Escrow Inspections and Appraisals
What Are The Steps Involved?
When we begin an escrow with a home buyer, we provide a detailed timeline of the entire process with important dates and references to the Purchase Agreement. The timeline includes all dates and deadlines for doing inspections of the home, reviewing the seller’s disclosures, getting your financing assembled, discussing possible repairs, etc. As a result, you will know precisely what to expect during each phase of the escrow period. The primary steps include the physical inspection(s), the loan approval and appraisal process, review of seller disclosures, and completing your due diligence. There are multiple moving parts to a home purchase, and our written outline of the process helps keep expectations in line with reality.
Escrow, Appraisals, Disclosures, Inspections
Once your offer is accepted, escrow is opened which is typically a 30-45 day process to complete the purchase, and this is when the rubber hits the road. Escrow is a third party that handles the paperwork and transfer of funds and they will assist the buyer and seller and REALTORS throughout the process. Escrow is also the time when you get a chance to “look under the hood and kick the tires” of the home and investigate it’s physical condition, review disclosures from the seller, and really begin to determine whether this is the home for you. If you are getting a mortgage loan, your lender will order the appraisal. The appraisal is a report on the home’s value that a lender uses as part of your loan application process. We coordinate all of this activity with you and walk you through each and every step along the way.
There are contingencies in the purchase agreement that protect you during the early stages of the escrow. If you are not happy with the home, you can cancel the transaction; if you are happy, you’ll remove your contingencies and proceed toward the closing.