If you're in the process of buying or selling a home, you've likely heard the term "escrow" thrown around. But what exactly is escrow, and how does it work?
Whether you're a first-time homebuyer or a seasoned real estate investor, this mini-guide is your resource for understanding the ins and outs of escrow. Get ready to dive in and become an expert on one of the most important aspects of buying or selling a home!
Now that you found the perfect home, your offer has been accepted and now we're ready to open escrow.
Now what you can expect during this timeframe? This is the escrow process for you as a buyer- An escrow company is a third party neutral company that handles the money's exchange between a buyer and a seller during the escrow process.
As a buyer, you have three contingencies in place that protect your earnest money deposit. These are your inspections so that you have time to do your due diligence to inspect the home and see if any repairs are necessary. Two, the appraisal, that will be ordered by your lender if it's financed, to make sure that the home appraises for the amount that you're borrowing. And number three is your loan clearance.
Once the inspection and appraisal have been done, your lender clears the loan, sends it over to escrow, and that's the best day, because escrow then sends your entire file to the county. It's recorded, and we hand over the keys to you. Those three important contingencies during your buyer period allow you to make sure that you are happy with the home that you purchase.
That is the escrow process in three easy steps. Want to learn more? I'd love to touch base more on this- Let's connect.
