When selling a home, the escrow process is often one of the most challenging aspects for homeowners. It refers to the period between accepting a purchase agreement and finalizing the sale. During the escrow process, both the buyer and seller must complete all required steps to transfer property ownership. While this process can be lengthy with a traditional MLS listing, it moves much more quickly with a direct sale to Madison Lea Homes.
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 Dallas / Fort Worth. We’ll also talk about how a direct sale to Madison Lea Homes can make the process much faster and a whole lot less stressful.
Step 1: Opening Escrow
The escrow process begins with opening escrow. That’s step # 1. The buyer’s real estate agent initiates this by sending a copy of the signed purchase agreement to the escrow company (in some states this would be the title company, and in some states an attorney’s office.). Once received, the escrow company opens a file and provides both parties with instructions on the next steps they need to take.
Step 2: Title Search and Insurance
The next step in the escrow process is conducting a title search and obtaining title insurance. This step is crucial to ensure the property’s title is clear, free of liens, encumbrances, or any other issues that could jeopardize the sale. The escrow company collaborates with a title company to conduct the title search and secure the necessary insurance.
Step 3: Home Inspection and Repairs
Once the title search and insurance steps are finished, the next crucial stage for the buyer is to arrange a home inspection. This inspection plays a key role in pinpointing any property issues that must be resolved before finalizing the sale. Subsequently, the seller will be required to carry out any essential repairs that the buyer requests or provide the buyer with a credit equivalent to the repair expenses at closing.
Step 4: Appraisal
After completing the necessary repairs, the buyer’s lender will usually request an appraisal of the property. This appraisal is crucial to confirm that the property’s value aligns with the agreed purchase price. In cases where the appraisal value is lower than the sale price, the buyer and seller may need to revisit the terms to reach a mutual agreement. So let’s say that the house’s value comes in at $25,000 less than the asking price. If the buyer is getting a loan for the home, then the bank would not lend on an appraised value that’s higher than the home is worth. So in that case, the seller could either choose to lower their price, or start over with another buyer who’s hopefully paying cash and isn’t concerned about the appraised value. If the buyer is paying cash, they can either agree to pay for the house at the higher price or walk away from the sale depending on how the contract is written.
Step 5: Contingencies
Throughout the escrow process in Dallas / Fort Worth, various contingencies may need to be satisfied before the sale is complete. Contingencies are conditions that must be fulfilled to proceed with the transaction. For instance, the sale could be contingent on the buyer securing financing or the seller completing specific repairs. The escrow firm plays a crucial role in verifying that all contingencies are satisfied before concluding the sale.
Step 6: Closing
Upon the successful completion of all escrow steps, the final stage is the closing of the sale. At this point in the process, the official transfer of ownership from the seller to the buyer along with the exchange of funds take place. The escrow company plays a crucial role in overseeing the signing of all essential documents and making sure that the funds are transferred to all the parties of the contract.
While the escrow process may seem daunting and time-consuming for property owners, there exists a faster and easier alternative – opting for a direct sale to Madison Lea Homes.
Why Choose Madison Lea Homes?
With a direct sale to Madison Lea Homes, there is no need to go through a long drawn out escrow process. Instead, Madison Lea Homes 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.
Choosing to sell your property directly to Madison Lea Homes comes with numerous advantages. Firstly, you can skip the hassle of making any expensive repairs or staging your property for showings, as Madison Lea Homes purchases homes as-is, regardless of their condition. This not only saves you time and money but also offers a more convenient selling process.
Moreover, opting for a direct sale means you won’t have to worry about real estate agent commissions or fees. Unlike traditional MLS listings where commissions to buyer’s and seller’s agents can amount to thousands of dollars, selling directly to Madison Lea Homes allows you to retain the full sale price without deductions for commissions, commissions or closing costs.
Another key benefit of a direct sale is the certainty it provides. Unlike sales through traditional channels that may encounter unexpected hurdles leading to a deal falling through during the escrow process, selling to Madison Lea Homes ensures a smooth transaction with cash in hand at the closing table.
For homeowners in Dallas / Fort Worth, navigating the escrow process can be daunting. However, with a direct sale to Madison Lea Homes, you can sidestep the complexities and delays associated with escrow, receiving quick cash for your property instead. Reach out to Madison Lea Homes today at 972-945-7299 to explore how we can assist you in selling your property seamlessly.