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When should I sign the escrow paper?

The listing agent gave me a copy of sale escrow paper to sign (about 10 pages). It including statement of information, preliminary change of ownership request, insurance information request, and a lot more details such as liquid damage, tax information, termite, etc.. In the  meanwhile, I have not heard anything from the bank to accept my offer or not (this is a short sale and I am dealing directly with seller agent). I am confused and asked her but she did not explain it to  me very well.  Can anyone give me some inputs what to do? I already deposit a $5000 check and it cashed out couple weeks ago.  Thanks so much.
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November 24 2010 - Casa de Santiago
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Answers (2)

Kyle -

It is not uncommon for a bank owned property to supply escrow documents at the time they receive the ratified contract.  Typically this is because the escrow company is not a local company and the buyer and seller will not be sitting down in an office to sign.  Escrow by mail order.

Ultimately, these are the forms completed prior to the close of escrow.  Even with the company is local and buyer, seller go to the escrow office to sign, these forms are normally completed ahead of time.  This gives the escrow company time to double check the file and have any missed signatures signed before the 12th hour.

I do not normally see escrow companies send these out until they have a ratified contract.  I certainly would not rush to complete them and return them if you, yourself do not have a ratified contract from the seller/owner of record.

CJ
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November 25 2010
Kyle, this is why buyers need their own agent instead of just working through the listing agent.  If he or she is not forthcoming with the information you need you'll need to seek help elsewhere.

Do you have any friends or family members that can recommend a real estate agent to you?  It's too late for them to be involved in this transaction but if they may be willing to talk to you and educate you on the process as a favor to whomever referred you.

Definitely keep asking questions BEFORE you sign any additional documents.
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November 24 2010
 
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