Jamie Buys Houses

What Homeowners Can Expect During the Escrow Process When Selling a Home in Dallas

When selling a home, the escrow process can be one of the most daunting tasks for homeowners. 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 Jamie Buys Houses.

In this blog post, we’ll walk you through the typical steps of the escrow process and what to expect as a homeowner when selling a home in Dallas. We’ll also discuss how a direct sale to Jamie Buys Houses can make the process much faster, easier, and less stressful.

Step 1: Opening Escrow

The escrow process begins with opening escrow, which is initiated by the buyer’s real estate agent. They send a copy of the signed purchase agreement to the escrow company, which then opens a file and sends instructions to both parties outlining their next steps.

Step 2: Title Search and Insurance

The next step in the escrow process is conducting a title search and obtaining title insurance. It’s super important to make sure that the title of the property is clear and free of liens, encumbrances, or any other issues that could stop the sale from going through. The last thing anyone needs is to be sitting at the closing table and finding out that there’s a problem with the title. So, the escrow company and title company will get this done as soon into the escrow process as possible. The escrow company will work with a title company to perform the search and obtain the title insurance.

Step 3: Home Inspection and Repairs

After the title search and insurance have been completed, the buyer will typically schedule a home inspection and sometimes a termite inspection as well. Those inspections will identify any issues with the property that need to be addressed before closing. It’s not uncommon at all for issues to be discovered during these inspections, so if you’re the one selling, it’s good to know ahead of time to expect the inspectors to find issues with the property. And as a buyer, don’t be surprised when items are brought to your attention that need to be repaired. The seller will then need to make any necessary repairs or offer a credit to the buyer at closing to cover the cost of the repairs.

Step 4: Appraisal

During the time period between contract to closing, 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 amount 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 appraisal can open up the contract again to negotiations if the buyer and seller are on different pages as far as price is concerned. If the appraisal shows the home is worth less than the asking price, then a bank will not lend the money to the buyer for the sale price. So, you can see how negotiations would then potentially be in order. If the seller is unwilling to budge on the price, then the sale could fall through, and the seller would be starting over with looking for a different buyer. Getting through the appraisal process is certainly a big part of the home sale, and it’s a relief to all parties once you get through it.

Step 5: Contingencies

During the escrow process, there may be contingencies that need to be met before the sale can be completed. It all depends on how the contract was written and agreed upon. 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. Or if the buyer is wanting to use the property for a different purpose than the current one, they may make the sale contingent upon rezoning the property. 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 to all the necessary parties. If there were any liens on the property, those can be satisfied at closing if they haven’t been prior to closing, realtor fees are paid at this time, and the seller will get the remainder of the funds after commissions, closings costs, and fees are satisfied.

As you can see, the escrow process can be lengthy and stressful for homeowners. However, we have some great news! There is a faster and less stressful option available – a direct sale to Jamie Buys Houses.

Why Choose Jamie Buys Houses?

With a direct sale to Jamie Buys Houses, there is no need to go through a lengthy escrow process. Instead, Jamie Buys Houses will make an offer on your property and can close the sale within as little as 7 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 Jamie Buys Houses offers several other benefits. For example, you won’t have to make any repairs at all, and you won’t have to deal with showing your properties to potential buyers. Jamie Buys Houses will buy your property as-is, regardless of its condition. This can save you time and thousands of dollars and make the process much more convenient.

Another benefit of a direct sale to Jamie Buys Houses 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 Jamie Buys Houses, there are no commissions or fees to pay, which means that you can keep more of the money for yourself. We’ll even pay for the traditional closing costs that a seller is typically responsible for at closing.

Finally, a direct sale to Jamie Buys Houses 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 Jamie Buys Houses, 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 Jamie Buys Houses. With a direct sale to Jamie Buys Houses, 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 Dallas, contact Jamie Buys Houses today to learn how we can help you. 972-318-9500

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