Here’s how to keep your home sale from falling apart during escrow.
When it comes to selling a home, it’s not over until it’s over. By that, I mean that your home hasn’t sold until escrow closes, and lots of things have to happen during the escrow period for the transaction to be completed successfully. To help ensure you make it to closing, you need to find a good buyer.
Around 20% to 30% of escrows are falling apart, and it’s happening for a variety of reasons: buyer’s remorse, inability to qualify, and appraisal problems, to name a few. However, there are four things your agent can to do help you find the right buyer and minimize the chances of your escrow collapsing:
1. Look for buyer motivation: Committed, motivated buyers will be willing to navigate the stressful parts of the escrow process. Those who aren’t motivated may simply pull out when things get tricky.
2. Find out buyer financing: The buyer should be fully pre-approved; if they’re paying cash, their funds need to be accessible to avoid any delays. Additionally, it’s good to find out if the buyer will be able to cover any potential appraisal gaps.
“Lots of things have to happen during the escrow period for the transaction to be completed successfully.”
3. Learn about the agent: Around 98% of agents in our county sell less than 10 homes each year. When I’m representing you as a seller, I want to make sure we’re dealing with a professional who can keep the escrow period on track.
4. Talk to the lender: We want to learn more about the lender, their financing, and their availability. It’s good to work with a lender who’s accessible and ready to respond when things come up.
If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.