your eligibility or loan terms. It's best to keep your financial status stable until the deal is closed.

2. Skip the Home Inspection

A home inspection is a crucial step in the home-buying process, and we discourage skipping it. Even if the property appears in good condition, an inspection can uncover hidden issues that may affect your decision or provide an opportunity to negotiate repairs or a price reduction. Skipping the inspection can lead to costly surprises down the road.

3. Neglect Due Diligence

In addition to the home inspection, due diligence is essential. Don't neglect the research and investigations needed to ensure the property and transaction meet your expectations. This includes reviewing HOA documents, zoning regulations, and property boundaries. Ignoring these details can lead to complications after closing.

4. Miss Deadlines or Fail to Communicate

Escrow involves a series of deadlines for various tasks, such as providing earnest money, completing inspections, or obtaining financing. Failing to meet these deadlines can put your earnest money at risk and jeopardize the entire transaction. Communication with our team and the other parties involved in the transaction is vital to ensure everything progresses smoothly.

5. Neglect to Prepare for Closing Costs

Closing costs can be a significant financial commitment. Neglecting to prepare for these costs can lead to last-minute financial stress. Make sure you understand the closing costs you'll be responsible for, and have the funds readily available. A sudden financial shortfall can delay the closing or even cause the deal to fall through.

In summary, once you're in escrow to buy a home, it's crucial to be cautious and avoid these five costly mistakes. Keep your financial situation stable, ensure you have a comprehensive home inspection, conduct due diligence, meet all deadlines, and be prepared for closing costs. By staying vigilant during the escrow process, you can increase your chances of a smooth and successful home purchase. Rest assured, we will guide you every step of the way.