So, you’ve put your home up for sale and finally received, reviewed and accepted an offer suitable to your terms…. Great! Now, it’s time to open escrow.
Well, what is an escrow?
Very simply, Escrow is a Neutral Third Party which facilitates the exchange of Title and Money between buyer and seller.
The Buyer and/or Buyer’s lender will deposit the entire amount of money by the scheduled closing time and when the buyer and seller have satisfied all contractual obligations, escrow will coordinate the closing in which the seller will get either a check or wire for the final funds of closing and the buyer will receive recording confirmation from the county proving they now own the home.
Typical escrow process for a Traditional Sale is anywhere from 7-10 days for “All Cash” transactions while buyer’s obtaining financing will range from 30-45 days. During the escrow process both parties must cooperate with each other to ensure a smooth closing. Communication is the key to this process which is why we are great to assisting a smooth escrow process.
The Real Estate sales process is slow and with many moving parts. There can be contract changes such as reduced sales price, termite repairs or even home repairs(there are many more that may come up) that can slow down the process and that is where we differ from many other companies.
We proactively assist in the process of closing the transaction – being involved with communicating between all parties with time deadlines and contract changes. Many escrow companies simply rely on the “We’re escrow, we just wait for the parties to tell us what to do”. Having this approach is no where near our model. We work diligently to make a smooth escrow and do everything to close on time… even is that means working beyond business hours, arranging special notary signings, and coming in over weekends to meet with clients.
If you are in need of our service please call us at 949-954-6571 and speak with one of our great staff members to assist you with opening your escrow today!