Step 9 ESCROW PERIOD

Working through the escrow period is where our experience and ability to get ahead of potential pitfalls truly comes into play. Almost every deal has a surprise that keeps us all on our toes, our job is to address those unexpected issues quickly and effectively. Here is a description of a few of the main milestones.

Earnest Money

The buyer will submit earnest money right away to show good faith

TITLE & HOA REVIEW

We will order a title commitment from the title company and the buyer will have time to review that commitment We will also order all required HOA documents, if applicable, so the buyer can review those as well.

Sellers Property Disclosure

Sellers typically fill out a property disclosure to the best of their knowledge. This is signed and submitted to the buyer for review.

Loan

The buyer will have a reasonable time period to finalize their loan if they are getting a loan. The loan approval will be contingent on an acceptable appraisal.

Appraisal

An appraisal is performed by an independent appraiser. They will provide an estimate of the value of the house the property. The appraiser decides if the cost agreed is a fair price for the property. The lender relies heavily on this third party opinion.

Home Inspection

Before closing on a property, the prospective buyer will usually schedule an inspection with a professional home inspector. They will identify issues with the house including structural or mechanical issues. The buyer then might use this information to renegotiate with the seller. Successfully navigating the inspection objections is a critical piece of our job. We have extensive construction experience including hands on repairs. This helps use gracefully work through what may seem like insurmountable hurdles.

Final Walk Through

The buyer will do a final walk through the property within 24 hours of closing to check the property’s condition and make sure any repair work that the seller agreed to make has been completed

What Is Included

Roof & Components

Exterior & Siding

Basement

Foundation

Crawlspace

Structure

Heating & Cooling

Plumbing

Electrical

Attic & Insulation

Doors

Windows & Lighting

Appliances (limited)

Attached Garages

Garage Doors

Grading & Drainage

All Stairs

INSPECTION TIME FRAME TYPICALLY 10-14 DAYS AFTER SIGNING CONTRACT. NEGOTIATIONS USUALLY HAPPEN WITHIN 5 DAYS

Costs

THE BUYER WILL CHOOSE AND PURCHASE THE INSPECTIONS TO BE PERFORMED BY THE INSPECTOR OF THEIR CHOICE

Upon Completion

BUYER CAN ACCEPT AS IS. BUYER CAN OBJECT WHICH LEADS TO A RENEGOTIATION. SELLER DOES NOT HAVE TO RENEGOTIATE BUT THE DEAL MAY FAIL. BUYER CAN CANCEL THE CONTRACT.

Possible Outcomes

INSPECTIONS AND POTENTIAL REPAIRS ARE USUALLY ONE OF THE TOP REASONS A SALE DOES NOT CLOSE. WITH TACT A FAIR RESOLUTION CAN BE REACHED.

COMMON PROBLEMS COULD BE FOUNDATION, ELECTRICAL, PLUMBING, PESTS, STRUCTURAL, ICE DAMS, MOLD, OR RADON