When selling a home, the escrow process can be one of the most daunting tasks for homeowners. Patience is required especially when there are several liens on the property. The escrow process is the period of time between the acceptance of a purchase agreement and the closing of the sale. 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 Dolfin RGV.
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 McAllen. We’ll also discuss how a direct sale to Dolfin RGV 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 agent. The escrow company will then open a file and send out instructions to both parties on what they need to do next. Each interested party will need to fill out some documents and send them back to the title company.
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 is clear and that there are no liens, encumbrances, or 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 title insurance. The title committent is the document that will outline potential issues with the property’s title that need to be addressed. The buyer will have to read the title committent document carefully and discuss how to clear some issues that are listed in the document with the title agent. To clear the issues additional documents or paperwork will follow.
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. Some older houses don’t comply with safety measures and the electrical or plumbing installation may need to be updated. If changes were made to the house without permits, there may be issues with the local city code, which may need to be addressed (taking time and money to pass all the inspections). The seller will then need to make any necessary repairs or offer a credit to the buyer to cover the cost of the repairs.
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. If the seller cannot lower the price nor make the necessary repairs, the sale may be cancelled (and time has already passed to get to this point) and the seller will have to put the house back on the market to find another buyer.
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. As mentioned before, financing may not be approved if the house does not appraise at the value of the sale. 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 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 Dolfin RGV.
Why Choose Dolfin RGV?
With a direct sale to Dolfin RGV, there is no need to go through the escrow process. Instead, Dolfin RGV 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 Dolfin RGV offers several other benefits. For example, you can avoid the need to make repairs to your property or stage it for showings. Dolfin RGV will buy your property as-is, regardless of its condition. This can save you time and money and make the process much more convenient.
Another benefit of a direct sale to Dolfin RGV 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 Dolfin RGV, 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 Dolfin RGV 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 be devastating for homeowners who are counting on the sale to go through. With a direct sale to Dolfin RGV, 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 Dolfin RGV. With a direct sale to Dolfin RGV, you can avoid the uncertainty and stress of the traditional escrow process and get cash for your property quickly. At Dolfin RGV we are a local home buyer that can help you sell your home fast in as is condition at the time-frame that you need. No stress! We will take care of the paperwork and make the process as smooth as possible. You don’t even have to clean up your property, just take the things you need.
If you’re looking to sell your property in McAllen, contact Dolfin RGV today to learn how we can help you. (956) 904 5234