Openning Escrow 

Congratulations!! You’re on your way to getting this property SOLD!

I hope you are as excited as we are! 😁

Our goal is to make this process as easy and stress-free for you as possible!

In the coming days and weeks, you will be receiving instructions, specific timeline dates and reminders through emails and text messages from us and our Transaction Coordinator, Claudia.

Below is a simplified overview of the timeline of the next steps after we open escrow.

1. Buyer to wire EMD: Buyer must transfer their EMD to the escrow account within 3 business days of offer acceptance (or as per contract, if different).

2. Buyer schedules Home Inspection(s), reviews disclosures, performs any investigations: If you have not already completed your seller disclosures, these will need to be completed within the next several days to provide to the buyer (you will receive instructions in another email).  As for the inspection(s), these will typically cover a broad array of home systems such as HVAC, plumbing, electrical, ventilation, appliances, roofing, etc. (Take a look at the“Top Home Inspection Findings – Checklist ” – HERE.)

3. Complete your Escrow Package: Expect to receive a package in the mail from the escrow company in the coming days (if you would prefer email, please let us or escrow know). Please be sure the completed package is returned to the escrow company within the next 15 days, or several days before close.
*Emailed instructions to follow in a few days.

4. Appraisal: (if applicable) Buyer’s lender will typically order the appraisal within the first few days of escrow. Please note that appraisals are for the buyer/lender and will not typically be shared with the seller.

An appraiser determines the value of a property and that it is compliant with the minimal guidelines for the loan.

NOTE: Any repairs listed as mandatory in the appraisal report (if any) are typically conditions for the lender to approve the loan.  (This is most common with VA and FHA loans).

5. Buyer to Remove Contingencies: By the end of the contingency periods agreed to in the purchase contract, the buyer’s Contingency Removal is due. By this time, the buyer should have full loan approval from his lender, have completed any desired investigations of the property condition including any home inspections, acknowledged and reviewed all disclosures, including title reports etc, and satisfied him/herself on any other property conditions.

Note: Once we get this far, we’re doing great!

6. Close of Escrow: LAST DAY! Once the lender has reviewed and approved the buyer’s signed loan documents, the loan gets cleared for funding.

Once escrow has received the buyer’s and lender’s required funds to close, the transaction is cleared to be recorded.

Once we have received confirmation of the recording, escrow is closed and YOUR PROPERTY IS OFFICIALLY SOLD!

 

*Bear in mind that although the scheduled close of escrow date is adhered to as strictly as possible, delays in appraisals, loans underwriting, or buyer/seller required actions may cause delays to the closing date. Please be sure to comply with all requested documents and actions in a timely manner to ensure the timeline is kept.