If you are considering selling your home, you may be wondering what to expect. Selling a home can be an overwhelming process, and it can be difficult to know what to expect.
This article will provide information on the steps to take when preparing to sell your home, what to expect during the process, and what you need to be aware of throughout the sale.
Knowing what to expect will help make the process smoother and less stressful.
This is why we wrote this article, so stick around to find out more about this!
What happens during the escrow period?
Escrow is a specific time frame in a real estate transaction between the offer and closing of the sale. It begins after the purchase agreement is signed by the buyer and ends when the funds are received at the closing.
During the escrow period, which typically lasts between 30 to 60 days, the sale is contingent on certain factors outlined in the contract such as inspections, appraisals, and title searches. These contingencies must be met before closing can occur. During this time, a third-party escrow account holds the funds.
Escrow also includes service fees for holding the funds and transferring documents. These fees vary by state and are typically split between the buyer and seller.
What if I have seller’s remorse — can I cancel escrow if I change my mind?
It is not easy to back out of a real estate sale. If you change your mind, you can try to use a contingency or cancellation clause within the contract, but it may not be included in the contract and in that case, you would be legally and financially bound to the agreement to sell.
It is important to keep in mind that once you enter escrow, you cannot change your mind. The seller could sue for specific performance, where they take you to court to force you to fulfill the contract. It is worth noting that a seller is not obligated to make repairs or lower the price if the appraisal does not match, but they cannot back out of the sale just because they changed their mind.
Therefore, it is important to take the decision to sell seriously.
How soon will I receive my home sale proceeds?
The process of when the seller gets paid after the closing of a home sale varies by state. In most states, known as “wet funding” states, the seller receives payment on the same day as the close. This applies to 41 states in total.
On the other hand, the remaining nine states are known as “dry funding” states, where it can take up to four days for the seller to receive the funds after closing. If the seller chooses to accept payment by check, they may receive it from the closing agent on the closing day.
If the payment is made by wire transfer, which is the most common method, the funds will typically appear in the seller’s account within one to two days of closing.
What condition does my house need to be in when I move out?
Technically, there is no legal requirement for a seller to have their home professionally cleaned for the buyer, unless it is stipulated in the contract. However, it is generally expected that the home will be left in a “broom clean” condition for the new owner.
This means that the home should be left in good condition, any holes in the walls from wall hangings should be patched, and trash and clutter should be removed. This is not only a courtesy but also important for the close of the sale.
Buyers will look for issues during the final walkthrough and large abandoned items could cause problems in the process.
Selling a home can be a stressful and time-consuming process, but it can also be a rewarding experience.
With proper preparation, research, and planning, you can ensure a smooth and successful process. Utilizing the services of a real estate agent, attorney, or other professionals can help you navigate the various legal and financial aspects of selling a home.
Ultimately, the rewards of selling your home will be worth the effort.