Often, I hand out printed copies of my home buying process article to first-time home buyers in Sacramento when we first meet. It walks buyers through 18 steps, from hiring a buyer's agent to closing. I suspect they read through step 17, and then jump back to step 3: looking at homes for sale. Because searching for a home is a lot of fun.
Well, I think so. Some buyers may disagree with me. I love to look at homes. Not all buyers enjoy that part. Not every buyer wants to trudge through foreclosures, interrupt short sale sellers during dinner or stand in the pouring rain while their agent frantically searches the bushes for the hidden lockbox.
Buyers then get caught up in the entire home buying process -- selecting a sales price, negotiating the offer, getting a mortgage. If they don't remember to ask when they get the keys, I explain it, but still, sometimes buyers think they get the keys when they sign their loan documents. I don't know about other agents, but the highlight me for as a buyer's agent is handing over the keys to the buyers.
If you are a Sacramento home buyer, generally you will get the keys when your agent has received confirmation that your transaction has recorded, meaning when the deed from the seller to you, and your trust deed, has been stamped and placed in the public records.
It's not simultaneous, of course, but if you read your contract, down at the bottom of the first page, it should say when possession occurs. On my contracts -- knowing that we might have an afternoon recording, as opposed to a morning recording -- I make the time 5 PM. That's because even if we do a "special recording," I know I'll receive confirmation by the latest at 4:30 PM.
Realize, too, that if you're buying a foreclosure, you may not receive every key to the house because the bank may not have it. For example, if your mail is delivered to a central mailbox location that requires a key, you may need to apply at the post office for a duplicate key. The bank will not provide it.
But the most important thing you can do at closing is ask a locksmith to meet you at your new home to rekey the locks. I advise buyers to change the locks on any home, not just on a foreclosure. If you need a referral to a locksmith, ask your agent. Changing the locks may take some of the excitement out of receiving the keys but, trust me, getting new keys is essential to your happiness and security.
The Short Sale Savior, by Elizabeth Weintraub, coming in June 2009.
Photo: Big Stock Photo
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Certified HAFA Specialist
My Sacramento Real Estate Listings
Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.
The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.
Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.
The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.
Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.
