Oops–my question was too broad! - Posted by jb
Posted by jb on February 09, 2002 at 11:14:25:
Thanks Eric and David both for responding to my first note. I should have been a little more specific in my first post. I’ll try again.
I do understand the basics as outlined in David’s post. I am a little bit fuzzy, though, on what parties are involved and the timeline between acceptance of my offer and going to closing.
As you both pointed out, there are a gazillion ways to skin this cat, so I’ll give everybody some assumptions to work off of. Let’s assume that this is a very basic, bank financed transaction. To simplify further, let’s assume for this example that the appraisal is exactly what the purchase price is, and the buyer will be putting 20% down.
Now, where can/do title companies, title insurance, escrow, etc., come in to the picture? What about property taxes and revenue stamps?
The area I’m working in right now is Arkansas, and if anybody has experience there I invite them to share. But anybody who can answer the question is welcome. If I’m still too broad, I’ll try again!
Also, does anybody know of REI clubs in NW AR or SW MO?