What to Expect While You're in Escrow

Now that you’re in escrow, what do you have to look forward to for the next 30 days?  And what choices do you have to make and in what order?  Here’s a brief breakdown of what your life is going to look like for the next four weeks.Blog Image

For home sellers, you can stop making the vacuum tracks in the carpet every morning and putting away all the dinner dishes from the night before.  Once your listing goes in to “Under Contract” status, the showings requests will crawl to a halt.  Not many buyers get excited about looking at homes in the hopes of submitting a back up offer.  You will need to adopt a posture of patience as the buyers work to remove their contingencies.  You will want to clean up and vacate the house for the home inspection. You really don’t want to be around to watch somebody pick your house to pieces.  You’ll get a copy of his report.  And the wait for the buyers request for repairs.  You’ll also want to pretty up your place for the appraisal – you want to put your best foot forward for the person who’s been asked by the buyers’ bank to confirm that the contracted price reflect the current market value of your home.  And that you, the buyers, and both of your agents are not delusional, in collusion, or just incorrect.   Then sit tight and wait for the buyers request for repairs.  Then you get to decide what you’re willing to repair or replace to keep the buyers happy.

For home buyers – you should get your home inspection done as soon as possible.  This will take about 2 to 4 hours, depending on the size and age of the house you’re in escrow to buy.  If you cannot afford the 2 – 4 hours to follow the home inspection around the house, at least be there for the last 15 minutes, during which the home inspector will go over his findings with you.  Then read the report thoroughly.  And compare the report to the sellers’ disclosures, which you should also read thoroughly. That way you can decide you’ve discovered a huge problem with the house. Upon this review, your major safety concerns about can be formed into a request for repairs to the sellers.   The seller’s willingness to pay to fix the problem may impact your choice to move ahead.  However, beware of holding off on the appraisal for too long, so that you don’t jeopardize making your appraisal contingency removal deadline, which is usually 17 days after the date of acceptance.  The home inspection and appraisal bear special mention as they require you get to pay for them up front, and there are no refunds should you choose to cancel the purchase.  If you get an acceptable response from the sellers and you’re happy with your loan terms, then you can look forward to a one hour appointment to sign our loan documents.  Then go directly to your bank to wire in the remainder of your down payment and closing costs. 

Then you can both wait for the confirmation that the transaction has recorded.  Congratulations!

I'm Leslie Eskildsen, Realtor.

Call me. Text me.  949-678-3373

Email me. Leslie@LeslieEskildsen.com

Helping you make the right move in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Irvine, Laguna Niguel, Laguna Hills, San Juan Capistrano, San Clemente, Laguna Beach, Newport Beach, Dana Point, Corona Del Mar, and other Orange County communities.