When selling a home, the escrow process can be a stressful time for homeowners. The escrow process is the period of time between the acceptance of a purchase agreement and the closing of the sale. So from the time both parties sign the contract to the closing date that is agreed on. During this period, the buyer and seller will work 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, things are much faster with a direct sale to Helpful Homes .
In this blog post, we’ll walk you through the typical steps of the escrow process and what homeowners can expect when selling a home in Greensboro. We’ll also discuss how a direct sale to Helpful Homes can make the process much faster and less stressful.
Step 1: Opening Escrow
The first step in the escrow process is opening escrow. This is done by the buyer’s real estate agent, who will send a copy of the signed purchase agreement to the escrow company. The escrow company will then open a file and send out instructions to both parties on what they need to do next. Since Helpful Homes is a direct buyer that does not use a real estate Agent this is done directly by us.
Step 2: Title Search and Insurance
The next step in the escrow process is conducting a title search and obtaining title insurance. This is important to ensure that the title of the property you are selling is clear and that there are no liens, encumbrances, or other issues that could prevent the sale from going through. Sometimes sellers are not aware of things that could possibly cloud a title, this is where we find out. If anything is missed for some reason, the title insurance is there to help down the road. The escrow company will work with a title company to perform the search and obtain the insurance. This gives both the seller and buyer piece of mind that the title is clear and ready for the sale.
Step 3: Home Inspection and Repairs
After the title search and insurance have been completed, the buyer will typically schedule a home inspection. The inspection will identify any issues with the property that need to be addressed before the sale can be completed. The seller will then need to make any necessary repairs or offer a credit to the buyer to cover the cost of the repairs. When you sell to Helpful Homes we will be making you an offer that includes the repairs we will make to the property, ensuring that you can count on the number that is on the contract. Many traditional sales with a realtor see the buyer asking for deep discounts during the inspection period. This is due to lengthy inspections that reveal things the buyer was not aware of and now wants the seller to fix or provide a discount so they can have the work performed.
Step 4: Appraisal
Once the repairs have been made, the buyer’s lender will typically order an appraisal of the property. The appraisal is important 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 may need to renegotiate the price or the seller may need to make repairs to bring the value of the property up. The other option would be for the buyer to put down more money so the loan amount matches the appraisal. That is very rare and what generally happens if the appraisal comes in low is that it is used as a bargaining tool to lower the purchase price. Since Helpful Homes uses our own funds to buy your property, we do not need to worry about any appraisals, we simply skip this step all together.
Step 5: Contingencies
During the escrow process, there may be contingencies that need to be met before the sale can be completed. A contingency is a condition that must be met before the sale can go through. For example, the sale may be contingent on the buyer obtaining financing or on the seller making certain repairs. The lending bank may demand that a repair is made or that the buyer shows another source of income. The escrow company will ensure that all contingencies are met before the sale can be completed. Another example would be if the seller has agreed to replace the roof before closing, the escrow agent, usually a real estate attorney will make sure this has been completed before the closing is scheduled. A benefit of selling to Helpful Homes is we address these things up front so they do not come as a surprise when you are expecting a closing to take place. Since we use our own funds there are no contingencies from any banks and we make our offer based on the seller not doing any repairs. This ensures a much smoother process from start to finish when selling your Greensboro property.
Step 6: Closing
Once all the steps of the escrow process have been completed, the sale can be closed. This involves the transfer of ownership from the seller to the buyer and the exchange of funds. The escrow company will ensure that all necessary paperwork is signed and that the funds are transferred.
As you can see, the escrow process can be lengthy and stressful for homeowners. However, there is a faster and less stressful option available – a direct sale to Helpful Homes .
Why Choose Helpful Homes ?
With a direct sale to Helpful Homes , there is no need to go through the escrow process. Instead, Helpful Homes will make an offer on your property and can close the sale within days. This means that you can avoid the stress and uncertainty of the traditional escrow process and get cash for your property quickly.
In addition, a direct sale to Helpful Homes offers several other benefits. For example, you can avoid the need to make repairs to your property or stage it for showings. Helpful Homes will buy your property as-is, regardless of its condition. This can save you time and money and make the process much more convenient. Leave the heavy lifting to us, we love what we do.
Another benefit of a direct sale to Helpful Homes is that there are no real estate agent commissions or fees to pay. When you sell your property through a traditional MLS listing, you will typically need to pay a commission to the buyer’s agent and your own agent. This can add up to thousands of dollars in fees. With a direct sale to Helpful Homes , 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 Helpful Homes offers certainty and peace of mind. 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 happen for a number of reasons that are often out of your control. This can be devastating for homeowners who are counting on the sale to go through. With a direct sale to Helpful Homes , 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 Helpful Homes . With a direct sale to Helpful Homes , 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 Greensboro, contact Helpful Homes today to learn how we can help you. 336-829-7400