Life in Walnut Creek, Lafayette and surrounding areas: What is an Escrow? Well...it's kind of like the three trimesters of pregnancy!

Congratulations...you've tested positive!  Your offer has been accepted, you're expecting a new home and you're now in escrow!  So what exactly is an escrow?  This is a question many First-time Homebuyers ask as they're new to the home buying process.

Well, it's kind of like the three trimesters of pregnancy.  It's a process you go through from inception of an accepted contract to the delivery of your new home. 

First Trimester (Days 1-17):  You just found out your contract was accepted and you're expecting the delivery of your New Home soon!  You've been planning for this special moment for a long time and now that it's becoming a reality you have all sorts of feelings and 'to do' lists hitting you at once.  You're happy, excited, scared and feeling a little overwhelmed because there's so much to do in such a little amount of time!  Well, contain yourself and take some deep breaths because these first seventeen days are crunch time!  You will be performing and reviewing all your investigative inspections, getting any remaining loan documentation needs to your lender, reviewing disclosures about the property, getting an appraisal...just to name a few!  Just like in pregnancy...this first trimester is dependent on whether or not this new bundle of joy is meant to be!  Don't worry...think of me as your birthing coach and I'll be there to guide and consult with you every step of the way.  Also, don't be alarmed should you feel a little morning sickness!  It's pretty natural and it will go away!

 Second Trimester (Days 18-28):  This is a lull time in which you will just be monitoring your progress.  Things have definitely calmed down and you will get some of your drained energy back.  This would be a good time to start packing up those items you don't use everyday.  Make arrangements with movers/friends for your big day.  Some things will come up that need your attention, but hopefully nothing too alarming.  Practice those Lamaze breathing techniques...to calm yourself and to prepare for that last trimester!  By the way, that morning sickness should have gone away...yippee!

Third Trimester:  (Days 29-40):  You're coming close to term and all last minute details need to be addressed.  Your lender is packaging your final loan documentation and communicating with the Title and Escrow Company.  Once all the conditions of the loan requirements have been met, your lender will have you come in for what we call 'the signing'.  This is usually the last 3-5 days before the 'birth' of your new home!  Exercise those fingers or you will cramp up from all the signatures you will provide!  Don't worry, an epidural won't be necessary in this labor...it's not an unbearable pain!  Once that's done, the loan documents go back to the lender and they do what's called 'funding' the loan.  Once the lender has 'funded', the following day (usually) is when the Title Company goes to the County to record the new deed into your name.  Once that is officially done...Congratulations...we have a successful "close of escrow"!  You did it and you are now the proud owners of your new bundle of joy!  As your birthing coach, I get the pleasure of delivering to you the keys to your new home!   

 (This is based on the scenario of a California, 40-day escrow...which is typical in today's market on a financed loan).