A particular area of confusion seems to revolve around the escrow process, which is why most homebuyers are more comfortable working with a REALTOR® to ensure that everything goes smoothly.
Once you or your agent working on your behalf has made a purchase offer for a property that you are interested in, the offer must be accepted by both parties. The transaction will then head into what is known as escrow. This process involves a third party who will control the steps that are necessary to complete the sale, including the completion of disclosures, titles search, insurance, inspections of the property, pest inspections, and more. The escrow process can last from a few weeks to a couple of months and is dependent upon a number of factors, including the desires of the seller and buyer, the timetable for funding, and other considerations. The real estate agent will monitor the escrow process and keep you informed of how escrow is progressing, and when a step arises that requires your attention. Once everything is completed during the escrow process, the funds will be disbursed to the seller and you will be given the keys to your home. The following timeline is a basic timeline of how escrow works, and is intended for informational use only. Escrow timelines can change based on a variety of factors.
As you can see, the process of escrow is best handled by a licensed REALTOR® who works with lenders, escrow agents, and other professionals on a regular basis. Contact us now if you are interested in buying a home or selling your home. We can guide you through the process and do all the paperwork for you. Buying or selling a home is an intricate and somewhat complicated process that involves lots of legal jargon and paperwork. Let us be your guide as you take this momentous step in life. Call us now!