When selling a home, the escrow process can be one of the most intimidating aspects of the sale for homeowners. The escrow spans the period of time between the acceptance of a purchase agreement between parties and the closing of the sale. This phase of selling your property is when the buyer and seller are to complete all the necessary steps to transfer ownership of the property. While this process can take a long time with a traditional MLS listing due to a myriad of potential happenings, things are much faster with a direct sale to Property Bridge.
In this blog post, we’ll walk you through the usual and expected steps of the escrow process and what homeowners can expect when selling a home in Eugene. We’ll also discuss how a direct sale to Property Bridge can make the entire process more streamlined and much less stressful for everyone involved.
Step 1: Opening Escrow
The first step in the escrow process is, well, opening escrow. This is done by the potential buyer’s real estate agent. They will send a copy of the signed sales agreement to the escrow company. The company will then open a file and have an agent or team assigned specifically to the sale and transfer of your property. They will then in turn send out instructions to both parties on what they need to do next. There will be a lot of necessary communication between everyone involved to keep the process moving.
Step 2: Title Search and Insurance
The following step in the escrow process will be the company conducting a title search and obtaining title insurance. This is step is crucial to ensure that the title of the property is clear and that there are no liens, encumbrances, other parties attached to the title or any other issues that could prevent the sale from going through. The escrow company will work with a title company to perform the search and obtain the insurance. It is not uncommon for the escrow and title companies to be the same agency.
Step 3: Home Inspection and Repairs
Once the title search and insurance are both completed, it is usually the case that he buyer will go ahead and order a scheduled home inspection. The inspection will often be very thorough and it will identify any issues with the property that need to be addressed before the sale can be completed. This may bring up necessary items in the home that have to be repaired before escrow can close or the seller will be asked to offer a credit to the buyer to cover the cost of the repairs.
Step 4: Appraisal
After the repairs have been made or the credits have been fully negotiated, the buyer’s mortgage lender will typically order an appraisal of the property. The appraisal is an important step in this process to ensure that the property is worth the amount that the buyer has agreed to pay for it. If the appraisal comes in lower than the sale price, the buyer will need to renegotiate the price to match the appraised value, the seller may need to make repairs to bring the value of the property up or the buyer will have to pay the difference of the appraisal and the asking price in the sales agreement.
Step 5: Contingencies
During the escrow process, there may be contingencies that need to be met by either party before the sale can be completed. A contingency is a condition that must be completed before the sale can be finalized. For example, the sale may be contingent on the buyer obtaining financing or on the seller making certain repairs. The escrow company will ensure that all contingencies are met before the sale can be completed.
Step 6: Closing
Once all the steps of the escrow process have been fulfilled, the sale can then be closed. At closing the transfer of ownership from the seller to the buyer is completed as well as the exchange of funds for the property. The escrow company will ensure that all required documents are signed and handled accordingly, as well as dealing with the transfer of money.
With everything that’s involved the escrow process can be quiet lengthy and often times stressful for homeowners. However, there is a faster and less stressful option available when selling your home – a direct sale to Property Bridge.
Why Choose Property Bridge?
When Property Bridge purchases your home directly there is no need to go through the complete escrow process. Instead, Property Bridge will make an offer on your property and if everything is in place is able to close the sale within days of having a sales agreement sighen. This means that you can avoid the time, uncertainty, and potential frustration that comes with going through traditional escrow process. This allows you to sell on your timeline and receive cash from the sale quickly.
In addition, a direct sale to Property Bridge offers several other benefits. For example, you can avoid the need to make repairs to your property or stage it for showings, which saves you both time and money. Property Bridge will buy your property as-is, regardless of its condition. This can allow to focus more on your next steps once the sale is finalized and make the process much more convenient.
Another benefit of a direct sale to Property Bridge is that there are no real estate agent commissions or fees to pay, this includes closing costs which are incurred at the end of the escrow process. When you sell your property through a traditional MLS listing, you will almost always need to pay a commission to the buyer’s agent and your own agent. This can add up to thousands of dollars. With a direct sale to Property Bridge, there are no commissions or fees to pay, which means that you can keep more of the sale price for yourself.
Finally, a direct sale to Property Bridge offers certainty and peace of mind. We will communicate with you every step of the way throughout the process. When you sell your property through a traditional MLS listing, there is always the risk that the sale will fall through during the escrow process. This can be devastating for homeowners who are counting on the sale to go through. With a direct sale to Property Bridge, you can be confident that the sale will go through as planned and that you will receive cash for your property.
The escrow process can be a stressful and time-consuming experience for homeowners. However, there is a faster and less stressful option available – a direct sale to Property Bridge. With a direct sale to Property Bridge, you can avoid the uncertainty and stress of the traditional escrow process and get cash for your property quickly. If you’re looking to sell your property in Eugene, contact Property Bridge today to learn how we can help you. (541) 833-0304